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Actuarial Analyst, Internal Audit Job

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Actuarial Analyst, Internal Audit
Job# 2811
Location:  Omaha, NE
Education Requirements:  Bachelor’s degree (Master's degree preferred) in relevant field of study (Actuarial Science, Mathematics, Statistics, Economics, Finance, or other related business field).
Other Requirements:  Include:

  • Minimum Qualifications:
    • 3+ years of insurance industry and/or company experience.
    • 1+ years supervisory/project lead experience.
    • Background in math, statistics, economics, or finance.
    • Superior aptitude for statistical interpretation, a working knowledge of modeling assumptions, formulas, and practices.
    • Ability to demonstrate a high-level of analytical and problem-solving skills.
    • Awareness of actuarial modeling concepts and model risk management framework.
    • Understanding of risk management concepts such as risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
    • Ability to express thoughts, ideas, concepts in a clear and articulate manner using strong verbal and written communication and presentation skills.
    • Ability to sustain working relationships with diverse teams, and individual stakeholders at all levels of the organization to achieve department and enterprise goals.
    • Understanding of insurance industry operational and compliance concepts.
    • Understanding of the organization's industry; including markets, competitors, and industry risks.
    • Advanced knowledge of MS Office Tools (Word, Excel, PowerPoint, Access) including application in a business environment.
    • Demonstrated project management skills with the ability to influence others to accomplish projects.
    • Ability to lead engagements within the organization's audit methodology to meet the audit engagement objectives.
    • Experience in reviewing controls related to relevant fields of experience.
  • Preferred Qualifications:
    • 5+ years of insurance industry and/or company experience.
    • Seasoned background in math, statistics, economics, or accounting/finance.
    • Professional certifications from one of the following credentialing organizations: Global Association of Risk Professionals, Society of Actuaries, CFA Institute, Investment Training and Consulting Institute, or the Financial Modeling Institute.
    • Experience in processes related to actuarial modeling, market risk management, insurance product pricing, valuation reserves, or investment portfolio management.
    • Experience with modeling tools such as MG-ALFA, Case, ArcVal, AXIS, etc.
    • Understanding of internal controls frameworks, such as the COSO Internal Control - Integrated Framework, including: proper control design and implementation and corresponding control objectives, components, and principles.
    • Understanding of risk management frameworks, such as the COSO Enterprise Risk Management - Integrated Framework, including: risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
    • Understanding of the organization's strategy and how strategic objectives impact and link to audit work.

Salary Range:  $80k to $110k
Description:  In the Actuarial Analyst, Internal Audit job, the individual will contribute to the completion of the internal audit plan through the effective review, verification, examination, and recalculation of product performance/financial information/market risk/actuarial data and models.  May lead and/or direct the work of others.  Duties and responsibilities include:

  • Participate as a member of the audit team providing subject matter expertise to actuarial, financial, product, and risk framework audits.
  • Plan, direct, assign, and monitor assigned phases of audit work, ensuring that results are timely, accurate, and consistent with project objectives.  Coordinate work with other departments as project leader.
  • Evaluate and recalculate rate development for new products, product modifications, product specifications, rate assumptions, and re-rating activity.
  • Review mathematical reasonableness of valuation reserve calculations considering product design elements and data inputs.
  • Evaluate conceptual design and general reasonableness of assumptions for financial projection, market and capital risk management models.
  • Analyze product, valuation reserve, risk management, and/or other financial/non-financial data to identify trends or indicators.  Verify the accuracy of numerous reports and underlying data/calculations.  Provide interpretive insights based on analysis of the results.
  • Review system/model inputs and outputs for audited processes.  Evaluate completeness of data and accuracy of mapping and aggregations.
  • Uses business understanding to evaluate problems and potential solutions.  Effectively communicates audit issues.
  • Create audit engagement plans based on the risk and its impact on the organization; ensuring that the scope of work is appropriate for the audit assignment.
  • Select and apply the appropriate tools and techniques to data gathering, analysis and interpretation, and reporting.
  • Maintain industry specific knowledge appropriate to the organization, assigned audit engagements, and advisory projects.
  • Identify and escalate strategic implications to the organization from audit issues.  Ensure management actions have been effectively implemented through timely and consistent communication.

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