Senior Risk Analyst (Health / Life Modeling)
Company: State Farm
4 Year Degree
At least 3 year(s)
State Farm, well known for being a "good neighbor" by "being there" for our customers, was founded in 1922 by retired farmer and insurance salesman George Jacob "G.J." Mecherle. We now insure more cars and homes than any other insurer in the U.S.
This same commitment to our work force is how we got here and how we stay here. Our 90-year track record highlights State Farm as an employer of choice committed to providing career opportunities that last a lifetime.
From diverse backgrounds and talent, to meaningful work and comprehensive benefits, "Like a good neighbor..." isn't just a slogan. It's who we are and how we do business.
We are currently searching for a talented Senior Risk Analyst (Life/Health Modeling) to join our growing team in Bloomington, IL. Relocation Assistance is Available!
WHAT ARE THE DUTIES AND RESPONSIBILITIES OF THIS POSITION?
This role is an Actuarial Analyst position on the Model Risk Validation Team within Enterprise Risk Management (ERM). The Model Risk Validation Team is responsible for performing independent Model Validation for non-statistical models. In this role, you will document, communicate and report on validation results. You will also assist with reviewing the results of model validation activities performed by third parties (e.g. Bank, Strategic Resources, P&C Actuary, external consultants). In addition:
Perform independent validation of models in accordance with agreed upon model validation activities for Life/Health Actuarial models, which may include the following:
Review of model documentation
Assessment of model design and theoretical construction
Review of data inputs and assessment of assumptions, including expert judgment and other qualitative factors
Review of mathematical calculations
Conclude on reasonableness of model output through various techniques, including sensitivity analysis, benchmarking and back-testing
Assess adequacy of other controls to mitigate model risk
Performs independent model validations in accordance with defined standards and operating procedures for highly complex and technical models to understand the impact of model risk throughout the enterprise
Reviews and/or tests, using expert judgment, model design, data, development, outcome analysis, implementation, reporting, performance monitoring, and change control to provide an independent assessment of model risk
Compiles and communicates model validation findings, recommendations, and observations to business area through summaries, reports, and presentations
Develops cooperative business relationships with model owners and customers both internal and external to State Farm
Maintains awareness/understanding of model risk regulatory expectations that may impact State Farm; complies with regulatory expectations
KEY SKILLS / BACKGROUND REQUIRED:
Advanced designation or degree. Examples include the following: Masters or PhD in Math, Statistics, Economics, Business/Finance, or related analytical field; or Actuarial professional qualifications (near ASA or FSA) 3+ years’ experience in the financial services industry
Strong technical knowledge of insurance and/or bank products
Excellent mathematical, analytical problem solving skills
Strong communication (both written and oral) skills, including the ability to communicate complex issues to non-technical persons
Ability to build strong relationships while challenging and influencing people in a constructive manner
Prior experience with and intermediate skill using databases and other tools for data extraction and reporting
Demonstrated advanced knowledge of software packages used in business communication such as MS Excel, Word and PowerPoint
Targeting a Life/Health Actuary who has attained the ASA or FSA designation with a minimum of 3+ years’ experience with life pricing models
Experience with model development, implementation and/or validation Intermediate experience using statistical software packages
Working knowledge of programming languages
BENEFITS: TOTAL REWARDS:
Our Total Rewards benefits package includes:
Competitive starting salary
Annual merit reviews
Annual bonus potential
You may also be eligible to participate in Medical, Dental, Life and Disability Insurance, Vision, 401(k) Plan (Savings & Thrift in Canada), Credit Union, a fully funded retirement pension plan, and more.
State Farm Insurance is an equal opportunity employer
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