Actuary, Model Risk

At Genworth, we empower families to navigate the aging journey with confidence. We are compassionate, experienced allies for those navigating care with guidance, products, and services that meet families where they are. Further, we are the spouses, children, siblings, friends, and neighbors of those that need care—and we bring those experiences with us to work in serving our millions of policyholders each day. 

We apply that same compassion and empathy as we work with each other and our local communities. Genworth values all perspectives, characteristics, and experiences so that employees can bring their full, authentic selves to work to help each other and our company succeed. We celebrate our diversity and understand that being intentional about inclusion is the only way to create a sense of belonging for all associates. We also invest in the vitality of our local communities through grants from the Genworth Foundation, event sponsorships, and employee volunteerism.

Our four values guide our strategy, our decisions, and our interactions:

• Make it human. We care about the people that make up our customers, colleagues, and communities.
• Make it about others. We do what's best for our customers and collaborate to drive progress. 
• Make it happen. We work with intention toward a common purpose and forge ways forward together. 
• Make it better. We create fulfilling purpose-driven careers by learning from the world and each other.

POSITION TITLE

Actuary, Model Risk

POSITION LOCATION

Richmond, VA

Remote US (Eastern or Central Time Zones only)

This position is available to Virginia residents as Richmond, Virginia in-office applicants or remote applicants residing in states/locations under Eastern or Central Standard Time: Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas,  Virginia, Washington DC, Vermont, West Virginia or Wisconsin.

YOUR ROLE

The Model Risk Team manages model risk for Genworth's US Life Insurance division, CareScout Insurance business, CareScout Service businesses, Investment function and Corporate segment. You will assess model risk, lead model validations, provide thought leadership on model risk and modeling techniques and provide technical guidance to the modeling community and Model Risk Team.

What you will be doing

• Assess model risk through understanding of process and controls, data sources and transformation, assumption development and implementation, model development, model governance and the model inventory
• Lead model validations for actuarial and other quantitative models; may also include AI/ ML models
• Establish and cultivate relationships with model owners, other functions and the businesses
• Provide independent assessment of remediated model issues, model documentation, model inputs (data and assumptions), model processing and calculations, interactions among models and tools, model output (to final reporting), and model controls and the control environment
• Evaluate, and provide effective challenge of: model rationale, reliability, stability, robustness and limitations
• Draw independent conclusions on model issues for remediation and a model’s “fit for purpose”
• Collaborate with model owners, other functions and the businesses to deliver independent and value-added model risk management
• Provide thought leadership and insights on actuarial best practices for model risk, model validation, modeling techniques, model governance and controls
• Demonstrate leadership on the team and provide guidance and mentorship to more junior staff
• Engage team to share knowledge, best practices, conference highlights, notable validation findings and other meaningful insights

What you bring

• Bachelor's Degree
• 7 + years of relevant Actuarial or Risk experience within the insurance industry
• 5 + years’ experience in building and improving actuarial models (in GGY AXIS or another platform)
• Fellow of Society of Actuaries (FSA) designation
• Knowledge of actuarial processes: valuation, projections, experience and pricing
• Knowledge of model risk, model validation and modeling techniques
• Familiarity with Machine Learning models and techniques
• Results oriented, accountable for performance, and willingness to take ownership of projects

• Experience validating actuarial models
• CERA certification or an advanced degree in a quantitative discipline
• Advanced proficiency in multiple actuarial modeling platforms and modeling languages
• Familiarity with actuarial models in the LTC, Life and Annuity businesses

Employee Benefits & Well-Being

Genworth employees make a difference in people’s lives every day. We’re committed to making a difference in our employees’ lives.

• Competitive Compensation & Total Rewards Incentives
• Comprehensive Healthcare Coverage
• Multiple 401(k) Savings Plan Options
• Auto Enrollment in Employer-Directed Retirement Account Feature (100% employer-funded!)
• Generous Paid Time Off – Including 12 Paid Holidays, Volunteer Time Off and Paid Family Leave
• Disability, Life, and Long Term Care Insurance
• Tuition Reimbursement, Student Loan Repayment and Training & Certification Support
• Wellness support including gym membership reimbursement and Employee Assistance Program resources (work/life support, financial & legal management)
• Caregiver and Mental Health Support Services

For the State of New York:

The base salary pay range for this role starts at a minimum rate of $126,000 up to the maximum of $239,400.  In addition to your base salary, you will also be eligible to participate in an incentive plan. The incentive plan is based on performance and the target earning opportunity is 20% of your base compensation.  The final determination on base pay for this position will be based on multiple factors at the time of this job posting including but not limited to geographic location, experience, and qualifications to ensure pay equity within the organization.