Risk Officer Institutional Markets and Life Retirement Strategy

Wells Fargo

Who we are American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. Get to know the business Corporate operations provide a wide range of services to the organization such as finance, internal audit, communications, security, enterprise risk management and human resources. About the role What you need to know: As a part of AIGs Life & Retirement (L & R) Enterprise Risk Management (ERM) function, the Risk Officer for AIG L & R Strategy and Institutional Markets plays a critical role in supporting the development and implementation of enterprise-wide initiatives across L & R strategic area (including mergers, acquisition and divestiture considerations), ceded and assumed reinsurance, and the Institutional Markets businesses from end-to-end. The Institutional Markets' businesses include U.S. and International Pension Risk Transfer, Stable Value Wraps (for Defined Contribution and BOLI markets), Structured Settlements, Guaranteed Investment Products, COLI/BOLI, and High Net Worth. Scope includes, but is not limited to, oversight for insurance risk, financial risk, ALM, regulatory risk, operational risk, reputational risk, model risk, technology risk, business continuity, disaster recovery preparedness and third-party risk management. Additionally, with the support of expert risk teams at the L & R level and AIG central level, this role will be expected to outline, plan and facilitate independent review and challenge of the valuation methodology of blocks of businesses and transactions under various accounting lenses (economic, GAAP and Statutory), material actuarial assumptions and judgements, reserves, capital and other areas of risk identified as important, high or critical to the success of the L & R strategic, reinsurance and Institutional Markets areas of the organization. As much as this part of the business is an insurance company with traditional insurance and financial risk issues, it also scopes in a broad base of product types in which to value, consider their relative value in the overall risk profile of Life & Retirement and identification of adjustments to this risk profile that would be beneficial to AIG, consideration of acquisitions and divestitures, ceded and assumed reinsurance, as well as negotiations and execution of transactions with various Third Parties that will be of interest to (and often subject to) regulatory review and/or approval (as well as required to fulfill the Governance requirements of AIG which often include the top executives of the organization). To this end, this role will provide a risk-based approach for focusing on the unique aspects of this business portfolio that presents heightened regulatory risk as well as certain core areas that are identified as being material and/or sensitive areas of success for these areas of L & R. Key responsibilities of this position include: - Development of a healthy risk-oriented work relationship with the President & CEO of Institutional Markets (IM) and Head of L & R Strategy, and the overall management team that facilitates the identification, quantification and management of all risks associated with the AIG Institutional Markets and L & R Strategic business initiatives; while maintaining an independent risk position throughout each consideration. - Providing independent review and challenge of considerations and judgements made by L & R Strategy and AIG IMs management and related parties (such as actuarial that supports Institutional Markets) in strategic planning, budgeting, general annual objective setting, product design, assumption setting, pricing, internal capital and market based analysis, operational risk event reporting and remediation, risk acceptances, risk mitigation plans, and compliance with external and internal governance requirements. - Supporting the ongoing enhancement, use and evolution of AIGs Economic view of the business, including refinements to the methodology, models and assumptions that result in a better, fit for use, set of tools and processes in a transparent way, yielding consistent results that are comparable for use in strategic decision-making. This effort should consider and leverage past considerations and work in the recent years on AIG Internal Capital (IC), Market Based Embedded Value (MBEV) and ALM framework pertinent to the L & R Strategy and Institutional Markets business. - Function as a subject matter expert for different capital regimes used by AIG L & Rs business for different purposes. Review and opine on reconciliation of different capital model results and confirm their appropriate use and understanding. - Partner with the first line of defense to enhance ALM information and position of asset and liability durational mismatch of the business. - Manage execution and compliance of AIG IM and L & R Strategic area with AIG L & R Risk Governance Framework including maintaining a library of appropriate documentation with version control, understanding and supporting the application of AIG policies and procedures to the IMs businesses and the L & R strategic area initiatives, and monitor and explain any Institutional Market and L & R Strategic developments with respect to risk appetite statement, limits, targets and thresholds. - Oversight of regular production of critical