GENERAL ACCOUNTABILITY
THE INCUMBENT IS ACCOUNTABLE TO THE VICE PRESIDENT AND U.S. APPOINTED ACTUARY FOR CGAAP AND USGAAP ACTUARIAL OVERSIGHT AND ANALYSIS MANAGING BOTH THE QUARTERLY VALUATION AND SOE PROCESSES, LEADING ACTUARIAL INITIATIVES FROM A US DIVISION PERSPECTIVE ON PROJECTS SUCH AS IFRS AND BUILDING A DIVISIONAL INFRASTRUCTURE FOR CASH FLOW PROJECTIONS, OVERSIGHT AND MANAGEMENT OF THE CGAAP AND USGAAP BASIS CHANGE PROCESS FOR US DIVISION, REINSURANCE ACTUARIAL SUPPORT, AND OTHER ANALYSES RELATED TO CANADIAN AND US GAAP FINANCIAL STATEMENTS AND CAPITAL. THE ROLE IS HIGHLY TECHNICAL, CONSULTATIVE AND PROJECT-ORIENTED.
Location: Boston or Toronto
SPECIFIC ACCOUNTABILITIES
1. Project Leadership: Undertake and participate in business unit, divisional, corporate and other projects as needed, representing US Division in broader Total Company actuarial initiatives such as IFRS, and US Finance on initiatives such as developing and implementing a Divisional infrastructure for cash flow projections. Provide business unit Valuation Actuaries and CFO's with actuarial consultative support related to CGAAP reserves, capital, and other regulatory requirements, as well as support related to USGAAP actuarial matters.
2. Quarterly CGAAP and USGAAP Oversight and Analysis: Oversee and manage the US Division CGAAP and USGAAP quarterly process including providing summary reports on CGAAP CALM true-ups and roll-forwards to Sr. Management, and review and sign-off of all SOE analysis. Develop and refine Divisional processes to improve analysis, efficiency, and control. Provide consultative support to Business Units and Corporate Actuarial on CGAAP and USGAAP issues as they arise.
3. Reinsurance Support: Provide consultative support to the business units on actuarial issues involving US business in offshore subsidiaries. Provide support for the design and implementation of offshore reinsurance treaties where necessary.
4. Liaison with Other Departments and Areas: Develop efficient and productive working relationships with senior financial members of other areas throughout the Company, in particular with the Corporate Actuarial, Corporate Controllers, Investment Controllers and Tax Departments and with the NAIC Actuarial production unit within US Finance.
5. Reserve Basis Change Process: Manage the annual CGAAP and USGAAP reserve basis change process from a US Division perspective. Ensure timelines are met, analysis is completed and provide informative consolidated reporting to US Senior Management. Ensure controls and standards exist to provide accurate and complete analysis and implementation of all reserve basis changes by legal entity.
Knowledge/Skills/Competencies:
- Demonstrated ability to influence others beyond formal authority both inside and outside of the organization. Ability to interact with numerous parties from different disciplines, including executive management, accounting, administration, valuation, and product management, both in Boston and Toronto.
- Strong financial understanding of CGAAP reporting along with working knowledge of USGAAP, US Statutory and Tax reporting.
- Ability to prioritize and multi-task
- Excellent oral, written and presentation skills; ability to communicate clearly and concisely with both Actuarial and non-Actuarial management when presenting issues, options, and recommendations.
- Advanced project management, problem solving and analytical skills, ability to "think outside the box"
- Strong leadership capabilities applied within team settings and with individual contributors; ability to manage the work of others to achieve results under tight deadlines.
- Working knowledge of laws and regulations impacting the financial services industry in the US with strong understanding of how laws impact company products, profitability, services, and practices in the marketplace
- Strategic perspective (sees the big picture and broader implications of actions and decisions)
- Decisive and results oriented
- College/university degree or equivalent
- Fellowship in the Society of Actuaries or equivalent required
Scope (Dimensions & Organizational Impact):
· Staff or Line position: Staff
· Direct Reports: One at this time
· Revenue/Sales, Earnings and/or Capital at Risk: Total US Statutory consolidated policy liabilities including segregated funds of over $170 billion and annual CGAAP earnings of ~$2 billion
JOHN HANCOCK IS AN EQUAL OPPORTUNITY EMPLOYER - AA/F/M/D/V