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Actuarial Consultant - Internal Audit

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MassMutual

Jul 5

Applications are closed

  • Job
    Full-time
    Mid & Senior Level
  • Accounting & Tax
  • $113.1K - $148.4K
  • Springfield, +1

Requirements

  • Bachelor’s Degree in actuarial science, mathematics, statistics, or related discipline
  • Actively pursuing an Associates of the Society of Actuaries or Fellowship (ASA or FSA)
  • 2+ years of progressive actuarial or audit experience
  • The Ideal Qualifications
  • 4+ years of relevant actuarial experience
  • Demonstrated versatility in communicating up, down, and across the organization by working with others and demonstrated ability to steer discussions with various levels of leadership across the enterprise
  • Experience concurrently leading complex projects involving many functional stakeholders
  • Demonstrated knowledge of insurance concepts, investments, risk management, financial reporting and analysis, pricing / product development, valuation, ALM, and hedging
  • Works self-sufficiently, enthusiastically engaging clients and peers to complete value-added assignments within the defined project scope and timelines
  • Ability to quickly familiarize with new practice areas and understand business challenges
  • Experience performing audit techniques including evaluating risks and controls, testing calculations, validation of team audit work, and negotiating control improvements and confirming their implementation
  • Knowledge of life, annuity, DI, and/or LTC products
  • Demonstrates a strong understanding of risk concepts including inherent and residual risks as well as how to assess the design and effectiveness of internal controls
  • Experience with any actuarial projection software such as GGY AXIS or Prophet
  • Familiarity with general programing languages and visualization tools such as R, Python, SQL, Alation, MicroStrategy, and Tableau

Responsibilities

  • Audit valuation, pricing, product development, financial planning & analysis, investments, asset-liability management, hedging, and risk management
  • Validate actuarial, investment, risk, and financial areas for consistency with internal and external standards and best practices
  • Partner with other Corporate Audit teams on cross-functional audits
  • Inspire others by articulating how our work aligns with MassMutual’s purpose and strategy
  • Advocate continuous improvement efforts by driving decisions and execution
  • Evaluate methods, assumptions, processes, and controls for reasonableness, compliance, and consistency with internal and external standards, including actuarial standards of practice
  • Attract talent, develop the team, and coach the team to deliver valuable audit work covering all actuarial functions and meeting professional audit standards
  • Influence and collaborate with business partners to improve controls and governance
  • Recommend and negotiate appropriate business solutions to manage identified and emerging risks
  • Involved in activities such as preparation of detailed programs for actuarial and investment audits, review of complex calculations and processes, and assessment of procedures to determine efficiency, effectiveness, and compliance with policies and standards
  • Serve as the subject matter expert, provide advice, coach, and facilitate training of new auditors

FAQs

What are the primary responsibilities of an Actuarial Consultant in Internal Audit at MassMutual?

The primary responsibilities include auditing valuation, pricing, product development, financial planning & analysis, investments, asset-liability management, hedging, and risk management. Additionally, the role involves validating actuarial and investment areas for consistency with standards, partnering with Corporate Audit teams for cross-functional audits, inspiring team alignment with company strategy, and advocating for continuous improvement in processes and controls.

What qualifications are required for this position?

The minimum qualifications include a Bachelor’s Degree in actuarial science, mathematics, statistics, or a related field, active pursuit of an Associates of the Society of Actuaries or Fellowship (ASA or FSA), and at least 2+ years of progressive actuarial or audit experience.

What are the ideal qualifications for an Actuarial Consultant in this role?

Ideal qualifications include 4+ years of relevant actuarial experience, demonstrated communication skills at various organizational levels, experience in leading complex projects, knowledge of insurance concepts, investments, and risk management, as well as experience with actuarial projection software like GGY AXIS or Prophet.

What skills are crucial for success in this role?

Crucial skills include strong communication and interpersonal abilities, analytical thinking for risk assessment and control evaluation, proficiency in actuarial methodologies, experience with audit techniques, and familiarity with programming languages and visualization tools such as R, Python, SQL, and Tableau.

How does this role contribute to the overall organization?

This role contributes by evaluating company practices, processes, and controls to ensure compliance and effectiveness, thereby helping to identify risks and improve governance. The consultant's insights and recommendations can lead to enhanced operational performance and strategic alignment with MassMutual's objectives.

What software knowledge is preferred for this position?

Preferred knowledge includes experience with actuarial projection software such as GGY AXIS or Prophet and familiarity with programming and data visualization tools like R, Python, SQL, Alation, MicroStrategy, and Tableau.

Is this position collaborative, and how does it interact with other teams?

Yes, this position is highly collaborative. The Actuarial Consultant will partner with other Corporate Audit teams on cross-functional audits and work closely with business partners to improve controls and governance.

What types of projects will the Actuarial Consultant lead?

The Actuarial Consultant will lead complex audit projects involving multiple functional stakeholders, focusing on evaluating methods, assumptions, processes, and controls related to actuarial and investment functions.

What is the importance of continuous improvement in this role?

Continuous improvement is essential as it drives the evaluation and enhancement of auditing processes, promotes the adoption of best practices, and supports the overall effectiveness of the organization's governance, risk management, and compliance frameworks.

What kind of career growth opportunities can the Actuarial Consultant expect?

The Actuarial Consultant can expect career growth opportunities through involvement in various audit projects, development of leadership skills by coaching others, and the potential for advancement within the Actuarial & Investments Audit team as they gain experience and demonstrate their expertise.

MassMutual

Finance
Industry
5001-10,000
Employees

Mission & Purpose

Living mutual has always been at the core of our human existence, and it's the principle that's guided us since our founding in 1851. It's not a concept we invented, but one we champion for the simple reason that people take it for granted today. While the world would have us strive for independence, the truth is when we depend on one another, we aren't just more secure - life is happier and more fulfilling. So as we celebrate our new identity, we're reminding everyone that who we are stays the same.