Sammons Financial Group VP, Finance & Risk Analysis in Sioux Falls, South Dakota
Sammons® Financial Group’s (SFG) member companies offer some of today’s most sought after life insurance, annuity, and retirement planning products. Unlike most financial organizations, our companies are not publicly traded, which means we’re focused on long-term value rather than short-term earnings pressures. As a privately held company, our leaders and employees remain consistently focused on long-term growth, making decisions that allow us to deliver on our commitments to customers, distribution partners, our employees, and our communities. Individually, our companies provide value in the products and services they offer. Together we represent a history of strength and longevity.
Here is what you can expect when you join SFG:
A Casual dress code which includes jeans.
A rich company culture driven by private ownership and intentional leadership that inspires employees to engage in our healthy, high-performing and values based culture.
Healthy balance between work and personal lives. Friday afternoons off all year long, competitive PTO and generous number of paid holidays.
Great benefits including medical, dental, vision, wellness plan, charitable giving programs, education assistance… to name a few!
ESOP- A generous 100% company funded retirement plan.
Here's what you can expect as the VP, Finance & Risk Analysis
This position provides oversight to the ARC (Assumption Review Committee) process and to ensure we are executing the assumption governance process (ARC framework). Ensure existing, new, or changing regulatory requirements related to Cash Flow Testing and Capital are understood, communicated, and incorporated into actuarial projections where appropriate.for quantifying, and communicating risks that impact the company. This position also is responsible for analyzing, quantifying, and communicating risks that impact the company. These risks include, but are not limited to: the policyholder experience and assumptions for Sammons Financial Group (SFG) member companies’ businesses, asset/liability risk, and regulatory risk.
Help drive corporate decisions impacting profitability and earnings volatility by providing risk management recommendations and analysis. This will require creating, producing, analyzing, and ensuring the accuracy of Asset Liability Management (ALM) metrics that are used to communicate ALM results, observed risks and recommendations to senior management, the investment/ALM ERM committee, and business units.
Understand and ensure company compliance with regulatory requirements including, but not limited to, Cash Flow Testing, VM-20 Assumptions and modeled Risk Based Capital. Produce, analyze, and ensure the accuracy of required regulatory reports and the data that supports those reports. Address regulator and audit questions related to these requirements.
Provide strategic thought leadership for the Assumption Review Committee governance structure to ensure the structure supports the corporate and regulatory requirements. The ARC provides the framework to review company and industry experience; prioritize Experience Studies; and develop assumptions required for pricing, financial reporting/valuation, management of in force blocks and prudent pricing of new products in order to successfully manage our business. Ensure appropriate assumptions are being used in the profitability that is being reported to the Product ERM committee on new and inforce products.
Implement process and provide oversight to ensure appropriate data validation is completed and documented, experience studies are completed using industry best practices in line with VM-20 requirements, and studies meet user needs to support assumption governance process.
Ensure asset projections accurately reflect our asset risk by overseeing the maintenance of the asset projection software and modeled asset cash flows used in the company’s asset liability model runs. Ensure the output is timely and reliable as it will be used in driving business decisions, determining balances required by regulation, and in understanding the risks and profitability of the business.
Work with the Model Development and the Model Production teams to request and prioritize liability projection model enhancements, corrections, updates, and output. Coordination of these items is crucial in ensuring that the output received from those teams for the various needs of this position is accurate, complete, and available in time to meet required deadlines and properly captures the risks and profitability of all lines of the business.
Partner with the Corporate Accounting team in the production of the annual financial plan used for setting company bonus and growth targets, as well as providing oversight of 3-5 year plan projections (Financial Forecasting). Coordinate modeling required for annual ORSA regulatory requirements, and other corporate modeling projects as assigned.
Partner with Corporate Development and Business Units to understand financial reinsurance needs, determine appropriate structures, analyze options, recommend appropriate solutions and execute final structure to support business strategy and development of competitive products. Provide oversight of actuarial projections and deal model development, including setting all assumptions. Partner with Legal and Finance to ensure transaction documents reflect structure and support SFG’s capital strategy, business strategy and product requirements
Provide leadership to the team by casting a positive shadow. Establish deadlines and help prioritize work in the team to ensure projects are completed on time. Work to identify and support development opportunities to ensure the Actuarial human capital continues to be positioned appropriately for SFG growth and success. Create and maintain a departmental environment which embraces the corporate shared values, Sammons Leadership Series (SLS) principles, Sammons First and emphasizes our employee-owner culture.
Provide thought leadership on applicable industry regulations, best practices and innovations that impact Cash Flow Testing/ALM, Financial Reinsurance, assumption governance, policyholder behavior, experience studies, and assumption setting that includes impacts to SFG and incorporate into SFG assumption.
Drive and reinforce commitment to internal controls processes such as those under Model Audit Rule and Record Information Management
Here's what we expect for this role:
Bachelor’s degree in Mathematics, Business or Actuarial Science with a high level of demonstrated mathematical ability
A Fellow in the Society of Actuaries (FSA) and a Member of the American Academy of Actuaries (MAAA) required
Prefer 20 years of experience in the life insurance and annuity industry
Prefer of 15 years of management experience with proven ability to develop talent, including managers
Demonstrated success in leading, with a commitment to deliver quality results
Strong leadership, decision-making, and motivational skills; Ability to identify and develop talent within the business
Strong interpersonal skills for relationship building and engagement
Excellent communication skills, including oral and written, for all levels of management
Ability to work effectively in a multi-company/multi-site environment, and to be flexible in coping with changing business environments
Strong analytical skills with forward thinking; must demonstrate ability to anticipate and direct the analysis of problems/questions, and provide recommendations to appropriate audiences
Strong organizational skills with demonstrated ability to prioritize multiple projects and deliver results
Demonstrated ability to effectively lead through change and deliver results by developing and implementing strategy in order to cope with changing business environments
Must champion and effectively shadow SFG Values (Respect, Accountability, Integrity and Openness)
Due to the financial nature and level of accountability of this position, a credit and criminal background check is required.