Model Risk Actuary Team Lead

At Equitable, our power is in our people.
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 is one such growth area identified within the Risk team, in particular related to Model Validation. This position offers a unique opportunity to shape a recently grown team, apply technical skills and actuarial expertise to a variety of models used across the businesses, gain experience analyzing models with interconnected (insurance and non-insurance) risks, and develop expertise in an independent risk management approach.
The Model Risk Actuary Team Lead 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 small team performing Model Validations on existing and new models.
Opportunities include:

• Join a dynamic team and help shape the Model Validation function as it matures.
• Exposure to Chief Risk Officer (CRO) and other leaders within Risk Management, Actuarial, and Finance.
• Positively impact decision making by securing the models used for financial reporting, risk measurement, pricing, and strategic business decisions.
• Deepen understanding of the products, assumptions, models, and processes across different areas (Life Insurance / Annuity / Health, Inforce / New Business).
• 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 a Model Validation team (approximately 2-3 actuarial resources) within the larger Model Validation group.
• Lead validations of:
  o Existing models according to the Model Validation Framework and the multi-year schedule for US GAAP and Statutory financial reporting.
  o New models according to the new implementation governance framework.
  o Other targeted models (e.g. internal economic model, new business, pricing) as needed.
• Plan and ensure smooth execution of model validations, including hands-on management to ensure timely and high-quality delivery, promoting overall efficiency and value added. This includes development and review of model validation test plans, analysis, and reports to ensure adherence to the Model Validation Framework.
• Contribute to validation testing procedures and provide training and guidance to junior members of the team, help to resolve or escalate issues, and raise any concerns to Model Risk Management leadership.
• Support Sarbanes-Oxley (SOX) processes around Model Validation.
• Perform detailed reviews of any 3rd party model validation work and model validations performed by other Model Validation group team members and ensure robust documentation of the reviews.
• Support maintenance and enhancement of the Model Validation Framework and documentation, including research of leading practices.
• Support updates to management and key stakeholders.
• Support other areas of Model Risk Management, including:
  o Model Risk Governance function by performing risk reviews of model changes.
  o Strategic Model Development, by identifying model development focus areas to ensure the models are optimally designed.
• Liaise with modeling teams, valuation teams, management, external auditors, internal audit, SOX teams, the Model Steering Committee, Model Steward and other stakeholders as needed.
• Ensure the validation scope has comprehensive coverage of all non-model analytical tools and processes that impact company financials beyond the main models in the validation schedule.
• Facilitate remediation plans and provide guidance for 1st line prioritization.
• Support Equitable's agile framework ("New Ways of Working"), including building the team Backlog, consistently prioritizing the Backlog based on customer and business value, and continuously refining the Backlog to ensure work is clearly described and prioritized.

The base salary range for this position is $145,000-$180,000. 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
Qualifications
Required Qualifications:

• FSA Designation.
• 7+ years of relevant actuarial experience
• Experience leading Model Validations through audit, consulting, or internal teams.
• Experience with liability modeling and actuarial projection systems (GGY-AXIS is a plus).
• People management experience.
• Software skills including MS Office.
• Must possess strong accountability, high quality of work ethic, strong organizational skills, strong interpersonal & communication skills, and be a good self-starter

Preferred Qualifications:

• Experience with Variable Annuities with enhanced Guarantees (GMxBs), RILA / Structured Annuities and/or Universal/Variable/Indexed Life Insurance.

Skills
Continuous Learning: Understanding of the rationale behind the necessity to continually learn and grow and the ability to seek performance feedback and identify approaches to improve own performance and that of others.
Judgment and Decision Making: Knowledge of the decision-making process and associated tools and techniques; ability to analyze situations accurately 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.
Team Management: Knowledge of effective team building techniques; ability to form and manage effective teams.
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.
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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