Legal & General America

  • Internal Audit Manager - Actuarial

    Job Locations US-MD-Frederick
    ID
    2019-2084
    # of Openings Remaining
    1
    Category
    Internal Audit
  • Overview

    Supports the VP Group Internal Audit (VP GIA) in managing the strategic Group Internal Audit (GIA) relationships with key risk and actuarial stakeholders; ensuring risks associated with latest business plans, regulatory activity, and technical developments are fully considered and appropriately assessed in the audit planning cycle. Provides independent opinion and assurance on the strength of the control framework and the effectiveness of business risk management. While located at LGA, this position provides actuarial and prudential audit expertise group wide, with significant involvement in GIA-UK projects, including L&G’s Bermuda operations. Delivers a portfolio of audits and assists with the development of the annual audit plan. While the direction and scope of work is subject to review, approval, and oversight of the VP GIA, the jobholder is expected to exercise sound judgment in determining when to involve the VP GIA. In addition, the incumbent is responsible for ensuring partnership with Company management and maintaining a professional and effective relationship with all Senior Management, particularly Company officers. The jobholder is expected to be a self-starting/motivated and seasoned professional and may represent the VP GIA as may be necessary in his/her absence.

    Responsibilities

    1. Provides actuarial subject matter expertise to the VP GIA and Group Chief Internal Auditor in performing stakeholder liaison; construction of risk based audit plans and identification of emerging risks.
    2. Uses influencing skills to manage key internal and external stakeholders; works closely with business management to ensure business plans and initiatives are incorporated within GIA’s risk assessment and audit plans.
    3. Maintains awareness of technical developments in prudential and actuarial matters.  Effectively communicates applicable aspects of expertise/knowledge to wider GIA team and business stakeholders.
    4. Anticipates significant regulatory and business changes, assessing potential impact and developing strategies for audit activity. Including exceptional audits.
    5. Influences executive stakeholders to embed risk management practices, particularly regarding actuarial and prudential risk.  
    6. Provides input to GIA commentary to the LGA and Group Audit Committees, Boards and Risk & Compliance Committees, on significant areas of concern and mitigating actions required.  Including the provision of actuarial expertise.
    7. Assists VP GIA in evolving 3rd-line approach to prudential/actuarial risk; ensuring independence from, but appropriate awareness of, 1st & 2nd line control activities:
      - formal assessment of the adequacy of 2nd line control;
      - evidenced assessment of where 3rd line reliance should, and should not, be placed on 2nd line activity; and
      - delivery of reviews that ‘look through’ 2nd line activity, either to verify 2nd line reviews, or to directly review identified gaps.
    8. Assists VP GIA with assessing risk in activities across all areas of the business.
    9. Develops, evolves and executes audit approach to key actuarial and prudential areas e.g. model risk; Solvency II, pricing, reserving; as well as wider risk based audit plan.
    10. Manages the workload of assigned audit resources, monitors the quality of audit files and ensures all audit work complies with GIA’s audit methodology and standards. Delivers audits on time and to agreed budgets, presents to executive management and agrees commercially viable audit actions to address areas of risk and failures in the control framework
    11. Plan audit activities: (a) assist VP GIA in drafting the audit universe and annual plan; (b) schedule and assign work to meet project milestones (including VP IA review points and auditee requirements); and (c) estimate/budget resource requirements to achieve planned work. 
    12. Deliver audit assignments by ensuring that they:
      - Are sufficient in scope and are appropriately scheduled and resourced.
      - Produce commercially viable recommendations to address areas of risk and negotiate acceptance with auditee management.
      - Are performed to established standards of timeliness and quality.
      - Are communicated fully and appropriately with the auditee area.
      - Are reviewed and approved by the VP GIA at appropriate intervals to ensure required approval of work plan, scope,  issues/actions raised, and final reports.
      - Are completed within approved budgets.
      - Written reports are near final-ready when delivered to the VP GIA.
    13. Oversee the production of comprehensive working papers in accordance with Group Internal Audit Methodology and professional standards to document business risks, controls, and audit issues identified.  Documentation should enable significant reliance to be placed on the work by external auditors and regulators.
    14. Assist in the professional development of all audit staff through sharing of business process knowledge and experience.
    15. Develop and maintain liaison with operational management to promote the Group Internal Audit function as a center of advice and guidance on control issues at the development stage.
    16. Assist the VP GIA with recruiting activities.
    17. Network with other professionals to maintain a current working knowledge of actuarial, audit and business issues relating to the insurance industry and overall marketplace.
      Identify and implement improvements in audit activities, including those of an administrative nature.

    Qualifications

    This role requires a high caliber actuary, experienced in managing at a senior level, with considerable experience in business and people management and with proven abilities in taking responsibility for executing high quality deliverables within strict timetables.

     

    Education:

    • Bachelor’s degree in actuarial science, math, statistics, economics, business, or finance.
    • Graduate degree a plus.
    • Qualified Actuary or equivalent actuarial experience.

    Experience/Knowledge:

    • Minimum of seven years of experience.
    • Professional audit or accounting qualification with audit aspects (CPA, CIA, CFE) or equivalent business experience desirable.
    • Team leader and supervision of staff.
    • Demonstrable knowledge of professional actuarial standards; actuarial risk, including related operational risk; and key prudential industry and regulatory developments (both commercial and technical).
    • Demonstrable understanding of risk management principles and practices.
    • Appropriate experience of accounting principles and practices.
    • Data Analytics experience (e.g. Tableau) a plus

    Skills:

    • Strong actuarial technical skills
    • Excellent communication skills, both verbal and written.
    • Ability to learn and apply new audit practices as they evolve and come into use.
    • Gather, analyze, interpret, and evaluate audit documentation and data.
    • Motivate staff through coaching and counseling.
    • Maintain effective working relationships with GIA staff and Company staff and management.
    • Gain confidence and respect of management and staff through attributes such as professionalism, positive attitude, and team perspective.
    • Analytical skills.
    • Comprehensive working knowledge of Microsoft Office.
    • Project management skills.

    Other:

    • International travel as deemed appropriate.  Role provides actuarial subject matter expertise to all GIA locations so, though the majority of work is likely to be US based, international travel is also probable.

     

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