Head Of Model Validation

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We're individuals from different cultures and backgrounds. Those differences make us stronger as a team and a force for good in our communities. Here, you'll work with dynamic individuals, build your skills, and unleash new ways of working and thinking. Are you ready to join an organization that will help unlock your potential?

Background: Equitable recently went through an IPO and became a publicly listed company.  As part of the IPO process, senior management identified substantial additional investments to make within the Actuarial and Risk organizations.  Model Risk Management was one such growth area identified within the Risk team, in particular related to Model Validation.  This position offers a unique opportunity to enhance a recently grown function and institute best practices at a company experiencing positive change. 

The Head of Model Validation will be a member of the Model Risk Management team that oversees management of the risk inherent in models (e.g. Actuarial, financial) used throughout the company.  This individual will lead a team performing Model Validations on existing and new models.  

Opportunities include:

• Cultivate a dynamic team and function
• Exposure to the Chief Risk Officer, Chief Actuary, and other leaders within Risk Management, Actuarial, and Finance
• Positively impact decision making by securing the models used for financial reporting, risk measurement, and strategic business decisions
• Deepen understanding of the models, products, assumptions, and processes across different areas (Life Insurance / Annuity / Health, Inforce / New Business) while working on a variety of projects
• Enhance modeling and risk management skills
• Be part of a growing industry-wide actuarial and risk practice area

Responsibilities include, but are not limited to: 

• Lead and develop the Model Validation team (11 employees)
• Plan and coordinate all Model Validations, including prioritization, resource allocation (e.g. testers & reviewers), executive updates, and management to ensure timely and high-quality delivery
• Lead validation of existing models according to the Model Validation Framework and the multi-year schedule for US GAAP and Statutory financial reporting
• Lead validation of new models and implementations according to the model governance framework
• Lead validation of other targeted models (e.g. Economic Value & Capital, VA/GMxB Hedging) and non-model tools
• Refresh the recurring multi-year risk-based Model Validation schedule and obtain management approval
• Maintain and enhance the Model Validation Framework and documentation, including research of leading practices and enhancing value.  Note the framework includes review of inputs, calculations (including development of benchmarking spreadsheets for higher risk models), outputs, documentation, conceptual soundness, static/dynamic validations, hand-offs between models, and production confirmation.
• Support Sarbanes-Oxley (SOX) and other control processes around Model Validation
• Liaise with modeling/valuation teams, management, external audit, internal audit, controls team, and model steward team
• Provide training and guidance to model validators, help to resolve issues, promote efficiency & simplicity, ensure key messages are highlighted, and peer review validation work & reports as needed
• Coordinate with any 3rd party model validators and ensure appropriate review of their work
• Support broader RM objectives and special projects (e.g. collaborate on joint initiatives, produce Model Risk Indicators, support Model Risk Governance, support Strategic Model Development and model visions)
• Expand validation procedures beyond main inforce models as needed (e.g. tools supporting business decisions)
  

The base salary range for this position is $165,000-$220,000. Actual base salaries vary based on skills, experience, and geographical location. In addition to base pay, Equitable provides compensation to reward performance with base salary increases, spot bonuses, and short-term incentive compensation opportunities. Eligibility for these programs depends on level and functional area of responsibility. 

For eligible employees, Equitable provides a full range of benefits. This includes medical, dental, vision, a 401(k) plan, and paid time off. For detailed descriptions of these benefits, please reference the link below.

Equitable Pay and Benefits: Equitable Total Rewards Program

Required Qualifications: 

• Bachelors Degree
• ASA Designation
• 10 years of actuarial experience
• Team management
• Experience leading Model Validations through audit, consulting or internal teams
• Experience with liability/asset modeling and actuarial projection systems (Moody's Analytics AXIS is a plus)
• Software skills including MS Office

 Preferred Qualifications:

• FSA Designation
• Experience with Variable Annuities with enhanced Guarantees (GMxB's), Structured Annuities / RILA and/or Universal/Variable/Indexed Life Insurance
• Must possess established communication, collaboration, and organizational skills
• High level of accountability, quality of work ethic and proactivity

Skills

Coaching Others: Knowledge of coaching and mentoring concepts and methods; ability to encourage, motivate, and guide individuals in learning and improving effectiveness.

Collaborating: Knowledge of collaborative techniques; ability to work with a variety of individuals and groups in a constructive and collaborative manner.

Judgment, Decision Making and Critical Thinking: Knowledge of the decision-making process and associated tools and techniques; ability to accurately analyze situations and reach productive decisions based on informed judgment.

Process Management: Knowledge of business process improvement tools and techniques; ability to understand, monitor, update, control, or enhance existing business or work processes.

Quantitative Techniques: Knowledge of quantitative techniques; ability to use quantitative tools and techniques to measure and analyze risks.

Results Orientation: Knowledge of the importance of meeting or exceeding established targets; ability to drive critical activities to completion.

Staff and Career Development: Knowledge of available internal and external learning resources and ability to address learning, training, and career development needs of individuals, teams or organization.

Diversity, Equity and Inclusion: Demonstrates a commitment to Diversity, Equity and Inclusion by treating everyone with respect and dignity, ensuring all voices are heard and advocating for change.

ABOUT EQUITABLE
At Equitable, we're a team of over ten thousand strong; committed to helping our clients secure their financial well-being so that they can pursue long and fulfilling lives.
We turn challenges into opportunities by thinking, working, and leading differently - where everyone is a leader. We encourage every employee to leverage their unique talents to become a force for good at Equitable and in their local communities.
We are continuously investing in our people by offering growth, internal mobility, comprehensive compensation and benefits to support overall well-being, flexibility, and a culture of collaboration and teamwork.
We are looking for talented, dedicated, purposeful people who want to make an impact. Join Equitable and pursue a career with purpose.
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Equitable is committed to providing equal employment opportunities to our employees, applicants and candidates based on individual qualifications, without regard to race, color, religion, gender, gender identity and expression, age, national origin, mental or physical disabilities, sexual orientation, veteran status, genetic information or any other class protected by federal, state and local laws.
NOTE: Equitable participates in the E-Verify program.
If reasonable accommodation is needed to participate in the job application or interview process or to perform the essential job functions of this position, please contact Human Resources at (212) 314-2211 or email us at TalentAcquisition@equitable.com.

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