risk dashboards, reports and official responses for various purposes/audiences. Assure optimal production (timing & quality) and consistency of information reported to various parties. - Create and provide continuous enhancement of a risk-based approach for focusing IM and Strategic management team (and other functional support members of the team) on those aspects of the business that present heightened regulatory risk, as well as heightened risk in other identified areas. - Partner with L & R CRO and the President & CEO, Institutional Markets and Head of L & R Strategy (and their teams) in support of an ongoing effort to continuously improve risk culture across L & R and for this role, specific to the Institutional Markets business and Strategic initiatives, drive transparency in communication, clear understanding of messaging and decision making, and ethical behavior. - Ensure ERM organizational structure and staff members supporting Institutional Markets, L & R Strategic area and ceded & assumed Reinsurance business is appropriate, high producing and engaged. - Serve as an independent resource to represent risk elements of Institutional Markets, strategic transactions and ceded & assumed Reinsurance for L & R in executive and other business meetings. - Collaborate with L & R Risk Officer peers, the L & R CRO and ERM Central AIG Corporate resources to execute on and effectively manage the overall risk framework of AIG (and AIG L & R); engage, mentor and motivate AIG ERM resources; and, define, clearly communicate and ensure risk governance and compliance across L & R and AIG, on a consistent basis. - Effectively step-in to represent L & R ERM on behalf of L & R CRO at AIG L & R ET meetings, AIG Group executive level meetings and external third-party meetings, as necessary. What were looking for: - Bachelor degree and an advanced degree (or professional designation) [Required]. - 15+ years of experience in Enterprise Risk, Actuarial, Market Risk and or Insurance or Reinsurance Business/Regulatory-related risk role; Minimum 12 years in technical role that scopes in responsibility for risk ownership or independent risk oversight in the Insurance/Reinsurance industry [Required]. - Knowledge and experience on using risk-based approaches to identify and manage through areas for which risks are heightened especially in areas involving communication with critical internal and/or external stakeholders [Required]. - Excellent interpersonal verbal and written communication skills with ability to convey complex concepts to various audiences in a clear, focused, and concise manner [Required]. - Critical to demonstrate ability to manage multiple priorities simultaneously and be agile in shifting gears to higher business and risk priorities as different situations develop [Required]. - Ability to analyze Institutional Markets business products (i.e., U.S. and International Pension Risk Transfer, Stable Value Wraps for Defined Contribution and BOLI markets, Structured Settlements, Guaranteed Investment Contracts, COLI/BOLI, and High Net Worth) business practices financial, operational and sales practices for internal and external regulatory governance compliance [Highly Preferred]. - Working knowledge and understanding of Institutional Markets product and businesses Economic/GAAP/Stat valuation frameworks; as well as a working knowledge and quick understanding of the same for all types of insurance products and reinsurance structures across L & R portfolio (in addition to the Institutional Markets businesses and products this includes, Individual Life and Annuity products and riders, Group Life products, traditional and financial Reinsurance transactions). [Highly Preferred]. - Working knowledge and understanding of applications and uses of ALM [Highly Preferred]. - Ability to build relationships and collaborate with all levels of management and partners across the organization [Highly Preferred]. - Experience or awareness and understanding of stress testing, different capital regimes, market-based analysis vs real world traditional analysis [Preferred]. - Track record for developing appropriate regulatory responses for risk issues [Preferred]. - Experience working on highly sensitive and confidential initiatives, such as M & A transactions (a Plus). - Experience developing a diverse team of both technical and non-technical resources (a Plus). It has been and will continue to be the policy of American International Group, Inc., its subsidiaries and affiliates to be an Equal Opportunity Employer. We provide equal opportunity to all qualified individuals regardless of race, color, religion, age, gender, gender expression, national origin, veteran status, disability or any other legally protected categories. At AIG, we believe that diversity and inclusion are critical to our future and our mission creating a foundation for a creative workplace that leads to innovation, growth, and profitability. Through a wide variety of programs and initiatives, we invest in each employee, seeking to ensure that our people are not only respected as individuals, but also truly valued for their unique perspectives. Functional Area:RK - Risk Estimated Travel Percentage (%): Up to 25% Relocation Provided: Yes American General Life Insurance Company

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