Job title: Director, Valuation Controls-1301872
Primary Location : CA-ON-*Toronto
Organization: USINS Life
Deadline: Aug 1, 2013, 6:59:00 AM
Categories: Auditing, Financial, Insurance
Description
Overview:
Manulife’s US Insurance business unit seeks to be the most professional life and long-term care insurance provider in the world, offering the very best financial protection products in the marketplace. The Valuation Controls Director works to meet this goal by collaborating with the BU’s leadership team and Audit Services to ensure that key valuation processes are properly controlled and that key risks are effectively managed. Working in the US Insurance BU provides a tremendous opportunity to gain first-hand exposure to a sophisticated product line and a robust valuation infrastructure, along with meaningful interaction with the high-quality professionals who manage the unit. This experience will enhance the understanding of and appreciation for the largest life insurance company in North America and the fourth largest in the world based on market capitalization.
Due to the nature of Manulife’s business, valuation risks are a key focus within the company’s overall risk management framework, making this position a very exciting and high-profile opportunity. Risk management is at the heart of Manulife’s operating philosophy, and managing the Controls function of the US Insurance BU provides an excellent opportunity to sharpen one’s aptitude for risk assessment and management.
We are looking for a highly-motivated, talented individual that has a strong desire to develop and enhance his/her finance or actuarial skills and technical expertise. Therefore, this position is open to either finance or actuarial professionals.
Description:
Reporting to the AVP of US Insurance, the Valuation Controls Director plays a key role in the management and day-to-day execution of audit activities within the BU’s actuarial risk framework, which includes:
SOX & MAR
Key Risk Audits
Operational Risk Control Assessments
Valuation Standards
Key Spreadsheet Controls
Valuation Change Management
IT Audits
The position will provide opportunities to build on competencies such as business acumen, strategic thinking, project and relationship management, and team leadership. The Director is accountable for the delivery of high-quality, value-added, and risk-focused Controls management and implementation. The Director is highly engaged in team development and fosters a dynamic environment that works closely with Business Unit management, Audit Services, and external auditors to maximize efficient and effective use of resources.
The position is located in Boston or Toronto, and will manage a staff of four professionals.
Responsibilities:
1. Build effective relationships with the business unit’s actuaries & senior management team, Audit Services, and external auditors.
2. Develop a solid understanding of all the risks being managed by the business unit; qualitatively and quantitatively assess those risks to ensure controls are properly focused, and obtain agreement from business unit management and Audit Services. Develop control objectives and audit tests which evaluate the key risks.
3. Effectively manage the annual audits of the BU while closely monitoring progress and responding to audit inquiries as needed. Provide regular status reports to the AVP and Audit Services management.
4. Assess and test the adequacy of controls within the BU’s overall actuarial framework.
5. Collaborate with Audit Services to share best practices, and maximize efficient and effective use of resources.
6. Present findings and recommendations to the BU’s senior management team using strong negotiation and communication skills. Design solutions to manage risk and provide insight into processes and controls.
7. Respond to audit reports and address the findings.
8. Provide regular feedback to the staff reporting to the position through regular performance appraisals, on-the-job feedback, and ensure that appropriate development and training opportunities are provided. A team of four professionals report to this position.
9. Assist in the recruitment of high-caliber staff.
10.Coordinate the work required to support external auditors.
11.Drive the continuous improvement of the BU’s controls framework, methodology, tools & reporting.
12.Maintain a high level of responsiveness to internal & external auditors, ensuring adherence to professional standards.
Qualifications
Job Requirements (Knowledge/Skills/Competencies):
CPA or actuarial designation preferred
Minimum of 5-7 years progressive experience in an audit or controls environment
Good working knowledge of operations within a financial services organization, and the ability to navigate company risk policies and standards
Working knowledge of SOX, MAR, valuation standards, and IFRS/USGAAP/NAIC accounting guidelines are strongly preferred
Strong interpersonal skills, including the ability to influence management at various levels of the organization
Strong organization and project management skills. Excellent customer focus and a commitment to quality while still meeting deadlines
Ability to effectively communicate ideas and recommendations orally and in writing, while considering the viewpoint of others
Sees the big picture, but also pays attention to details
Results oriented, with the ability to manage competing priorities and projects
Strong problem-solving and analytical skills
Leadership skills in achieving department, project, and individual objectives, while motivating and developing staff
Ability to work independently and with teams at the Boston & Toronto locations
Due to the multi-location (Boston/Toronto) scope of the area, some travel is required.
About Manulife Financial
Manulife Financial is a leading Canada-based financial services group with principal operations in Asia, Canada and the United States. Clients look to Manulife for strong, reliable, trustworthy and forward-thinking solutions for their most significant financial decisions. Our international network of employees, agents and distribution partners offers financial protection and wealth management products and services to millions of clients. We also provide asset management services to institutional customers. Funds under management by Manulife Financial and its subsidiaries were C$555 billion (US$$547 billion) as at March 31, 2013. The Company operates as Manulife Financial in Canada and Asia and primarily as John Hancock in the United States.
Manulife Financial Corporation trades as ‘MFC’ on the TSX, NYSE and PSE, and under ‘945’ on the SEHK. Manulife Financial can be found on the Internet at www.manulife.com.
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