As a team member in the Finance and Internal Audit department at Nationwide, the opportunities are endless! You can grow and learn in diverse areas across many disciplines such as Advanced Analytics, Investments, Actuarial, Accounting, Risk Management, Critical Business Advisor and so much more. Let Nationwide help create your career journey!
Job Description Summary
JOB SUMMARY: Directs activities, functions and staff associated in the design, development, implementation, and administration of enterprise risk management (ERM) processes and related issues. Directs and monitors activities related to risk mitigation strategies, opportunities, and analysis. Provides on-going consultation in the areas of risk management, strategies, and solutions to enterprise and business unit senior management Serves as a subject matter expert for ERM processes and related initiatives.
Want more jobs like this?
Get Management jobs in Scottsdale, AZ delivered to your inbox every week.
There are two positions that can be staffed at either the G or H compensation band.
1) E&S/S Liaison and Support would be focused on the development of Sources and Uses, target returns, and required capital focused on new and in-force products with the ultimate goal of illustrating the necessary information for leadership to efficiently allocate capital between and within Contract, Brokerage, Programs, and Alt Ventures. This role would also be the primary capital management lead for distribution and new product projects and other alternative ventures as they emerge.
2) Risk and Capital Modeling Product Lead would be focused on managing the relationship with an external consultant to evaluate our internal capital modeling, execute desired changes to parameterization, modeling, hierarchy, etc. to meet the needs of the consulting partner or internally identified needs, and implement product specific knowledge to better ensure effective and reflective risk parameterization for all products (from standard auto to E&S brokerage and program new business) To be most effective, this role would ideally be filled by a credentialed actuary with product experience in middle market commercial or E&S lines.
Job Description
RELATIONSHIP:
Reports to AVP, VP, or SVP Enterprise Risk Management. May not necessarily have direct reports but may manage several Analysts and Specialists on special projects/studies. Matrix reporting responsibilities may exist in some risk related project scenarios.
JOB RESPONSIBILITIES:
ERM senior consultants provide quantitative and qualitative support and leadership in the development of enterprise risk analysis, optimization, limit setting, and risk monitoring as well as implementing and enhancing processes over time. Emphasis is placed on driving risk management concepts and consciousness throughout the organization, ensuring effective risk-informed decision-making.
1. Drives the evolution of Nationwide's Risk Capacity, Appetite and Limits framework. Expands framework to logically include all significant risk types (market risks, catastrophe risks, operational risks, legal risks, etc.).
2. Enhances/improves existing framework design, driving toward a risk optimization framework (effectively balancing risk and reward). Garners support for framework.
Operationalizes, monitors, and reports on risks both independently and cohesively.
3. Develops risk optimization analysis in support of risk appetite and limit setting processes, including the evaluation of risk preferences by leading teams to determine appropriate risk thresholds while considering returns, risk attributes, strategy, etc.
4. Partners with ERM modeling resources to align modeling capabilities with Capacity, Appetite, and Limits framework and other applications as needed.
5. Leads implementation efforts including documentation, training, and communications. Reviews and revises framework with senior management input. Ensures framework is in use and effectively adopted across all major business units and risk types.
6. Directs large-scale enterprise risk management projects. Determines project requirements, timelines, resources, and budget.
7. Performs advanced quantitative and qualitative risk/return analysis as needed to support enterprise and business unit decision-making, driving toward risk optimization.
8. Conduct risk assessment activities on significant enterprise level risk types or scenarios, looking at significant risk areas identified by the Enterprise Risk Council or other Risk Committees as needed (including emerging risks/scenarios, new products/ventures, by risk type, etc.).
9. Leads analysis of other corporate transactions from a risk/return standpoint as required, considering impact on aggregate risk profile, RAROC, etc. working with business unit and corporate development groups.
10. Leads analysis of risk transfer or risk financing solutions by working with Risk Management and Reinsurance and/or Corporate Development including analysis of recommended gross vs. net risk exposure levels as part of Capacity, Appetite, Limits work, methods of risk transfer, etc.
11. Performs other related duties as assigned.
JOB REQUIREMENTS:
Education: Undergraduate studies in Finance, Accounting, Economics, Statistics, Mathematics, or related discipline preferred. Graduate level studies in a related field with advanced degree highly desirable.
Designations: CFA, FSAS, or FCAS a plus.
Experience: Typically nine or more years related work experience in Insurance and/or Financial Services industry.
Knowledge: Proven knowledge in modeling concepts and methodologies and ability to interpret results. Advanced analytical skills to resolve the most complex risk management problems. Excellent project management skills.
Skills/Competencies: Advanced communication skills for verbal and written contact with Finance and Business Unit leadership. Presentation skills. Project management concepts and techniques. Ability to understand the big picture while maintaining the technical, statistical, and financial skills that are necessary to understand all levels of detail. Capable of working collaboratively with while building support across a range of businesses and functional areas. Passion to produce results and desire to be accountable and take ownership.
Values: Regularly and consistently demonstrates the Nationwide Values and Guiding Behaviors.
JOB CONDITIONS:
Overtime Eligibility: Not Eligible (Exempt).
Working Conditions: Normal office environment.
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.
Job Evaluation Activity: Evaluated August 2009 KCP/SO