The incumbent will be responsible for leading model governance within the Investment & Risk Operations team. In this role, the individual will master aspects of the company’s risk management framework and lead model governance initiatives – including best practices, validation, and regulatory oversight. The individual will report to the Corporate Risk Management lead and reside within the Risk function.
Principle Responsibilities:
- Lead Venerable’s model governance initiatives and assume the following:
- Learn Venerable’s model risk framework and promote the framework’s best practices company-wide.
- Provide model owners across Risk and Finance with guidance on the Model Risk Policy and related practices.
- Collaborate with IT partners and assist model owners to main up-to-date model inventory.
- Monitor model validation projects and make recommendations to Head of Investment & Risk Operations and Chief Enterprise Risk Officer.
- Facilitate recurring committee meetings – connect with business leaders to identify model and assumption changes, create agenda/minutes, and track model changes.
- Collaborate with other oversight areas including, but not limited to, financial control risk, operations risk, and business continuity risk.
- Review regulations around model governance which may include researching predictive analytics and ML/AI use cases in the insurance industry, monitoring changes to standards of practice, and identifying other emerging trends.
- Manage SOX/MAR processes related to model governance.
- Improve governance processes surrounding model governance such as adding standards of practice, controls, automation, or creating process documentation
- Learn the Company’s enterprise risk management framework and expand responsibilities to other risk oversight practices gradually which may include hedge and derivative use compliance, key risk metric reporting, and insurance regulatory reporting
- Provide ad-hoc support for urgent business needs across the Investment & Risk Operations team
Knowledge, Skills and Abilities:
- Strong business acumen garnered from extensive use of a post-secondary diploma or degree in business, finance, risk management or a related field.
- A minimum of ten (10) years of financial services experience in risk oversight roles covering annuities, insurance, investment, market, and operational risk.
- Risk Management professional certification would be an asset.
- Proven experience in implementing and managing Enterprise Risk Management strategy and governance, risk and audit activities.
- Ability to work within an environment that is entrepreneurial and innovative and be able to utilize a commonsense approach with sound judgement and provide clear direction.
- Strong understanding of regulatory requirements, expectations and business impacts
- Demonstrated high level of integrity and trustworthiness.
Note: Venerable employees, eligible for rotation within our Actuarial Student Program, are welcome to inquire about this opportunity.
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Venerable Values:
Every position at Venerable has responsibility for living out the company's values as described here:
We are Courageous -
We think critically, ask "why?" and seek out creative solutions.
We are Curious - We take calculated risks, learn from out failures, and challenge traditional ways of thinking.We are Connected - We are connected to each other, our customers and our community.
