Vice President Audit, Capital Markets recruitment
The mission of the Audit Department is to provide independent, objective assurance services designed to add value to the Company by supporting the Audit Committee of the Board of Directors in fulfilling its oversight role. The Audit Department helps the Company accomplish its objectives by applying a systematic, disciplined approach to the evaluation and improvement of the effectiveness of risk management, control and governance processes and promoting a strong control environment. The Department analyzes the development, sale, marketing and operational administration of insurance and investment products, the preparation of financial statements and disclosures, as well as reviews compliance with complex legal and regulatory requirements.
The Audit Department is seeking to enhance its approach to the coverage of certain capital markets risks including those related to
- Managing investments in fixed income, equity, alternative and derivative instruments
- The valuation of these instruments
- Managing credit, interest rate, foreign currency and equity market risks
Consequently, the Department is seeking an experienced capital markets expert to develop and oversee the Department's approach to the coverage of these risks in its U.S. businesses.
This high profile position will be responsible for:
- Developing and directing the Department's overall approach and annual audit plan to address capital markets risks within the U.S. Businesses and ensuring that the risks are addressed by appropriate audit coverage. These risks include:
- Credit risk and counterparty risk taken through public and private market investments in fixed income securities, commercial mortgage lending and execution of derivative transactions;
- Interest rate risk, foreign currency risk and equity market risk and their impact on the investment portfolio, asset and liability duration management, certain products and earnings and capital impacted by translation from foreign currency;
- Risks associated with investment valuation including methods and models used to determine values for hard-to-price investments such as privately placed bonds, commercial mortgage loans, structured products and derivatives.
- Assessing the Department's capital markets skill set and recommending a staffing model
- Monitoring audit coverage, issues and trends
- Remaining current with industry views on capital markets risk and all Company initiatives designed to monitor and manage capital markets exposures so as to adapt audit methodology and approach as appropriate.
- Building and maintaining strong working relationships with the key risk managers in the investment management units and Enterprise Risk Management
- Developing audit programs for use in covering capital markets risks across the U.S. businesses
- Leading audits of areas of emerging risk or critical initiatives
- Developing a training curriculum and classes for auditor in the Department that perform capital markets work
Skills
- Highly motivated, conceptual thinker who is able to work independently or as a member of a team while taking on a leadership role in a variety of assignments
- MBA in finance and/or CFA with 10 or more years of leadership experience in capital markets risk management related positions focused on credit risk, financial market risk and/or investment valuation; undergraduate degree in accounting, finance or economics preferred
- Strong knowledge of current analytical methods and modeling techniques used to monitor and manage capital markets risks
- Ability to understand, assess and/or provide feedback on models and quantitative methods used to determine values for hard-to-price securities and structured products
- Understanding of risk management role and techniques
- Superior, executive level communication skills, both oral and written, and the ability to partner effectively with multiple business groups, corporate areas and independent auditors
- Knowledge of insurance, financial instruments and fair valuation GAAP; prior knowledge of statutory accounting and reporting a plus
- Knowledge of or interest in learning risk assessment, control analysis and auditing techniques
- This position is based in Newark, NJ; however travel may be required to global investment management locations in Europe, Asia and Latin America as well as in various locations within the United States; travel is estimated between 10 and 20 per cent