Key Responsibilities and Duties

• Establishes the audit team and then provides guidance to subordinates and/or peers in the conduct of an audit and monitors progress and quality against stated audit objectives and department requirements.
• Delivers audit results within the agreed upon annual audit plan and recommends remediation solutions where control weakness have been identified.
• Establishes or recommends standards and long-term goals for the area managed, as well as methods to improve the operational efficiency of existing processes.
• Develops and presents remediation solutions where control weakness have been identified, providing recommendations on risk and control strategies and works with business management to track and monitor resolution of audit issues.
• Conducts reviews of audit reports completed by less experienced team members and approves or makes adjustments for final reporting.
• Manages performance of internal audit team through regular, timely feedback as well as the formal performance review process to ensure delivery of exceptional services and engagement, motivation and development of team.
• Works on problems of diverse scope using the organization's risk based internal audit methodology.
• Fosters an innovative and collaborative working environment to deliver effective and efficient audits leveraging data analytics and information technology specialists, as appropriate, to identify and implement advanced testing methods.

Educational Requirements

• University (Degree) Preferred

Work Experience

• 5+ Years Required; 7+ Years Preferred

Physical Requirements

• Physical Requirements: Sedentary Work

Career Level
9PL

Key Duties & Responsibilities: 

• Participate on and/or lead audit engagements of financial risk management, actuarial, quantitative finance and/or model risk management business functions.  

• Participate on audits across the Internal Audit department to execute model testing procedures and provide internal independent model review and assessment.

• Perform technical analyses, benchmarking, building challenger models (if needed) to support the model/model validation review process.

• Check appropriateness of model assumptions, model attributes definitions, and statistical distribution of model input/output.
• Review the mathematical foundation of models, assessing the appropriateness of the model equations and theory.
• Review model performance and impact to ensure model stability and identify model risks and limitations.
• Develop and present remediation solutions where control weaknesses have been identified, providing recommendations on risk and control strategies.
• Develop strong written deliverables, including audit reports and summaries

Management/Leadership Responsibility: 

• Manages a team of direct reports, while leading strategic and important initiatives for the team. 

Business or Industry Expertise: 

• Requires strong knowledge of internal audit best-in-class practices; risk management; and regulatory guidance and expectations (FRBB, OCC, SEC, State Insurance).
• Requires strong knowledge of the Institute of Internal Auditor's (IIA) International Professional Practices Framework (IPPF) to which the Internal Audit Division's methodology is aligned. Must be proficient in risk and control analysis and audit concepts for supported area.
• Requires strong knowledge of financial services products, services and regulations.
• Requires strong knowledge of actuarial modeling and reserving for Life and Annuity portfolios and asset liability management.
• Requires strong knowledge of model development, governance and validation.
• Requires strong knowledge of relevant industry software and data analytic tools (e.g. Moody’s, Proprietary Replicating Portfolio, Matlab, R, Python, etc.)

Interactions / Interpersonal Skills: 

• Regularly interacts with senior and middle management. May interact with external auditors and regulators (FRBB, OCC, SEC, State Insurance). Interactions frequently involve skills such as preparing and making presentations of audit findings. Requires the ability to work effectively with many levels of the organization, and must display highly effective networking, advising and influencing skills.

Job Requirements And Qualifications: 

Required Education:

Bachelor's or graduate degree in quantitative disciplines, accounting, actuarial science, finance or other related discipline required.

Preferred Education:

Graduate degree or MBA a plus. 

Required Experience:

At least 10 years of financial services or insurance experience that required strong analytical, quantitative risk management and modeling/model validation skills.

Preferred Experience:

Experience in a regulated financial services environment, requiring direct interactions with regulators such as the Federal Reserve, OCC, SEC, FINRA, or state Insurance Departments, is preferred.

Skills and Abilities:

Required Licenses/Certifications:

• Strong understanding of financial products, risk management, and regulatory requirements (e.g. SR 11-7, etc.).
• Strong knowledge of financial risk and actuarial models and methodologies.
• Financial risk and actuarial modeling/model validation experience e.g., MSCI, Axis, Prophet, etc., a plus.
• Proficiency in Microsoft Excel. 
• Data analytics and visualization skills (e.g., including Python, SQL, Power BI, Tableau) are a plus.
• Technical qualification/credential in actuarial science and/or finance e.g., FSA, CFA, FRM or similar qualification, preferred.
• Certified Internal Auditor (CIA), Certified Public Accountant (CPA) Chartered Accountant (CA), Associate of the Society of Actuaries (ASA), Member of the American Academy of Actuaries (MAAA) or similar actuarial certification or similar professional certification is required. In the event that the candidate does not maintain the CIA or CPA, the candidate will be required to complete one of these certifications within 18 months of joining the Internal Audit Division.