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VP, Model Validation

Date Posted: Aug 13, 2018

Location: New York, NY, US, 10166

Company: MetLife

PositionVice President, Model Validation

 

Job Location: New York, NY or Bridgewater, NJ

 

Role Value Proposition:

 

The Vice President of Model Validation will oversee a team of model validators and will report into the head of Model Risk. Models are used throughout the Global Enterprise and include those used in Financial Reporting, Cash Flow Testing, Pricing, Asset-Liability Management, hedging, asset valuation and portfolio surveillance.

 

Key Responsibilities:

  • Oversee day-to-day management of model validators, providing managerial assistance to team members, and attracting, retaining and developing talent within the team
  • Provide in-depth technical support around actuarial and investment theory, modeling platforms, and products. Involvement in the technical validation of models includes:
  • Work with the team to develop validation testing plans, create independent challenger models, evaluate the appropriateness of model inputs, and to assess the actuarial and mathematical theory of the models
  • Writing, reviewing and signing off on validation reports, illustrating the relevant results of the theoretical review and testing of the model, calling attention to areas of concern, and/or uncertainty
  • Working with model owners to develop action plans to remediate model findings
  • Monitoring findings, recommendations and management action plans resulting from validation reports, ensuring timely and appropriate actions are taken to address concerns
  • Immediately escalate areas of significant concern for review and discussion
  • Prepare metrics and assist in reporting on Model Risk to various senior committees including the Enterprise Risk Committee and the Finance and Risk Committee of the Board
  • Improve Model Risk awareness through regular coordination with key stakeholders across the Enterprise
  • Develop and improve processes and procedures supporting Model Validation

 

Essential Business Experience and Technical Skills:

 

  • FSA (preferred: FSA plus PhD/Masters degree in Mathematics, Physics or Financial Engineering)
  • 13+ years of experience
  • In-deep knowledge of insurance and investment products
  • Deep knowledge of actuarial and investment modeling platforms
  • Knowledge of US GAAP and US Statutory accounting; knowledge of Solvency II and other Statutory regimes across the globe is beneficial
  • Strong financial engineering background with in-depth experience in hybrid derivatives, securitized, structured, and the modeling of other complex assets
  • Detail oriented with very strong analytical skills
  • Good management experience and the ability to interact and communicate effectively with senior leadership
  • Excellent verbal and written communication skills
  • Ability to influence others
  • Ability to manage multiple projects

 

Key Relationships:

 

Reports to: Head of Enterprise Model Risk

Direct reports/team: VP role will be supported by a highly skilled team of model validators.

 

Leadership Competencies:

 

  • Thinks Strategically - Sets direction aligned to the company’s strategy, applying external and global perspective to meet local and global needs.
  • Creates Partnerships - Authentically builds trusted relationships and collaborates across global, diverse and multi-functional teams to successfully drive business objectives.
  • Seizes Opportunity - Seeks new opportunities and ways to create balanced business growth while improving operational capabilities.
  • Drives Results - Sets aggressive goals and is accountable for continuously driving improved performance, leading change and ensuring high standards.


     

    MetLife:

    MetLife, through its subsidiaries and affiliates, is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East.

     

    We are one of the largest institutional investors in the U.S. with more than $500 billion in managed assets as of December 31, 2016. We are ranked #42 on the Fortune 500 list for 2017. In 2017, we were named to the Dow Jones Sustainability Index (DJSI) for the second year in a row. DJSI is a global index to track the leading sustainability-driven companies.

               

    While we have tremendous respect for the past, we are a company firmly focused on the future. To adapt to a changing world, we are undergoing one of the most dramatic transformations in our history to reinvent how we do business so we can thrive in any environment. We are moving away from a traditional product-development model to one driven by customer insights. We are challenging historical norms by humanizing our industry and designing every customer experience to reflect the modern company we’re becoming. Our goal in everything we do is to offer customers truly differentiated value propositions that allow us to establish clear competitive advantages. We pride ourselves on being a trusted partner to our customers as they navigate life’s twists and turns.

     

    At the center of our business strategy is a commitment to One MetLife – collaborating, sharing best practices, and recruiting, developing and retaining the best talent in the industry. We live by our values:  Put Customers First, Be the Best, Make Things Easier, and Succeed Together. They guide how we operate every day. 

     

    MetLife is a proud equal opportunity/affirmative action employer committed to attracting, retaining, and maximizing the performance of a diverse and inclusive workforce. It is MetLife's policy to ensure equal employment opportunity without discrimination or harassment based on race, color, religion, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity or expression, age, disability, national origin, marital or domestic/civil partnership status, genetic information, citizenship status, uniformed service member or veteran status, or any other characteristic protected by law.

     

    MetLife maintains a drug-free workplace.


Nearest Major Market: New York City