AVP Market Risk Management

Company: Pacific Life
Location: Newport Beach
Posted on: May 21, 2023

Job Description:

Job Description:

Pacific Life is investing in bright, agile and diverse talent to contribute to our mission of innovating our business and creating a superior customer experience. We're actively seeking a talented AVP of Market Risk Management to join our Enterprise Risk Management Team in Newport Beach, CA. This role can be on-site or hybrid.

As the AVP of Market Risk Management, you'll play a key role in Pacific Life's growth and long-term success by leading the day-to-day oversight of PL's market risk exposures and mitigation activities having a broad view of market risk across the organization by working closely with the division, Investment and Treasury teams in the monitoring, measuring and mitigation of market risk across PL . You will fill a new role that sits on a small market risk team within the Enterprise Risk Management Function in the Corporate division. Your colleagues will include actuaries and market professionals. .

How you will make an impact:

* Providing input and support to Head of Enterprise Market Risk through clear and timely communication of market risk profile and mitigation execution


* Providing strategic direction of Pacific Life's market risk management function closely linking PL market risk exposures and mitigation to risk appetite through clear recommendations, communication, direction, and assurances


* The ERM liaison with Division ALM teams, Investments and Treasury in areas of risk exposures, mitigation strategy and transactions, and compliance with market risk limits. Serve as the primary 2nd line of defense's effective review and challenge of market risk assumptions, exposures, measurement, practices and mitigation performance across PL.


* Ensuring appropriate, consistent, comprehensive and timely quantification of market risk exposure across the enterprise ensuring alignment with Pacific Life's appetite and tolerance. Review and monitor effective remediation of risk exposures outside of specified tolerance limits


* Supporting, assessing and effectively challenging new or emerging market risks initiated from either within (e.g. product development, hedge strategies) or outside (e.g. market dynamics) of Pacific Life


* Representing Market Risk Management perspectives and requirements within the:
* Development and ongoing maintenance of PL's economic-based ALM framework;


* Development of a consistent, robust ALM exposure measurement and reporting inside ongoing financial transformation workstreams




* Engaging in capital market and ALM research and testing/promoting best practices and innovative of ALM strategies, as appropriate, across Pacific Life


* Recurring market risk management program activities not described above include:
* Regularly aggregating, and analyzing market risk exposures and mitigation activities, including remediation plans, for market risk reporting to ERC and Board


* Developing (as necessary) and maintaining enterprise-wide market risk policies and standards. Reviewing, effectively challenging and ensuring consistency of Division and Corporate portfolio and hedging guidelines and standards


* Providing timely and relevant updates on the competition. Monitoring industry press releases and other sources to keep management apprised of changes to strategy and/or risk management techniques of peers


* Representing market risk management on Enterprise ALCO working groups collaborating and solutioning around focal market risk objectives e.g. ALM analytics, risk margin, etc.





The experience you will bring:

* 10+ years of risk management experience in the insurance, financial services, or securities industry


* Thorough knowledge of life insurance business, investments, financial markets and risk management


* 5+ years of experience in fixed income risk analysis, and/or portfolio management/construction and ALM, with a multi-asset focus


* Strong experience and/or knowledge in:
* Portfolio management in an insurance company;


* Development of quantitative ALM or hedging strategies;


* Management and execution of ALM strategies or hedge programs; and


* Oversight of market risks and mitigation programs




* Experience should include development and leadership of market-risk management strategies including the analyses, buy-in and ultimate implementation


* Ability to collaborate immediately across functional areas including investment and ALM teams in driving consistent and comprehensive ALM practices and oversight across the enterprise


* Strong analytic skills to analyze and challenge market risk exposures and mitigation programs across the enterprise including:
* The positioning of asset/liability portfolios


* Investment and risk management strategies within portfolios, Divisions and Legal Entities


* Appropriate utilization of capital market solutions


* Capital market assumptions


* Market risk emerging through Product Development




* Experience in VaR, stochastic scenario analysis, and other risk/stress methodologies


* Solid experience in financial concepts, Statutory, GAAP, economic value/capital


* Experience working across diverse teams - demonstrating:
* Adapting to diverse styles and ways of thinking


* Ability to influence and negotiate


* Effective garnering of appropriate resources


* Enhancement of target ALM operating models


* Ability to manage small to medium-sized projects




* Ability to effectively communicate across complex financial concepts and risk management solutions to audiences with varying levels of familiarity with capital markets and actuarial concepts. Strong written and verbal communication skills to drive implementation of consistent framework across the organization, challenge ongoing risk management mitigation programs and document ALM framework into financial transformation business requirements


* Strong written and verbal communication skills to effectively translate strategies


* Fellow of Society of Actuaries (FSA) or Chartered Financial Analyst (CFA) and additional training on financial engineering, quantitative finance is preferred



More reasons to join:

At Pacific Life, the work we do matters. We work passionately each day to drive our company forward while enjoying job security, flexible scheduling, and great opportunities for career growth.

If you're seeking a thriving career doing the type of meaningful work that's all too rare at a Fortune 500 Company, Pacific Life is the place for you. If you are a self-starter who appreciates creativity and individuality in your colleagues - even better. We look forward to receiving your application.

You belong at Pacific Life

At Pacific Life we believe you belong. We foster a culture of belonging, a space where all employees are empowered to be authentic. We embrace and celebrate diversity, create a culture of equity and inclusion, and value and respect every employee.

Our workplace:

In 2020, we demonstrated agility and swiftly shifted to a working-from-home environment with little to no disruption. Going forward, we will move toward a hybrid, digital-first workplace that encompasses flexible work policies, inclusive space design, and innovative technology solutions. At Pacific Life, we are pioneering a trail and challenging the status quo to build the next normal.

Want to learn more about life at Pacific Life? Take an inside look at our company culture: Instagram.com/lifeatpacificlife.

Base Pay Range:

The base pay range noted provides a basis to determine the appropriate offer dependent upon several factors including but not limited to geographic location, experience, skills, education and pay equity. Also, most employees are eligible for additional incentive pay.

$185,600.00 - $232,000.00 - $324,800.00

Your Benefits Start Day 1

Your wellbeing is important to Pacific Life, and we're committed to providing you with flexible benefits that you can tailor to meet your needs. Whether you are focusing on your physical, financial, emotional, or social wellbeing, we've got you covered.

* Prioritization of your health and well-being including Medical, Dental, Vision, and Wellbeing Reimbursement Account that can be used on yourself or your eligible dependents


* Generous paid time off options including: Paid Time Off, Holiday Schedules, and Financial Planning Time Off


* Paid Parental Leave as well as an Adoption Assistance Program


* Competitive 401k savings plan with company match and an additional contribution regardless of participation



EEO Statement:

Pacific Life Insurance Company is an Equal Opportunity /Affirmative Action Employer, M/F/D/V. If you are a qualified individual with a disability or a disabled veteran, you have the right to request an accommodation if you are unable or limited in your ability to use or access our career center as a result of your disability. To request an accommodation, contact a Human Resources Representative at Pacific Life Insurance Company.#06022021

Keywords: Pacific Life, Newport Beach , AVP Market Risk Management, Executive , Newport Beach, California