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Manager, Risk Management and Actuarial Valuation - 24910

Location: MONTREAL, QC, Canada
Posting Start Date: Jan 27, 2020
Posting End Date: Feb 24, 2020

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Job Description

Description

Are you passionate about reaching new heights, teamwork and making a meaningful contribution? Do you picture yourself as a valued member of an industry-leading organization? If you answered yes to these questions, Air Canada is seeking enthusiastic individuals to join the diverse and vibrant team working together to lead the growth and expansion of Canada’s flag carrier.



Air Canada sponsors 8 defined benefit pension plans. Over the last decade, asset-liability mismatch risk was reduced in half by significantly decreasing exposure to equity markets, introducing alternative asset classes and increasing allocation to liability-matching assets, such as long-term Canadian fixed income securities. Due to these new practices, the deficit has been eliminated and plans are now in surplus. With its pension plans mainly closed to new entrants and maturing quickly, the next steps for the Air Canada pension risk mitigation strategy include the purchase of annuities over time though its new subsidiary AC Life. The new insurance company will be located in downtown Montreal. 

 
We expect the candidate to be hands-on in the planning, operationalization and the strategic development of the company.


  • Support the Chief Risk Officer in all its functions and responsibilities
  • Ensure risk taking is within the Risk Appetite Framework
  • Identify, measure, monitor, report and mitigate risks
  • Be Moody’s AXISTM expert for the firm
  • Develop and maintain the financial models necessary to manage the firm operations
  • Develop pricing assumptions for group annuity transactions
  • Oversee asset-liability management, reinsurance/retrocession of risk and stress testing
  • Prepare reports for the Risk Committee of the Board
  • Participate in operational risk management activities
  • Prepare the Own Risk and Solvency Assessment (ORSA) report
  • Review work of third-party actuarial services firm, including pricing, reserving and Dynamic Capital Adequacy Test (DCAT) reports
  • Follow regulatory developments, industry trends and best practices in terms of risk management and suggest modifications to the company’s policies and processes as necessary

Qualifications

Education and experience
  • University graduate degree in actuarial science, mathematics, finance or other related field
  • Actuarial qualification, such as Associateship or Fellowship of the Society of Actuaries (ASA, FSA) and/or Associateship or Fellowship of the Canadian Institute of Actuaries (ACIA, FCIA) required
  • Qualification as a Chartered Enterprise Risk Analyst, FRM and/or PRM an asset
  • A minimum of 7 years of relevant experience, including a minimum of 5 years of experience with a life insurance company or life insurance consultant
  • Experience with group annuity transactions (pricing, valuation, reserves, capital, reinsurance, etc.)


Knowledge and skills

  • Excellent knowledge of Moody’s AXISTM actuarial modeling system
  • Excellent knowledge of Microsoft Office tools (Excel, Word, PowerPoint)
  • Excellent knowledge of the Canadian insurance regulatory environment, including the Office of the Superintendent of Financial Institutions’ processes and guidelines
  • Excellent verbal and written communication skills in French and in English
  • At ease with listed and over-the-counter financial products (such as debt securities, interest rate swaps, credit-default swaps, etc.)
  • At ease with sophisticated front-office and accounting systems
  • Skilled with the manipulation of large quantity of data, and at preparing reports summarizing pertinent information

Competencies

  • Rigorous, disciplined and well organized (efficient, high quality, well structured work)
  • Autonomous and dynamic
  • Ability to collaborate extensively and establish relationships with service providers and peers
  • Team player
  • Strong analytical skills with a sense for detail
  • Fast learner

The position is based in downtown Montreal

 

LINGUISTIC REQUIREMENTS

 
Based on equal qualifications, preference will be given to bilingual candidates.
 
Diversity and Inclusion
 

Air Canada is strongly committed to Diversity and Inclusion and aims to create a healthy, accessible and rewarding work environment which highlights employees’ unique contributions to our company’s success.

 

As an equal opportunity employer, we welcome applications from all to help us build a diverse workforce which reflects the diversity of our customers, and communities, in which we live and serve.

 

Air Canada thanks all candidates for their interest; however only those selected to continue in the process will be contacted. 

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