AVP, Head of Model Risk Management

Chubb • New York, NY

75d • $133,300 - $226,700

About The Position

Chubb is seeking a highly motivated and experienced Model Risk Manager to join our Global Enterprise Risk Management Team. The successful candidate will play a pivotal role in leading the implementation of a comprehensive model risk management framework across Chubb Group and contributing to the effective execution of the firm's strategic objectives.

Requirements

• Bachelor's degree in actuarial science, statistics, mathematics, or a related field.
• ACAS or FCAS (or comparable credential) preferred.
• Designation in Life insurance (FLMI) is a plus.
• Minimum of 5 years of experience in capital model development, deployment, and monitoring within the insurance industry.
• Proficiency in modeling tools and platforms commonly used in the insurance industry (e.g., SAS, SQL, Excel VBA, Power BI, R, Python).
• A high degree of comfort working with large datasets is preferred.
• In-depth business knowledge and familiarity with insurance products, operations, and business processes.
• Excellent analytical and problem-solving skills.
• Strong communication and interpersonal skills, with the ability to convey complex technical concepts clearly and concisely to diverse audiences.
• Proven ability to work independently and as part of a team, leading and motivating others while fostering collaboration.
• Excellent project management and organizational skills.
• Strong attention to detail and commitment to the highest quality standards.

Responsibilities

• Lead Chubb's model governance processes, including administration of the Model Risk Committee.
• Updates to the Model Risk Policy.
• Maintaining of model inventories, from model discovery, registration, risk tiering, to periodic attestation.
• Development and application of Key Risk Indicators for early detection and monitoring of model risk.
• Review of model risk and control allocation and evaluation of control design in accordance with risk-based governance requirements.
• Ad-hoc reviews of control execution, identifying potential issues or deviations, documenting findings, and tracking resolution.
• Advancing the risk and control assessment process around models and tools.
• Reporting model risk to senior management committees and the Board.
• Managing model risk management platform.
• Designing and implementing processes for model validation, monitoring, and performance assessment, including stress testing and backtesting.
• Reporting model validation results to relevant governance bodies.
• Staying current on Chubb's business risk profiles including non-life and life risks, industry best practices and emerging trends in modelling.
• Understanding of regulatory compliance requirements for models within the insurance industry across different jurisdictions including the US, Europe, UK, Swiss, and APAC markets.
• Lead a team of India-based technical experts in validating Chubb's capital models.
• Review and approve models and tools for deployment based on established governance requirements.
• Develop training programs and materials to educate Chubb employees on model governance principles and practices.
• Serve as a subject matter expert on model governance, providing guidance and support across the organization.
• Build strong relationships and trust with stakeholders across all model owner, developer and user communities within Chubb.
• Participate in ad-hoc projects to support department objectives.
• Occasional international travel is required.

Benefits

• Comprehensive benefits package
• Discretionary annual incentive program

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Industry: Insurance Carriers and Related Activities
• Education Level: Bachelor's degree
• Number of Employees: 5,001-10,000 employees