Senior Risk Manager Model Validation
The Group Risk Department of our client seeks a highly professional and experienced Senior Risk Manager, to manage parts of the group model validation program. This position involves reviewing all types of models across the organization offering an unique perspective of models and modelling practices across the company. In general, the Senior Risk Manager will have direct interaction with senior management and model owners about findings and recommendations.
The central model validation team has intensive cooperation with local validation teams across Aegon, and the Senior Risk Manager will act as review leader for group-led model validations. The aim of model validation is to provide assurance on the integrity of models used across the organization. Model integrity implies that models are fit for purpose and produce reliable results that management can use for decision making. It further implies that the model is based on approved methodology, well developed and tested and that the model is well controlled and kept in a secure environment.
The central model validation team also maintains the group-wide model validation policy and model validation standards, including standards for model development and testing. The Senior Risk Manager provides support for the application of the model validation standards and provides expertise to model owners and model engineers as needed.
Finally, the Senior Risk Manager will get the opportunity to participate in ERM assurance reviews a few times per year. ERM reviews aim to provide assurance about the maturity of ERM practices across our risk universe and is a separate function within the Risk Governance department. The Senior Risk Manager will mainly provide expertise in the fields of underwriting risk and financial risk.
The Senior Risk Manager reports directly to the Head of Risk Governance.
In summary, the responsibilities of the Senior Risk Manager will involve:
- Manage part of the group-wide model validation program, including coordination with local model validation teams as appropriate. Actively monitor progress against plan.
- Act as review leader for group-led model validations, and report key findings to the Model Validation Committee and other senior management as appropriate. Provide recommendations for improvement to model owners.
- Support the further development and maintenance of the company’s model validation policy and standards of practice, including standards for model development and testing.
- Provide support for the application of the model validation standards and provide expertise when needed to model owners and model engineers.
- Provide technical expertise for ERM assurance reviews across the organization, especially in the fields of underwriting risk and financial risk. Report findings to senior management.
The Senior Risk Manager will have to travel for a few weeks per year to undertake onsite fieldwork.
Knowledge, experience and skills
The candidate is an actuary, econometrist or has similar qualifications. Qualified candidates should have a minimum of 7-10 years of relevant experience.
Key qualifications for the role include:
- Significant experience with model development and model testing.
- Significant experience with modelling of market risks and derivatives.
- Experience with market consistent valuation of insurance liabilities is a positive.
- Experience with economic required capital calculations for insurers is a positive.
- Experience with data modelling would be another positive.
- Excellent communication skills in English, both in writing and verbally.
- Good influencing and persuasion skills.
- Good planning, prioritizing and goal setting skills.
- Integrity to uphold policy requirements and model validation standards.
- Independent and critical, yet constructive, mindset.
Aegon’s official corporate language is English.
Our client aims to be an employer of choice in the financial services industry with competitive compensation, professional learning and development, and international assignment possibilities.
Salary level: competitive primary and secondary package based on experience and qualifications.
Working hours: full time is preferred.