You will :
Work independently, primarily conducting audits of actuarial models, risk models, reserving and pricing models as well as other insurance related areas requiring actuarial science including, financial modeling, asset / liability management, capital budgeting, valuation etc.
Support audits as an actuarial / mathematical specialist across all of Munich Re’s North American entities and divisional units, including potential global audits or assignments.
In coordination with management, set overall engagement milestones (planning, fieldwork & reporting) for assigned engagements.
Ensure work is completed by self and assigned staff to consistently meet agreed upon milestone dates.
Demonstrate proficient technical knowledge of highly complex mathematical and actuarial business processes as well as interpret the associated risks, develop testing approaches, and propose solutions.
Effectively communicate control weaknesses and control gaps to Operational management. Make sound recommendations for audit finding rankings and effectively support conclusions during discussions with audit clients.
Contribute to continuous improvement (CI) efforts. Lead efforts to solve complex problems making audit processes and procedures more effective and efficient.
Effectively use the department’s data analysis software to facilitate audit scoping and testing. Guide staff in the effective use of data analytics.
Contribute to Group-wide Center of Competence for Actuarial audits. Play an active role in facilitating the training and development of less experienced team members as well as design and teach formal trainings on actuarial procedures, audit methodology, business products and systems.
Exhibit an ability to familiarize yourself with new actuarial topics. Keep abreast of changes in Internal Audit practices, regulatory requirements, Risk frameworks and Actuarial standards and understand their impact to Internal Auditing and Munich Re.
e.g. COA, SOA, COSO, IFRS, GAAP). Also, propose audit updates based on these changes.
You have :
A bachelor's degree in Actuarial Science, Mathematics, Physics or similar quantitative background with and in-depth knowledge of stochastics, statistics and financial mathematics.
At least 5 years of professional experience as an actuary in Life (Re-) insurance, preferably in Underwriting, Pricing, Valuation, Risk Modeling or internal audit
Several successful years of work experience as a mathematician and / or actuary in life insurance / primary insurance, reinsurance or banking industry.
Intermediate to advanced knowledge of actuarial science and mathematics practices.
Audit experience is not a must, but basic understanding of 2nd and 3rd line of defense approach and tasks required. Knowledge of internal audit practices and financial and operational process documentation will be helpful.
Highly skilled in evaluating internal controls, effectively lead / develop an audit team of peers, analyze and solve complex problems, conduct research, and express ideas clearly, concisely and persuasively both verbally and in writing.
A strong understanding of business ethics.
Member of a renowned Actuarial Society associated to the IAA (e.g. SoA, IFoA, AIA).Completion of FSA is preferred but not mandatory.
Completion of ASA is a must with progress being made towards the completion of fellow of the Canadian Institute of Actuaries (FCIA) designation from the Canadian Institute of Actuaries (CIA) or equivalent from recognized organization (Life & Health Annuities track preferred.)
The completion of other insurance or audit related certifications is a plus.