Model Risk Analyst Manager

At Allianz Life, we are driven by our mission – we secure your future – and by our common goal of caring for tomorrow. We care for our employees by promoting an inclusive culture where everyone has the opportunity to grow and be rewarded for their success. We care for our customers by creating new products that help them protect their families and pursue their retirement goals. We care for our community by giving time, resources, and donations. And we care for the future by supporting sustainability, protecting the local environment, and promoting equality in our communities.

What You Do:

Within the Model Risk Management Team (MRM) of the Corporate Risk Management Department (CRM), the Model Risk Analyst Manager/Associate Actuary is accountable for conducting independent validations of actuarial and capital models used for financial and regulatory reporting.

Operating under minimal oversight, the Model Risk Analyst Manager/Associate Actuary executes model validation activities in accordance with the approved validation plan, partnering with impacted departments (including Actuarial, Finance, Investments and other areas) and following Allianz Life and Allianz Group guidelines, as appropriate.

The Model Risk Analyst Manager/Associate Actuary ensures adherence to the model governance framework, monitors progress against validation plans, and addresses changes to promote sound model risk management practices.

The responsibilities of the role encompass three core areas: Model Validation, Model Governance, and Stakeholder Management.

1. Model Validation

• Perform independent validations of actuarial and capital models, including new model validations, periodic revalidations, model change reviews, and ad hoc validation assignments:
  • Review model inputs, assumptions, and expert judgments.
  • Review model methodology and assess its mathematical, statistical, financial, and actuarial soundness.
  • Review model implementation and code to ensure alignment with the approved methodology.
  • Review model documentation to ensure completeness, transparency, and usability.
  • Review model outputs, controls, and reporting processes.
  • Design and perform validation testing, including back-testing, sensitivity testing, benchmarking, and code review procedures.
• Develop a thorough understanding of model design, methodology, inputs, outputs, assumptions, limitations, and intended use.
• Identify potential issues arising from validation activities, document findings, and align with model owners and team leadership on appropriate remediation plans and timelines based on risk and materiality.