Head of Model Risk Management - Brighthouse Financial

  • Company: MetLife
  • Location: Charlotte, North Carolina
  • Posted: December 09, 2016
  • Reference ID: 29024-en_US

MetLife, through its subsidiaries and affiliates, is a global provider of life insurance, annuities, employee benefits and asset management with operations in nearly 50 countries and leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. With 2015 total Operating Revenues of ~$70 billion, MetLife is ranked #39 on the Fortune 500 list and #50 on the Forbes Global 2000 list of the world’s largest public companies.  Globally, the company has ~69,000 employees serving approximately 100 million customers, individuals and businesses, including 90 of the FORTUNE 100®.  MetLife is also one of the largest institutional investors in the U.S. with a $508.2 billion general account portfolio at December 31, 2015.  In 2015, FORTUNE Magazine’s World’s Most Admired Company survey named MetLife #1 in the Life and Health Insurance industry.   


In January 2016, MetLife announced a plan to pursue the separation of a substantial portion of its U.S. Retail segment. Once separated, the new business will be called Brighthouse Financial.


Brighthouse Financial will serve customers the way they want, need and deserve. It will focus on eliminating the complexity, confusion and cost that can get in the way of many Americans who are seeking financial security. We will bring products to the market that add value to our customers’ lives, and will be guided by a common set of values that focus on the customer and drive accountability.


Brighthouse Financial is seeking high-performing team members who are passionate about the company’s mission.  We are laser-focused on adding value to our customers and minimizing complexity in every decision and action.  We are building high performing teams who set the bar high and hold each other accountable.


   Risk, Brighthouse Financial



The Head of Model Risk is a new position being created, responsible for the design and implementation of BrighthouseFinancial’s model risk management function. This position will report directly to the CRO and is supported by a small team of highly qualified technical experts.  The role is designed to address the increased recognition of the risks inherent in the use of models and the increasing focus of regulators on the appropriate oversight and controls of models. The role will liaise with model owners through the model lifecycle. Additionally, the team will perform independent model validation, including an analysis of actual v. expected, stress testing and back-testing. The incumbent will support and collaborate with the business unit model owners.


The primary objective of the function is to provide assurance that mathematical models in use throughout the company are designed soundly, fit for their intended use, and that model results are appropriately tested and monitored.  The incumbent will be responsible for the maintenance of the model inventory system, the independent review of model owner risk assessments, the design of model risk management protocols in line with regulatory requirements, and the ongoing execution of independent model validation activities.


The person in this role will build out the model risk team and develop the procedures and framework for independent validation and effective challenge of complex models. The incumbent will need sufficient experience, stature, and credibility in the organization (including Investments, Actuarial, Treasury and Finance) to provide the effective challenge consistent with industry best model risk practices and regulatory expectations.


Key Relationships:


Reports to: Chief Risk Officer

Direct Reports: Yes

Other Key Stakeholders: Brighthouse Financial business leaders


  Charlotte, NC


  Travel will be limited as Charlotte, NC is the corporate headquarters with infrequent travel to operations in Convent Station, NJ and Tampa, FL.


Key Responsibilities:


  • Set a team climate that aligns to the Brighthouse culture
  • Employ inspiring leadership qualities that result in motivated teams
  • Design and build a separate review and oversight framework capable of providing an informed view on Brighthouse Financial’s model risk exposures and assessments.
  • Implement an effective model validation framework. This includes liaising with model owners through the model lifecycle.
  • Perform independent model validation, including an analysis of actual v. expected, stress testing and back-testing for all key models, including variable annuity, capital and liquidity stress testing models.
  • Maintain, update and risk rate the company’s model inventory.
  • Engage and coordinate with third-parties for independent model validation and support. Review third-party validations.
  • Provide guidance to associates within the company on best-practice development and documentation of models.
  • Effectively communicate and accurately represent the enterprise model risk profile with all stakeholders, including regulators.
  • Lead a team of independent model validators.



Business Knowledge/Technical Skills:


  • Deep technical (mathematical) background
  • 7+ years of experience with risk assessment and validation, or design and use, of insurance mathematical models
  • Accomplished change management leader, able to operate effectively in a highly matrix environment.
  • Demonstrated ability to design and manage implementation of sustainable and repeatable model validation protocols across the company
  • Ability to effectively challenge model owners on technical subjects encompassing asset, liability, capital, projection, and other models
  • In-depth knowledge of life insurance and annuity modeling systems, practices, theories and related analyses
  • Proven track record as a subject matter expert, adept at leveraging technical skills to address business issues and fulfill financial objectives
  • Clear understanding of modeling trends and methodologies and of model construction and parameterization associated with life and annuity insurance organization
  • Graduate degree preferred in Mathematics, Statistics, Actuarial Science or related field, Fellow of the Society of Actuaries required.



Leadership Competencies:


  • Thinks Strategically - Sets direction aligned to the company’s strategy, applying external and global perspective to meet local and global needs.
  • Motivates People - Gains people commitment to achieve business objectives through clear communication of the company’s vision and flexing leadership styles to inspire high performance.
  • Creates Partnerships - Authentically builds trusted relationships and collaborates across global, diverse and multi-functional teams to successfully drive business objectives.
  • Grows Talent - Inclusively and pro-actively develops talent, empowers individuals and manages diverse teams to drive engagement and performance.
  • Models our Values - Creates a culture that promotes the company’s values and standards through role modeling, accountability and ownership of decisions.



MetLife is a proud equal opportunity/affirmative action employer committed to attracting, retaining, and maximizing the performance of a diverse and inclusive workforce. It is MetLife's policy to ensure equal employment opportunity without discrimination or harassment based on race, color, religion, sex (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity or expression, age, disability, national origin, marital or domestic/civil partnership status, genetic information, citizenship status, uniformed service member or veteran status, or any other characteristic protected by law.


MetLife maintains a drug-free workplace.


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