Nationwide VP, Corporate Chief Risk Officer in Columbus, Ohio
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Leadership role for establishing strategy, direction, implementation and execution of an enterprise risk and capital management program. Core management responsibility:
• Developing and maintaining enterprise risk and capital management framework
• Developing and maintaining a robust quantitative modeling (risk assessment) process for capital management, product pricing, and performance analysis
• Developing and maintaining a robust enterprise risk related policy and procedure development, monitoring, and implementation process
• Leading a centralized operational risk management program
• Leading enterprise model risk management program, including advanced analytics team for consultative model / analytics development and best practices support across business units and functions
• Enterprise risk and capital reporting for internal (Board, Sr. Management) and external audiences (e.g. ORSA Report)
Reports to: SVP, Chief Strategy and Risk Officer.
1) Risk and Capital Management (Framework and Risk Measurement) Lead and drive Enterprise Risk Capacity, Appetite, and Limits framework informing and supporting capital deployment & preservation and risk growth, pricing, transfer, and diversification analysis. Support analysis of corporate transactions considering capital impact, risk profile, RAROC, and other key metrics. Oversee execution of risk assessment activities on significant enterprise level risk types or scenarios, considering significant risks identified by the Enterprise Risk Council or other Risk Committees as needed. Accountable for Enterprise and Property and Casualty capital modeling, including: development, implementation, testing, execution, and governance to meet fit for purpose, aligned with best practices. Establish strategy for model evolution in support of Enterprise and multiple operational and business unit related objectives. Lead risk aggregation (property and casualty, Life, Bank, and Corp.) process for capital management purposes. Accountable for development and implementation of systematic repeatable stress testing process supporting internal risk analysis, risk transfer, risk selection, and ensuring compliance with all 3rd party and regulatory requirements. Ensure working knowledge of existing and changing regulation, lead policy development efforts in Nationwide’s interest, communicate changes to key partners, and assure ability to comply with standards and regulation.
2) Risk Reporting: Accountable for risk reporting to both internal and external parties. Lead development, socialization, and submissions of Nationwide’s Own Risk and Solvency Assessment (ORSA) report, rating agency, or other required regulatory filings. Ensure working knowledge of existing and changing regulation, lead policy development efforts in Nationwide’s interest, communicate changes to key partners, and assure ability to comply with standards and regulation. Oversee internal development, quality, governance, relevance, and publication of the Enterprise Risk and Capital (ERCR) report along with other internal ad-hoc reports regarding risk and capital levels.
3) Enterprise Operational Risk Program: Lead and drive development of consistent, robust policy and procedure framework for management of risk across the enterprise. Develop and maintain a consistent compliance evaluation process for risk policies to ensure ongoing compliance. Monitor and drive risk committee activity in a comprehensive, effective, and consistent manner. Manage enterprise standards and risk appetite statement regarding operational risk exposure. Drive consistency in risk identification, assessment, management, monitoring, and issue resolution across all 2nd lines of defense throughout Nationwide. Identify issues, drive resolution, reporting and escalation to appropriate governing bodies as appropriate.
4) Model Risk Management: Accountable for developing and implementing Enterprise Model Risk Management Policy governing the identification, assessment, management, and validation of models in use across the enterprise. Implement standards (expectations) for model owners including requirements for documentation, model testing, key assumption identification, benchmarking, data quality and validation, input / output reconciliation, change analysis, and limitations. Implement a repeatable, effective, efficient, and fit-for-purpose model validation processes aligned to assessed risk of each model. Identify and document findings (Issues, Work Items, and Observations) for each model, work with model owner to develop a remediation plan, track progress, and ensure closure, escalation, or risk acceptance. Manage relationship with Nationwide Senior Management, Nationwide Internal Audit, External Regulators and Rating Agencies with specific responsibility for presenting on Nationwide's Model Risk Management Program effectiveness, efficiency, robustness, and compliance with all external requirements.
5) Represent Nationwide in numerous externally facing engagements including but not limited to Federal and State regulators, industry peers, industry consortiums, policy making advisory groups or lobbing organizations, rating agencies, or others
6) Management/Leadership: Establish and drive functional area vision, strategy, and objectives; oversee and lead associate management to include performance management, talent management, engagement, salary planning and administration and resource demand management strategies.
7) Risk Committee Participation: Enterprise Risk Committee (ERC), Risk and Capital Model Committee (RCMC), Asset Liability Committee (ALCO), Advance Analytics Practice Group, Economic Council, Economic Scenario Generator Steering Committee(ESG), and others as assigned.
Breadth Across Enterprise
Enterprise-wide, partnering with all business units and functional areas related to risk and capital management responsibilities described above.
Financial Responsibility and Scope
Responsible for approximate annual operating budget $ 5.0 M (not including project budget).
Can be responsible for large scale business transformation projects
Developing Strategy (1/3) - Responsible for developing strategy related to Risk and Capital Management and Policy.
Providing Input on Strategic Direction (1/3) - Provides input on strategic direction within ERCM team, partnering across teams and functions.
Executing Strategy (1/3)- Leads a team focused on critical enterprise-wide ERCM framework components related to capabilities for Enterprise Risk and Capital Management.
Direct reports: (1) VP, (2) AVP’s, (1) Sr. Director, (2) Sr Consultants,
Team of Risk Management Associates 30 – 35 FTE: (4-6) Directors, (10-12) Sr. Consultants, (14-16) G & F
Typical Skills and Experiences
Education/Certification/Licenses: Bachelor’s degree in Business, Finance, or other quantitative related field. MS or PhD in Quantitative discipline or MBA strongly preferred.
Experience/Skills 10+ years of finance and/or actuarial experience with some combination of: Risk modeling, aggregation, and measurement experience, including economic capital modeling, embedded value, DFA modeling, or other related risk modeling. Risk identification and assessment experience, including control design or assessment (auditing, information security, etc.). Risk and capital management related issues, including experience with ERM capability development and operation. Advanced financial analysis / economic value analysis, including risk/reward tradeoff, RAROC, Economic Value Added, etc. Experience with complex project management (design and delivery) required. Experience in dealing with a range of related internal and external stakeholders.
Other criteria, including leadership skills, competencies and experience may take precedence. Staffing exceptions to the above must be approved by the hiring manager’s leader and HR Business Partner.
Overtime Eligibility: Not Eligible (Exempt).
Working Conditions: Normal office environment. Some travel may be required.
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.
Additional Job Description
Job ID: 54168