Model Risk Analyst Manager | Hybrid

At Allianz Life, we are driven by our mission – we secure your future – and by our common goal of caring for tomorrow. We care for our employees by promoting an inclusive culture where everyone has the opportunity to grow and be rewarded for their success. We care for our customers by creating new products that help them protect their families and pursue their retirement goals.

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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.

• Model Validation
• 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.
• Model Governance
• 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.
• Stakeholder Interaction
• 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.
• Commu…