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Actuarial Analyst, Internal Audit
Location: Omaha, NE
Education Requirements: Bachelor’s degree (Master's degree preferred) in relevant field of study (Actuarial Science, Mathematics, Statistics, Economics, Finance, or other related business field).
Other Requirements: Include:
- Minimum Qualifications:
- 3+ years of insurance industry and/or company experience.
- 1+ years supervisory/project lead experience.
- Background in math, statistics, economics, or finance.
- Superior aptitude for statistical interpretation, a working knowledge of modeling assumptions, formulas, and practices.
- Ability to demonstrate a high-level of analytical and problem-solving skills.
- Awareness of actuarial modeling concepts and model risk management framework.
- Understanding of risk management concepts such as risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
- Ability to express thoughts, ideas, concepts in a clear and articulate manner using strong verbal and written communication and presentation skills.
- Ability to sustain working relationships with diverse teams, and individual stakeholders at all levels of the organization to achieve department and enterprise goals.
- Understanding of insurance industry operational and compliance concepts.
- Understanding of the organization's industry; including markets, competitors, and industry risks.
- Advanced knowledge of MS Office Tools (Word, Excel, PowerPoint, Access) including application in a business environment.
- Demonstrated project management skills with the ability to influence others to accomplish projects.
- Ability to lead engagements within the organization's audit methodology to meet the audit engagement objectives.
- Experience in reviewing controls related to relevant fields of experience.
- Preferred Qualifications:
- 5+ years of insurance industry and/or company experience.
- Seasoned background in math, statistics, economics, or accounting/finance.
- Professional certifications from one of the following credentialing organizations: Global Association of Risk Professionals, Society of Actuaries, CFA Institute, Investment Training and Consulting Institute, or the Financial Modeling Institute.
- Experience in processes related to actuarial modeling, market risk management, insurance product pricing, valuation reserves, or investment portfolio management.
- Experience with modeling tools such as MG-ALFA, Case, ArcVal, AXIS, etc.
- Understanding of internal controls frameworks, such as the COSO Internal Control - Integrated Framework, including: proper control design and implementation and corresponding control objectives, components, and principles.
- Understanding of risk management frameworks, such as the COSO Enterprise Risk Management - Integrated Framework, including: risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
- Understanding of the organization's strategy and how strategic objectives impact and link to audit work.
Salary Range: $80k to $110k
Description: This is one of the many actuary jobs Mid America Search has. In the Actuarial Analyst, Internal Audit job, the individual will contribute to the completion of the internal audit plan through the effective review, verification, examination, and recalculation of product performance/financial information/market risk/actuarial data and models. May lead and/or direct the work of others. Duties and responsibilities include:
- Participate as a member of the audit team providing subject matter expertise to actuarial, financial, product, and risk framework audits.
- Plan, direct, assign, and monitor assigned phases of audit work, ensuring that results are timely, accurate, and consistent with project objectives. Coordinate work with other departments as project leader.
- Evaluate and recalculate rate development for new products, product modifications, product specifications, rate assumptions, and re-rating activity.
- Review mathematical reasonableness of valuation reserve calculations considering product design elements and data inputs.
- Evaluate conceptual design and general reasonableness of assumptions for financial projection, market and capital risk management models.
- Analyze product, valuation reserve, risk management, and/or other financial/non-financial data to identify trends or indicators. Verify the accuracy of numerous reports and underlying data/calculations. Provide interpretive insights based on analysis of the results.
- Review system/model inputs and outputs for audited processes. Evaluate completeness of data and accuracy of mapping and aggregations.
- Uses business understanding to evaluate problems and potential solutions. Effectively communicates audit issues.
- Create audit engagement plans based on the risk and its impact on the organization; ensuring that the scope of work is appropriate for the audit assignment.
- Select and apply the appropriate tools and techniques to data gathering, analysis and interpretation, and reporting.
- Maintain industry specific knowledge appropriate to the organization, assigned audit engagements, and advisory projects.
- Identify and escalate strategic implications to the organization from audit issues. Ensure management actions have been effectively implemented through timely and consistent communication.