Senior Insurance Risk Officer recruitment

Introduction:
With ING’s Banking and Insurance/Investment Management businesses splitting into stand-alone companies, Insurance/IM is currently setting up international headquarters in Amsterdam. ING’s Insurance and Investment Management business currently employs over 30,000 employees and operates in around 30 countries with leading positions in insurance, retirement planning and investment management in both mature and developing markets. Next step will be to prepare for a Europe-led IPO with strong growth positions in developing markets and a US-focused IPO; while continuing to seek new ways to give our customers more control over their financial life. 
Working towards a new brand and an IPO clearly creates unique opportunities for people that don’t scare away from taking initiative and ownership and go for team results and big impact. What we offer is can-do culture that encourages initiative, integrity and empathy with what matters most to our customers.

Your main responsibilities:
The ALM Modeling team is owner of the methodology of the Economic Capital (EC) model of the Insurance Company. This involves the modeling and/or integration of all risks into the economic capital framework such as market risk, credit default risk, insurance risk, business risk and operational risk. This team is at the centre of the Solvency II project as we are currently preparing our model to be our official internal model for regulatory capital under Solvency II. The ALM Modeling team also has the expert role in the modeling of our market value balance sheet, both in our EC framework (through replicating portfolios) as for market value metrics for internal and external reporting. This expert role also extends to the review of complex insurance products with significant embedded optionality (such as e.g. variable annuities) and the hedging programs of such products.

Your experience and skills:
We currently look for a Senior Insurance Risk Officer to strengthen the ALM Modelling team. Typical tasks that a Senior Insurance Risk Officer in this team is involved in are:
•  Leading initiatives in one or more areas within the Solvency II project workstreams to improve our Economic Capital model. Leading expert in one or more risk classes.
•  In dept knowledge of financial markets is pre and in particular knowledge of structured credit (ABS, CMBS, RMBS), real estate, equity derivatives and interest rate swap/swaption markets.
•  Involvement in wide range of risk modelling aspects related to market consistent pricing, market data modelling and risk management of life insurance products. Topics that you can get involved in include: liquidity premium modelling for insurance liabilities, calibration of risk distributions to market data, extrapolation of market data, calibration of market consistent (risk-neutral) scenarios to market data, improvement of the replication of assets liabilities in our EC model framework, etc.
•  Developing a good model governance and an inventory of all models in the insurance company in the areas of risk, market value balance sheet, IFRS and hedging.
•  Supporting and coaching team members in their modelling projects.
•  Delivering high quality documentation of development results, writing proposals for the model changes to the insurance model committee and working closely with model validation in getting model changes approved.
•  Working closely with ECAPS (Economic Capital System) team to ensure that sound theoretical modelling is implemented in a robust and practical manner.
•  Supporting the Solvency II project work streams.
•  Interacting and providing support with regional risk management teams in Europe, Asia and Americas on your expertise area.
•  Taking initiative to identify weaknesses in our risk and modelling and propose robust improvements.
•  Involvement in other team responsibilities such as scenario generation for market consistent metrics (MCEV /MCVNB / FCL).

Your competencies:
•  Strong academic background (e.g. econometrics, mathematics, actuarial, quantitative finance)
•  8 year experience with relevant exposure to risk modelling and/or (embedded) option modelling in either banks or insurance.
•  Strong knowledge of financial markets and products. Exposure to life insurance products such as variable annuities is pre, but no requirement.
•  Very high affinity with IT and experience with risk systems (such as Algorithmics) and programming experience (C+ + ) is a big plus.
•  Ability to take full ownership of modelling projects from initial research to implementation.
•  Ability to translate technical modelling expertise in practical applications.
•  Focus on results and achieving deadlines.
•  Exposure to Basel II or Solvency II is pre.
•  Strong verbal and written skills (work language is English).
•  Planning Organisation
•  Problem Analysis judgement
•  Professional expertise
•  Customer Focus
•  Independence
•  Empathy with company
•  Teamwork

We offer you:
This is a position for 40 hours per week (alternative hours can be discussed) and is available immediately. The job grade is 12-13, depending on experience. Location is Amsterdam at the ING Insurance headquarter at ING House.
ING challenges its employees, and offers much in return: an active approach to your career, in which you play an important role. In addition, ING offers excellent conditions of employment. What's more, ING offers benefits including profit sharing, a thirteenth month, substantial training facilities and staff discounts on mortgages and insurance.