HEAD OF MODEL RISK MANAGEMENT | 30223

Emerald Group; New York (NY, KY); On-site; USD 250,000 - 350,000; Full time

Job summary

Emerald Group is seeking a senior leader to build and guide the enterprise model risk management practice across its global operations. You will establish frameworks, oversee validations, and report on model risk to senior governance bodies.

The role requires extensive actuarial and quantitative risk experience, with deep knowledge of regulatory expectations and AI/ML governance. You will interact with regulators and auditors to ensure compliance.

Qualifications

• Proven expertise in model risk governance and validation.
• Strong regulatory and industry standard knowledge (BMA/IAIS ComFrame is optional).
• Experience leading risk-model programs across multiple lines of business.

Responsibilities

• Frame & govern enterprise-wide model risk management policy.
• Develop reporting packs and Board-level disclosures for model risk oversight.
• Build and maintain enterprise model inventory; set materiality & prioritisation.
• Lead 1st line model-owner validation approaches.
• Define model risk appetite and embed metrics into risk reporting.
• Maintain validation standards across actuarial costing, reserving, finance and capital models, third-party/vendor models, and AI/ML models.
• Serve as subject matter expert on model risk with regulators and external auditors.

Skills

Model risk management

Model validation

Regulatory knowledge

AI/ML governance

Actuarial qualification

Stakeholder management

Education

FCAS/ACAS/FIA

Advanced quantitative degree

Job description

You will be leading the charge in building out the model risk management practice. This includes establishing and managing the enterprise-wide framework that governs how models are managed and validated, as well as how the associated risks are captured, mitigated, controlled and reported.

• Location: Warren/NYC; Bermuda; London; Dublin
• Category: Risk
• Type: Permanent

Key responsibilities including however, not limited to the following:

• Framework Build & GovernanceRefine and implement the Group-wide Model Risk Mgmt. policy, model validation standards, and model risk tiering framework, calibrated to BMA and IAIS ComFrame requirements.
• Develop reporting packs, escalation protocols, and Board-level model risk disclosures for the relevant risk committee oversight.
• Build and maintain the enterprise model inventory across all business lines; define materiality thresholds and validation prioritisation criteria.
• Establish a lean approach towards validating 1st line model-owner responsibilities.
• Formulate a model risk appetite approach as appropriate and embed model risk metrics into the risk reporting.
• Define and maintain separate validation standards for traditional quantitative models across actuarial costing and reserving as well as finance and investments, capital models, third-party/vendor models (including catastrophe models), and AI/ML models.
• Model ValidationEnsure execution of independent model validations across the model inventory with appropriate prioritsation, with particular emphasis on high-tier (high impact / high complexity / high visibility) models.
• Act as the Group’s subject matter expert on model risk in interactions with the BMA and other regulators, as well as stakeholders such as external auditors.
• Qualified actuary (FCAS, ACAS, FIA, or equivalent) or advanced degree in a quantitative discipline
• 15 years’ experience in model risk management, model validation, and/or quantitative risk in re/insurance
• Direct experience with P&C re/insurance model types — pricing, reserving, catastrophe, capital
• Working knowledge of BMA and IAIS ComFrame regulatory requirements; other jurisdictions a plus (e.g. Solv. 2)
• Experience with AI/ML model governance, including explainability frameworks and bias testing