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AVP, GFS Risk Management

Position Overview

Global Financial Solutions (GFS) accounts for over 50% of RGA's consolidated income. The longevity line of business is one of RGA's fastest growing lines of business with benefit obligations in excess of $50 billion. Development of inforce and risk management for this line of business is not yet mature. The incumbent will be a key player in ensuring that the longevity line of business is managed to a standard at least as rigorous as that of RGA's other lines of business.

The incumbent is responsible for:

  • Oversight and design of inforce and risk management processes
  • Pre-binding risk assessments of new business
  • Collateral and capital management of the inforce block
  • Driving the analysis of experience and financial performance of this growing block



Responsibilities

Longevity Line of Business Oversight

  • Comprehensive understanding of the dynamics impacting the profitability of this specialized line of business
  • Manages across multiple complex Risk Management processes, and collaboratively working across multiple functions and geographies to provide oversight of all aspects of day to day inforce monitoring activities.
  • Recommends and drives process improvements to enhance stability and scalability of reporting and minimize operational risks


New Business Pre-Binding Risk Assessments

  • Using an in-depth knowledge of the risk drivers in longevity transactions, performs a comprehensive risk assessment for proposed new transactions, the incumbent:
  • Serves as an SME to provide guidance to deal teams, including recommendations for collateral packages, as well as new/developing longevity business processes
  • Reviews the risk analysis and treaty documents for new or amended transactions, highlighting and where possible quantifying any potential areas heightened risk, providing recommendations for risk controls, risk mitigation and escalating where necessary
  • Champions recommended changes to treaty terms with the deal team to decrease risk prior to presentation to the GFS executive to ensure and improve on the transaction's viability and manageability
  • Provides a recommendation to VP Longevity Risk Management (Line of Business leader) or Chief Risk Officer prior to sign-off of new transactions as to its viability and manageability.


Experience Analysis

  • Oversees the experience analysis annual process for inforce transactions with longevity risk
  • Periodically
  • Provides oversight over the review and validation of mortality experience studies conducted by clients, identifying the causes of discrepancies as compared with internal results
  • Applies a deep understanding of the underlying business and performance drivers to support key stakeholders (Risk, Pricing and Valuation teams) to implement appropriate annual changes to best estimate assumptions based on derived results, presenting analysis and results to Senior Management, key stakeholders, and auditors


Plan Cycle Support and Earnings Review

  • Leads the review of Plan inforce longevity projections to ensure it accurately reflects expectations, based on a deep understanding of the drivers in each deal's experience
  • Leverages insights gained from the experience analysis work to propose income expectations for the inforce business, and apply judgement to assess and recommend additional adjustments to Plan income considering trends in mortality experience and client data reporting


Capital Management

  • Using an in-depth knowledge of applicable capital regimes, participates in cross-functional initiatives to manage longevity capital requirements and risk limits:
  • Act as GFS longevity SME for capital management projects
  • Oversee development of tools to monitor and report on risk limits
  • Support corporate partners with preparation of capital submission by providing longevity metrics and business line insights


Management/Leadership

  • Leads a team of actuarial resources to support department goals and objectives across the multiple complex Risk Management processes
  • Provides informal management and technical support to P3/4 level team members on complex business issues requiring judgement or integration of knowledge across multiple processes or geographies
  • Provides leadership and oversight over longevity-related initiatives as required
  • Collaboratively works across multiple functions and geographies, serving as an SME on multiple cross-functional initiative.



Requirements

Education, Experience and Skills

Required:

  • Fellowship in a recognized actuarial organization preferred (FSA, FIA, FCAS, FIAA)
  • 10+ years' experience; at least 5 years post-qualification experience
  • Advanced knowledge of life, health, and/or annuity products
  • Expert interpersonal skills, demonstrating the ability to liaise with individuals across a wide variety of operational, functional, and technical disciplines
  • Advanced written and verbal communication skills, including presentation skills, demonstrating the ability to convey information in a way that is meaningful and well received to all stakeholders and senior management
  • Expert risk management skills to identify, control, and mitigate actuarial, collateral, liquidity, investment, regulatory, operational, and other risks inherent in complex transactions
  • Exceptional people management and leadership skills, demonstrating the ability to lead/influence, mentor, and develop associates
  • Expert level of investigative, analytical, and problem-solving skills
  • Strong service and result orientation and a drive to make a difference
  • Strong project management skills
  • Advanced knowledge of managing collateral, liquidity, counterparty, and ALM considerations in relation to complex transactions
  • Ability to operate at both strategic and detailed levels, anticipate future needs, be proactive and adapt to constant change
  • Advanced ability to implement organizational, divisional and/or departmental vision and goals that result in achievement and success through exceptional leadership, collaboration, and innovative thinking


Preferred:

  • Previous reinsurance experience
  • Previous experience with longevity reinsurance
  • Experience with other GFS lines of business - Asset Intensive, Financial Reinsurance
  • Previous experience with collateral structures for reinsurance and capital market transactions
  • Knowledge of US GAAP, IFRS, Solvency 2
  • Advanced modelling and technical skills, including database applications, spreadsheets and statistical programs
  • International actuarial experience



Company Overview

Reinsurance Group of America, Incorporated (NYSE: RGA) is a leader in the global life reinsurance industry with approximately $2.9 trillion of life reinsurance in force and assets of $44.7 billion. We are one of the largest life reinsurance companies in the world.

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AVP, GFS Risk Management

Toronto, Ontario
Full time

Published on 09.10.2021

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