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Through model validation, Asia Model Risk provides an objective review of models (actuarial, financial and those that affect decision making) so that our business partners will have greater confidence in the use of said models. Asia Model Risk operates under Manulife’s Asia Risk Management function, reporting directly to the Asia Chief Risk Officer.
This is a key role in the Asia Model Risk team requiring strong actuarial/financial knowledge to interpret and transcribe business and financial concepts into financial models via first-principle. Asia Model Risk works closely with the business units as a modeling consultant to advise on model development and best practices on projects such as RBC, CROSS and product development. As a modeling expert and an engaging project manager, he / she takes a unique leadership role in a model validation project to ensure the intention and output of the model is appropriately captured.
Asia Model Risk works closely the business unit’s product pricing area and Asia/Group Product Risk Management in the review of pricing models as part of the product development process. On the valuation side, Asia Model Risk validates financial models for embedded value, capital, reserve and strategic plan etc.
- A leadership role involving a delicate balance of leading a project and providing thought leadership to model development on the evolving frameworks such as new regulatory requirements (RBC in Hong Kong/ Singapore and LICAT in Canada, IFRS17).
- As a project manager, he / she will define the project scope and unique value proposition the team offers (model validation or as a modeling consultant/expert), and also lead communication with stakeholders
- As a modeling expert, he / she provide consultation service to various model owners/ business units in the region (product feature modeling best practices, implementation of new accounting/ capital regimes etc.)
- Lead model validation projects in Asia, including models such as product pricing, reserving, capital, data analytics, reinsurance modeling, embedded value etc.
- As the team works increasingly collaboratively with other regional/group functions such as actuarial, risk and product teams, the candidate will serve as an agent of change by identify opportunities for improving product development process / valuation controls.
- Review and challenge actuarial methodology based on the modeling intent, with an understanding in the business implications from model outputs.
Promote the modeling and risk control best practices across Asia business units.
- Provide coaching and training to junior team members.
- Degree holder and fellow of professional actuarial qualification or equivalent.
- Minimum 5 years’ experience in the life insurance or actuarial consultant industry (less experience would be considered as Assistant Manager).
- Skills in AXIS, Microsoft Access, Python, VBA or other actuarial software preferred and experience in AXIS is an advantage.
- Strong analytical skills, problem solving, and critical thinking.
- Demonstrate initiatives, commitment and able to work independently.
- Excellent interpersonal and communication skills to work across multiple parties.
- Effective command of English, both spoken and written.
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. At the end of 2016, we had $977 billion (US$728 billion) in assets under management and administration, and in the previous 12 months we made almost $26 billion in payments to our customers.
Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong.
Manulife is committed to supporting a culture of diversity and accessibility across the organization. It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will consult with applicants contacted to participate at any stage of the recruitment process who request an accommodation. Information received regarding the accommodation needs of applicants will be addressed confidentially