Actuary III Model Validation

at  Aflac

The Company: Aflac Incorporated
The Location:GA, US
The Division: Corporate Actuary
Job Id: 5888
Salary Range: $57,000 - $145,000

EDUCATION & EXPERIENCE REQUIRED

• Bachelor’s Degree In Actuarial science, mathematics, data analysis, physics, engineering, computer science, or a related field
• An Associate of the Society of Actuaries (ASA) designation from the Society of Actuaries (SOA) is required and commitment to continue toward Fellow of the Society of Actuaries (FSA) designation
• Three years of modeling and model validation experience in actuarial or other relevant fields
  Or an equivalent combination of education and experience

EDUCATION & EXPERIENCE PREFERRED

• FSA track for quantitative finance, investment or risk management is preferred

WHAT DOES IT TAKE TO BE SUCCESSFUL IN THIS ROLE?

• Proficiency in one of industry actuarial modeling software (MG-Alfa is preferred) is required
• Proficient at coding (such as Excel-VBA, SQL, Python, C-type language) is required
• Good understanding of valuation, capital, ALM and risk management preferred
• Experience in different functions such as actuarial, finance, investment, IT, and risk preferred
• Strong analytical skills, both quantitative and qualitative
• Strong written and oral communication skills including ability to articulate technical results and concepts to non-technical audience and influence others
• Ability to produce required documentation
• Ability and appetite to read material and learn concepts quickly
• Strong project management skills to work on multiple cross-functional efforts and deliver and report on projects timely
• Good problem solver in quantitative and qualitative issues
• Effective interpersonal skills to build partnerships with model owners/users and function leads
• Value driven to find the most impactful method and delivery
• Proficient in Microsoft applications such as Word, Excel, PowerPoint
• Actuarial Competencies:
• Technical Knowledge & Skill - Advanced Performs data analysis, synthesizes it into something meaningful, and develops materials and presentation of findings. Understands data limitations and considers influence of business processes, market segmentation strategies, and industry factors on analysis. Identify, set, and defend actuarial and financial assumptions; develop, enhance, and deliver actuarial and financial models that effectively evaluate risk.
• Project Management - Advanced Can effectively lead projects, including those with crossfunctional accountabilities. Highly responsive to dynamic business needs while partnering with other functional or operational areas. Identifies and initiates projects suggested by business needs or strategies and reprioritizes work/seeks resources as necessary.
• Communication - Advanced Understand and explain business issues and potential solutions in a way that results in informed decision making. Proactively and routinely seeks out business partners to provide timely summary of practice area results. Has clear examples of delivering business concepts and messaging to a wide variety of audiences.
• Business Knowledge & Acumen - Intermediate Aligns actuarial analysis and findings with the broader goals of the organization. Understands all of Aflac’s products and business functions. Looks at problems from the overall business framework, rather than only a technical framework, and links the technical actuarial analysis to the bottom line.
• Delivers Results - Advanced Develops projects, plans, and priorities that are consistent with business initiatives and goals. Consistently achieves results, personally and through others that contribute business value. Develops actions that lead to stated business goals based on actuarial or financial findings.
• Develops Self & Others - Intermediate Steps outside actuarial competencies and develops broader business acumen - goes beyond the technical aspect of a problem. Creates valued business partnerships based on consulting advice provided; seeks out opportunities to mentor others. Participates in new and challenging work experiences outside of one’s own functional area.
• Influencing - Intermediate Interprets business and technical information in a way that influences key decision makers / stakeholders. Drives discussions on meaningful business issues and potential solutions with external partners. Demonstrates the ability to build agreement, commitment, cooperation, and enthusiasm for recommendations - even with difficult messages.
• Makes Effective Decisions - Advanced Provides timely analysis to reach a recommendation, even with incomplete data; not averse to simply approximate an answer. Includes others in decision making as warranted to obtain good input and ensure buy-in for decisions. Evaluates options by considering implications and consequences - makes decisions outside the bounds of “the way it’s always been done”.
• Values Driven - Interacts with others in a way that gives them confidence in one’s intentions. Listens with respect and objectivity even when others’ opinions conflict with one’s own. Adheres to standards of professional conduct
• Builds Talent - Basic Develops staff or others with the competencies of business leaders, not just subject matter experts. Provides cross-functional project or mentoring opportunities. Takes bold action to ensure strong, diverse talent and leadership pipeline in place to meet Aflac’s aggressive business goals.
• Engages Employees to the Vision - Basic Ensures that others understand their roles in achieving area and business priorities. Inspires others to act in alignment with financial and corporate goals and initiatives. Involves employees in decision making, milestone setting, timely one-on-ones, and key business information.

PRINCIPAL DUTIES & RESPONSIBILITIES

• Executes model validations timely by creating independent validation tools, providing data requested, reviewing model documents, understanding the model components and the model and process flow chart, understanding the intended use of the model and materiality/business impact, selecting and performing appropriate model validation procedures, summarizing and documenting the procedures and findings, identifying the areas for improvement, working with model owner and user to create a mitigation plan and monitoring the process, assessing the business impact and reporting to Model Risk Management and business unit leads, and communicating the steps to relevant parties
• Supports the Model Validation Lead as a program coordinator in managing and updating model inventory, assessing risk rating, creating a model risk validation schedule, improving the process and procedures, and creating a model validation report summary with status, findings, and mitigation plans
• Supports ALM modeling projects that do not conflict with independent model validation assignments by working with ALM modeling area, as requested
• Coordinates with the business model owner and user team to establish the first-line independent model validation process
• Supports creating a robust model validation training program, providing model validation training, enhancing model document and model validation report templates, and creating model testing tools as needed
• Adheres to the MRM framework and leverages existing tools and procedures
• Builds and maintains effective relationships with business unit counterparts
• Learns and monitors the relevant model risk and model validation guidelines from relevant industries such as ASOP and also the industry best practices from attending model risk related seminars, consultants, and peers
• Performs other duties as assigned

Work Designation. Depending on your location within the continental US, this role may be hybrid or remote.

• If you live within 50 miles of the Aflac offices located in Columbus, GA or Columbia, SC, this role will be hybrid. This means you will be expected to work in the office for at least 60% of the work week. You will work from your home (within the continental US) for the remaining portion of the work week. Details of this schedule will be discussed with your leadership.
• If you live more than 50 miles from the Aflac offices located in Columbus, GA or Columbia, SC, this role will be remote. This means you will be expected to work from your home, within the continental US. If the role is remote, there may be occasions that you are requested to come to the office based on business need. Any requests to come to the office would be communicated with you in advance