Senior Actuarial Auditor

Senior Actuarial Auditor

Company: Munich Re America

Location: Toronto, Canada

Senior Actuarial Auditor, (North American Audit Hub)

Be a part of a dynamic, global team! Munich Re’s North American Audit Hub (NAAH) is part of Munich Re’s Global Audit Function responsible for providing audit services to Munich Re’s Canadian and US based business entities. As part of the NAAH, you will provide audit services to assist Senior Management in the achievement of the Company’s strategic objectives.

As a trusted advisor, the Senior Actuarial Auditor will independently or through leading engagement teams conduct assessments of Munich Re’s internal control environment through the execution of risk analysis, control evaluation, and audit testing procedures. In addition to this, they will build effective relationships while providing independent value-added internal audit services necessary to provide reasonable assurance regarding the effectiveness of governance, compliance, risk management, and internal control systems.

The Senior Actuarial Auditor is someone who demonstrates the ability to independently lead audits and apply the department’s audit methodology while independently applying actuarial science best practices and procedures. They will have a lead role in all phases of assigned audits from planning to reporting, including understanding business operations, scoping the audit, identifying risks and controls, designing and executing testing procedures, and writing audit reports.

As a trusted advisor, the Senior Actuarial Auditor will:

• Work independently, primarily conducting audits of actuarial models, risk models, reserving and pricing models as well as other insurance related areas requiring actuarial science including financial modeling, asset/liability management, and capital budgeting.
• Support audits as an actuarial/mathematical specialist across all of Munich Re’s North American entities and divisional units.
• In coordination with management, set overall engagement milestones (planning, fieldwork & reporting) for assigned engagements.
• Ensure work is completed by self and assigned staff to consistently meet agreed upon milestone dates.
• Demonstrate proficient technical knowledge of highly complex mathematical and actuarial business processes.
• Effectively communicate control weaknesses and control gaps to Operational management.
• Make sound recommendations for audit finding rankings and effectively support conclusions during discussions with audit clients.
• Contribute to continuous improvement (CI) efforts.
• Lead efforts to solve complex problems making audit processes and procedures more effective and efficient.
• Effectively use the department’s data analysis software to facilitate audit scoping and testing.
• Guide staff in the effective use of data analytics.
• Contribute to the knowledge management and thought leadership initiatives of the Group-wide Center of Competence for Actuarial Audits.
• Exhibit an ability to familiarize yourself with new actuarial topics.
• Keep abreast of changes in Internal Audit practices, regulatory requirements, Risk frameworks, and Actuarial standards.

Your Profile…

• Education: A bachelor's degree in Actuarial Science, Mathematics, Physics or similar quantitative background with in-depth knowledge of stochastics, statistics, and financial mathematics.
• Work Experience: At least 5 years of professional experience as an actuary (Property & Casualty / Life) in reinsurance, primary insurance or banking.
• Intermediate to advanced knowledge of actuarial science and mathematics practices.
• Audit experience is not a must, but a basic understanding of the 2nd and 3rd line of defense approach is required.
• Highly skilled in evaluating internal controls, effectively leading/developing an audit team, and analyzing complex problems.
• A strong understanding of business ethics.
• Member of a renowned Actuarial Society associated with the IAA (e.g. SoA, IFoA, AIA). Completion of ASA is a must.
• The completion of other insurance or audit related certifications is a plus.

In addition to an exciting job opportunity, we offer the following…

• You will be exposed to challenging projects and development opportunities to grow your skills and career.
• A comprehensive total rewards financial program which includes extensive flexible benefits and pension.
• A hybrid work environment in an inspiring physical workplace setting.
• Educational Assistance Programs that continue to recognize your ongoing success.

AI Disclosure...

While Munich Re may use AI at various stages of our recruitment process, AI is NOT used in the screening, assessment, or selection of candidates.

Munich Re/Temple Insurance is committed to providing a work environment that is inclusive and free of employment barriers and discrimination. Accommodations will be made for qualified applicants with a disability throughout the recruitment process.

At Munich Re US, we see Diversity and Inclusion as a solution to the challenges and opportunities all around us. Our goal is to foster an inclusive culture and build a workforce that reflects the customers we serve.