Director & Actuary, Global Mortgage Insurance - Relocate to Raleigh, NC
Your role will provide a broad range of actuarial services critical to the success of Global Mortgage Insurance's (GMI's) platforms in US, Canada, Australia and other emerging markets. Working collaboratively with the Global Chief Actuary and other key stakeholders within the actuarial, finance and risk teams, this role will be responsible for validation and peer review of the pricing and financial projection models and for providing oversight and assistance to the reserving, pricing, modeling and financial forecasting processes within GMI. RESPONSIBILITIES Model Validation (75%) * Assist in development and execution of GMI's Model Risk Management Framework with GMI platforms and the Enterprise Model Governance Committee; assist in maintaining the model validation schedule to ensure all critical models are validated across all MI platforms. * Actively participate in the validation of reserving (both US GAAP and Chinese GAAP), pricing and financial projection models across all GMI platforms to ensure that the model performance is in line with the intended design objectives and business needs. * Provide independent assessment of the critical models by reviewing model assumptions, data sources, mathematical formulas and business applications. * Prepare a written report documenting findings and recommendations. Follow up on recommendations to ensure they are implemented appropriately in a reasonable time frame. * Provide an independent view on model reliability, stability, and robustness, including back testing/benchmarking with internal/external data and adequacy monitoring for carried reserves. * Communicate the validation results to modeling teams, senior leadership and appropriate governance committees. * Research state-of-the art modeling solutions available internally and externally and share the best practices across different MI platforms. * Collaborate with key stakeholders, including members in Risk, Actuarial, Finance, Audit and IT. Review of Quarterly Actuarial Reserving (15%) * Review the actuarial reserving work product from every GMI platform every quarter for all applicable accounting regimes to ensure adequate carried premium and loss reserves within GMI financial reporting. * Ensure actuarial valuations for GMI entities comply with all relevant requirements - regulatory, accounting and actuarial standards Leadership and Oversight (10%) * Serve as an actuarial consulting resource on any global initiatives, inclusive of reserving, pricing, financial projections, regulatory and economic capital management, reinsurance and asset-liability management. * Assist with GMI-level oversight of actuarial best practices, including the creation, maintenance, and compliance of platform level actuarial policies, standards and controls. * Provide division level oversight and coordination to assure consistency and quality of processes for actuarial work with appropriate controls. QUALIFICATIONS * ACAS / ASA / MAAA or equivalent designations * Bachelor's degree in actuarial science, mathematics, statistics or related field * 8+ years actuarial experience, with experience in reserving, pricing, predictive modeling, financial planning and analysis * Thorough understanding of and demonstrated experience with statistical methodologies like generalized linear models, transition modeling framework and time-series forecasting * Advanced proficiency in programming with SAS and Excel * Strong communications, presentation and collaboration skills, with the ability to challenge platform actuarial, risk and finance professionals, as well as to convey technical concepts in plain language to non-technical audiences * Demonstrated leadership and management capabilities, with the ability to effectively work across multiple disciplines, platforms and cultures * Ability to work independently and manage model validation projects with minimal supervision * Results oriented, accountable for performance, and take complete ownership of projects * Strong grounding in actuarial controls and standards of practice * Willingness and ability to travel internationally and conduct business meetings at early/late hours to accommodate time zone requirements and deadlines ADDITIONAL QUALIFICATIONS * FCAS / FSA / MAAA or equivalent designations * Graduate Degree in a quantitative discipline such as Statistics, Actuarial Sciences, Mathematics or Quantitative Finance with proven modeling & analytical skills * Prior model validation experience, especially in credit risk * Working knowledge of mortgage lending, insurance and banking, including industry practices, overall market trends, US GAAP, Chinese GAAP, IFRS and statutory reporting requirements * Working knowledge of Economic Capital and Embedded Value Models and Analysis * Working knowledge of Regulatory and Rating Agency capital requirements for mortgage insurance companies * Working knowledge of fair value concepts and capital asset pricing methodologies * International experience working across multiple time zones and cultures COMPANY Genworth Financial, Inc. is a leading insurance holding company committed to helping families achieve the dream of home ownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond, Virginia, Genworth traces its roots back to 1871. Genworth Global Mortgage Insurance, headquartered in Raleigh, North Carolina, is a global mortgage insurer with a major presence in the United States, Canada, and Australia. With origins dating back to 1980, Genworth Mortgage Insurance provides primary mortgage guaranty insurance coverage on residential mortgage loans, as well as mortgage pool insurance policies that enhance insurance coverage for various types of mortgage-related securities. Our mortgage insurance can help individuals secure low down payment loans and realize the dream of home ownership faster - even for the first time. We know we can't deliver on our mission unless we deliver for our employees. That's why we're committed to creating a work environment that fosters inclusion, excellence, improvement and connection. We know each employee contributes in their own unique way and we're dedicated to supporting every one of them to help them reach their full potential.