Senior Audit Manager Job Listing at Prudential in newark, NJ

Insurance, Finance

 

Prudential Financial, Inc. is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America.  Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth.  Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.  For more information, please visit www.prudential.com.

 

The mission of the Audit Department is to provide independent, objective assurance services designed to add value to the Company by supporting the Audit Committee of the Board of Directors in fulfilling its oversight role.  The Audit Department helps the Company accomplish its objectives by applying a systematic, disciplined approach to the evaluation and improvement of the effectiveness of risk management, control and governance processes and promoting a strong control environment.  The Department analyzes the development, sale, marketing and operational administration of insurance and investment products, the preparation of financial statements and disclosures, as well as reviews compliance with complex legal and regulatory requirements.

 

The Domestic Life Insurance Audit Department is expanding its approach to covering actuarial risks and is seeking an experienced FSA to develop and oversee the Department’s actuarial audit coverage and related work in the Individual and Group Life businesses.

 

This high profile position will be responsible for:

• Addressing individual and group life, disability, and Long Term Care insurance related actuarial risks and ensuring that they are addressed by appropriate audit coverage.


• Reviewing business models, methodologies, calculations, and assumptions for accuracy, reasonableness, and consistency.


• Monitoring audit coverage, issues and trends throughout the year.


• Providing technical expertise and direction in actuarial related audits of areas including new product development, actuarial systems development, product pricing, reinsurance, product administration, capital management, product reserving, and deferred acquisition cost determination.


• Explaining complicated technical concepts to non-technical audiences.


• Building and maintaining strong working relationships with corporate and business unit actuarial departments, and the independent auditor’s actuarial group.


• Remaining current with various industry issues and areas of emerging actuarial risk as well as Company actuarial initiatives to adapt audit coverage as appropriate.

 

Specific Job Requirements

·    Fellow of the Society of Actuaries (FSA), with at least six to ten years of actuarial experience is preferred; however, highly qualified ASAs will be considered

·    Significant experience with product development, pricing and reserving for either (both a plus):

o   life products, including whole life, term, universal life, variable universal life, and participating whole life insurance, as well as with secondary guarantees; or

o   group insurance products, including universal and variable universal life, as well as disability and Long Term Care insurance. 

·    Knowledge of GAAP reporting and valuation, including experience with SFAS 60, 97, and 120, SOP 03-1, DAC, and loss recognition and recoverability testing

·    Knowledge of the various reinsurance contract types, including why each one is used and their respective accounting treatments

·    Knowledge of statutory reporting, and risk-neutral and market-consistent valuation techniques

·     Excellent oral and written communication skills

·     Ability to partner effectively with multiple business groups, corporate areas, and independent  auditors

·     Ability to effectively and confidently discuss audit issues with management and develop business-focused recommendations to strengthen controls and risk management practices

• Highly motivated, conceptual thinker who is able to work independently or in a team, and take a leadership role in a wide variety of assignments


• Experience with risk assessment, control analysis, audit procedures and standards, sampling techniques, risk components, and the internal framework of control is a plus but not required


• Knowledge of MG-Hedge, MG-ALFA, Polysystems applications, and various modeling tools and concepts is a plus but not required

This position is based in Newark, New Jersey; however travel is required to central NJ, as well as to other domestic locations.  Expected travel is 5%-10%.

 

Prudential has an array of outstanding programs and initiatives that help employees balance their personal and professional priorities.  These include, but are not limited to: a comprehensive training program, educational assistance, and career opportunities both within the Internal Audit Department and throughout the Company.  Prudential is an Equal Opportunity/Affirmative Action Employer and is committed to diversity in its workforce.

 

 

 

• Fellow of the Society of Actuaries (FSA), with at least six to ten years of actuarial experience is preferred; however, highly qualified ASAs will be considered
• Significant experience with product development, pricing and reserving for either (both a plus):
• life products, including whole life, term, universal life, variable universal life, and participating whole life insurance, as well as with secondary guarantees; or
• group insurance products, including universal and variable universal life, as well as disability and Long Term Care insurance.  
• Knowledge of GAAP reporting and valuation, including experience with SFAS 60, 97, and 120, SOP 03-1, DAC, and loss recognition and recoverability testing
• Knowledge of the various reinsurance contract types, including why each one is used and their respective accounting treatments
• Knowledge of statutory reporting, and risk-neutral and market-consistent valuation techniques
• Excellent oral and written communication skills
• Ability to partner effectively with multiple business groups, corporate areas, and independent  auditors
• Ability to effectively and confidently discuss audit issues with management and develop business-focused recommendations to strengthen controls and risk management practices
• Highly motivated, conceptual thinker who is able to work independently or in a team, and take a leadership role in a wide variety of assignments
• Experience with risk assessment, control analysis, audit procedures and standards, sampling techniques, risk components, and the internal framework of control is a plus but not required
• Knowledge of MG-Hedge, MG-ALFA, Polysystems applications, and various modeling tools and concepts is a plus but not required

This position is based in Newark, New Jersey; however travel is required to central NJ, as well as to other domestic locations.  Expected travel is 5%-10%.
 
Prudential has an array of outstanding programs and initiatives that help employees balance their personal and professional priorities.  These include, but are not limited to: a comprehensive training program, educational assistance, and career opportunities both within the Internal Audit Department and throughout the Company.  Prudential is an Equal Opportunity/Affirmative Action Employer and is committed to diversity in its workforce.