Consulting Actuary (FSA Required) - Financial Risk Management

The Department

Milliman Financial Risk Management LLC is a market leader in the field of portfolio management and risk management, with a focus on trading securities and derivatives to manage capital market risks for banks, asset managers, insurance companies, and pension plans. The Portfolio Management Group, located in Chicago, operates as an integrated team to provide these services to clients across the globe, and currently implements risk management investment strategies on over $50 billion in assets. FRM is committed to continual research and development to maintain and enhance its position as an industry leader in financial risk and portfolio management.

We are a team of more than 60 actuaries with deep subject matter expertise in equity-based insurance guarantee products, providing our clients with advanced analytics required to develop a comprehensive understanding of the business, and make informed strategic and risk management decisions.

The Role

You will potentially be involved in a wide variety of assignments in the area of mergers & acquisitions, asset liability management, cash flow testing, valuation, financial reporting, and financial modeling. Some examples of such assignments include:

• Modeling and financial projections for actuarial appraisals
• Development and analysis of experience studies and actuarial assumptions
• Asset adequacy analysis and cash flow testing
• Buy-side actuarial due diligence for M&A transactions, including review of financial metrics, assumptions, risks, and operations of the business.
• Development of valuation models and production processes for US statutory and GAAP reporting
• Risk and capital assessment, including RBC and economical capital frameworks
• Implementation of Milliman’s financial modeling and technology solutions, focused on our proprietary MG-ALFA and Integrate platform -based solutions
• Participate in an immersive learning experience to familiarize yourself with our operational process and systems for implementation of risk management strategies
• Designing and executing scalable dynamic hedging programs to manage equity guarantee risk and meet strategic risk management objectives
• Pricing and developing new products for financial services companies
• Building stochastic models for hedging, GAAP, statutory valuation, and/or appraisals of Variable Annuities and/or Fixed Indexed Annuities business
• Merger and acquisitions due diligence including review of assumptions, risks and operations of Variable Annuities and/or Fixed Indexed Annuities business
• Evaluating the appropriateness of exotic derivatives in reducing a company's risk exposure
• Determining the impact of various risk management programs with respect to M&A transactions

Job Knowledge, Experience Skills

Job Knowledge Required:

• Undergraduate degree in Actuarial Science, or a similar quantitative program of study
• Attainment of the FSA designation with the Society of Actuaries (SOA)
• Minimum of 5 years of full-time work experience in an actuarial role (excluding time spent in internship roles)

Experience and Soft Skills Required:

• Strong quantitative background with actuarial modeling experience in life insurance, risk management or investments
• Strong understanding of financial markets, mutual funds, portfolio management, option pricing or option replication, derivative pricing, and hedging concepts. 
• Proficiency in Excel and VBA. Knowledge of SAS, C++, C#, and other programming languages a plus
• Experience with MG-ALFA or other actuarial valuation software would be an asset
• Ability to analyze and apply creative problem solving both independently and within a team
• Excellent project management skills, including communication and time management skills
• Self-motivated individual with a sense of intellectual curiosity and a results-oriented work ethic

Milliman & FRM Practice Mission, Values, Competencies

Our mission is to serve our clients to protect the health and financial well-being of people everywhere. We are influential market leaders, solving important problems through our deep subject matter expertise.

In fulfilling this mission and values, Milliman’s professionals are helping our clients answer significant questions, such as:

• How can people provide for themselves when they no longer work?
• How can our clients efficiently finance, deliver and improve healthcare?
• How can an insurer protect its clients against the risks they face?

Since its founding in 1947, Milliman is dedicated to enduring values that govern our actions in the marketpla