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Director & Assistant Actuary, Prophet Model Steward Job

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Director & Assistant Actuary, Prophet Model Steward
Job# 2725
Location:  NE
Education Requirements:  Bachelor degree in Actuarial Science, Mathematics, Statistics or a related field.
Other Requirements:  Include:

  • ASA or FSA. MAAA.
  • 5+ years of actuarial modeling experience, preferably with Prophet software.
  • 10+ years of actuarial experience.
  • Advanced knowledge of insurance products and concepts, actuarial theory and techniques, and regulation of insurance industry.
  • Knowledge of standards and best practices within the context of Model Audit Rule, Sarbanes-Oxley, and/or IT processes.
  • Strong attention to detail.
  • Disciplined approach to compliance.
  • Ability to clearly and thoroughly document assumptions, decisions, processes and other work performed.
  • Change leadership skills.
  • Extensive knowledge of individual life, annuity, disability income and/or retirement plans products preferred, including fixed, variable and equity indexed products.
  • Management and leadership experience.
  • Understanding of advanced mathematical and statistical concepts.
  • Ability to work effectively both independently and as part of a team.
  • Strong analytical, problem solving, written and oral communication, and organizational skills.
  • Experience with Microsoft Office.
  • Ability to multi-task and switch back and forth between projects as needed.
  • Willingness to learn new software tools and packages.

Salary Range:  Negotiable DOE
Description:  Our Client is looking for their next Director & Assistant Actuary, Prophet Model Steward to join their Corporate Actuarial modeling team.  This position is responsible for ensuring quality development and maintenance for Corporate Actuarial models.  The incumbent will be responsible for building and administering governance processes and modeling standards for the creation and maintenance of Corporate models.  Additionally, the governance will extend to the management and controls for inputs that drive the model calculations.  The position works with all Corporate Actuarial and Product areas to deliver model processes and calculations as required by those business areas.  Essential functions include:

  • Function as the Model Steward for Prophet model development and the implementation of liability and asset assumptions used in modeling software.
  • Deliver high integrity models to be used in various applications for regulatory requirements, financial reporting and business decisions.  Includes:
    • Primary responsibility for establishing and monitoring a model risk framework.
    • Leverage model validation results for establishing model project workplans.
  • Lead software evaluation discussions with vendor.
  • Manage a model development team to build and maintain the Corporate Actuarial models residing in the Prophet software.
  • Primary responsibility for determining the model development schedule.  Maintain and prioritize a list of outstanding modeling development requests from Corporate Actuarial and Product areas, including those for new product development and product changes.
  • Ensure that model governance standards and best practices are being met.
    • Develop and maintain Model Governance Policies and Procedures.
    • Development, maintenance and enforcement of modeling standards documentation.
    • Ensure that models have been validated to input systems and financial reporting.
    • Coordinate version control for Prophet models and modeling assumptions.
    • Develop robust peer review, testing processes and sign-off protocols for models.
    • Direct the development of regression testing protocols to ensure consistent quality during model development cycles.
    • Maintain current releases of the Prophet model software from the vendor.
  • Chair the Model Review Team.  Participate as Model Subject Matter expert for Assumption Review Teams.
  • Accountable for business requirements and sign-off for all data needs for modeling purposes.
  • Administer consistent release management practices to communicate Corporate Model updates to all Prophet users within our Client.
  • Ensure compliance with security administration for software access for the Prophet software.
  • Maintain an environment for archival of models used for external reporting and management decisions.
  • Lead discussions with IT to ensure full support of modeling software, including help desk, infrastructure, installations, software evaluations, and other associated tasks.
  • Recommend adoption of appropriate modeling best practices, and performance improvement techniques.
  • Participate in vendor user groups and periodic conference calls.
  • Manage and develop model development associates.
  • Work on special projects or perform other model development tasks as requested from the incumbent’s supervisor.

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