Model Risk Analyst Manager | Hybrid

Allianz Insurance • Minneapolis, MN

2d • $100,000 - $200,000 • Hybrid

About The Position

Within the Model Risk Management Team (MRM) of the Corporate Risk Management Department (CRM), the Model Risk Analyst Manager/Associate Actuary is accountable for conducting independent validations of actuarial and capital models used for financial and regulatory reporting. Operating under minimal oversight, the Model Risk Analyst Manager/Associate Actuary executes model validation activities in accordance with the approved validation plan, partnering with impacted departments (including Actuarial, Finance, Investments and other areas) and following Allianz Life and Allianz Group guidelines, as appropriate. The Model Risk Analyst Manager/Associate Actuary ensures adherence to the model governance framework, monitors progress against validation plans, and addresses changes to promote sound model risk management practices. The responsibilities of the role encompass three core areas: Model Validation, Model Governance, and Stakeholder Management.

Requirements

• Bachelor's degree in Actuarial Science, Mathematics, Statistics, Data Science, Financial Engineering, Physics or a related quantitative discipline.
• 10+ years of experience in actuarial modeling, actuarial model validation, or a related actuarial function within the life insurance industry.
• Hands-on experience with statutory reporting, statutory valuation and reserving methodologies, including models supporting CARVM, VM-20, VM-21, and other U.S. statutory reserve requirements.
• Experience with Risk-Based Capital (RBC) modeling, reporting, and related regulatory frameworks.
• Strong understanding of actuarial model governance frameworks, model risk management principles, and model validation practices.
• Experience with actuarial modeling platforms and programming languages commonly used in the industry (e.g., RAFM, Python, R, SQL, VBA).
• Demonstrated ability to independently assess model design, methodology, assumptions, implementation, data quality, and model performance.
• Ability to effectively challenge model owners and resolve technical, actuarial, and methodological disagreements through fact-based analysis and professional judgment, while building consensus on appropriate solutions.
• Strong analytical, problem-solving, and technical communication skills, with the ability to effectively challenge model owners and communicate findings to senior management.

Nice To Haves

• Associate of the Society of Actuaries (ASA) or Fellow of the Society of Actuaries (FSA) designation preferred, but not required.

Responsibilities

• Perform independent validations of actuarial and capital models, including new model validations, periodic revalidations, model change reviews, and ad hoc validation assignments.
• Review model inputs, assumptions, and expert judgments.
• Review model methodology and assess its mathematical, statistical, financial, and actuarial soundness.
• Review model implementation and code to ensure alignment with the approved methodology.
• Review model documentation to ensure completeness, transparency, and usability.
• Review model outputs, controls, and reporting processes.
• Design and perform validation testing, including back-testing, sensitivity testing, benchmarking, and code review procedures.
• Develop a thorough understanding of model design, methodology, inputs, outputs, assumptions, limitations, and intended use.
• Identify potential issues arising from validation activities, document findings, and align with model owners and team leadership on appropriate remediation plans and timelines based on risk and materiality.
• Track remediation activities and collaborate with model owners to ensure identified findings are addressed in a timely manner.
• Support the continuous improvement of model governance and model change management processes across various models and provide best-practice guidance to stakeholders across multiple departments.
• Maintain and enhance templates, standards, and documentation used by model validators.
• Support the maintenance of the model inventory, including validation status, materiality, criticality, and other relevant model attributes, ensuring that all governance activities are appropriately documented.
• Support the maintenance of the model findings inventory and monitor remediation progress.
• Collaborate with model owners to understand proposed model changes and assess their impact on model validation requirements, model risk tiering, and validation plans.
• Build and maintain strong working relationships with stakeholders across the organization.
• Remain informed of model developments, assumption updates, methodology changes, and new tools through regular interaction with model owners and other relevant stakeholders.
• Communicate validation conclusions, findings, and recommendations effectively to model owners, management, and other governance stakeholders.
• Provide effective challenge and independent oversight while maintaining constructive relationships with model owners and business partners.

Benefits

• a choice of comprehensive medical, dental and vision plan options
• flexible spending and health savings accounts
• tuition reimbursement
• student loan retirement program
• generous annual paid leave
• an outstanding 401(k) company match
• life insurance
• award-winning campus with an array of discounted amenities, including an onsite health center, child development center, fitness facility, convenience store and two cafeterias
• Employee Resource Groups

What This Job Offers

• Job Type: Full-time
• Career Level: Manager