Job Abstract

Job Description:

Pacific Life is seeking a Chief Risk Officer, Consumer Market Division (“CMD”) & Head of Insurance Risk.  Reporting to the Executive Vice President, Chief Risk Officer, with a dotted line to the Executive Vice President, Consumer Market Division (CMD), this executive will play a key role in Pacific Life’s growth and long-term success.  The successful candidate will lead the company’s next-generation vision and strategy for insurance risk management and will partner across the organization to strengthen and influence Pacific Life’s overall enterprise risk management capabilities and direction.  

Pacific Life is headquartered in Newport Beach, CA. Ideally this person will be based out of Newport Beach. 

Key Responsibilities:

• Support the execution of the Consumer Markets Division strategy and key initiatives as a member of the Division’s Senior Leadership Team
• Provide expert advice and support to division leadership and other senior managers on risk and growth related matters and proactively collaborate with other leaders and teams across the enterprise
• Build and leverage risk strategy to enable decision making, inform business strategy, and fuel growth in the Consumer Markets businesses. 
• Set the tone for an appropriate ethical and risk culture by showcasing appropriate behaviors in decision-making
• Implement risk management policies and standards within the Consumer Markets Division (CMD) while shaping the enterprise insurance risk management framework.
• Monitor the evolution of the division’s risk profile and drive alignment with Pacific Life’s risk appetite and limits
• Lead model risk across the enterprise. 
• Serve as chair of the Divisional Risk Management Committee and a member of the Enterprise Risk Committee
• Develop and maintain division-level risk governance and reporting
• Supervise operational risk management activities within the division and coordinate 2nd lines of defense activities within the division where needed (e.g., Risk, Compliance, CISO)
• Contribute to the development of enterprise-wide risk policies and standards and promote their adoption throughout the division
• Support external stakeholder management (e.g., rating agency meetings, regulatory meetings) as needed

Head of Insurance Risk

• Build and develop a small team with outstanding quantitative insurance risk expertise to support risk reporting, review and challenge of assumptions and in-force and new business risk management
• Develop and maintain aggregate insurance risk reporting to ERC and Board Lead the 2nd line of defense’s effective review and challenge key actuarial assumptions
• Lead risk oversight for underwriting and reinsurance activities and related policies and standards
• Partner with the Head of Portfolio risk and Corporate and Division actuarial teams in the development of Pacific Life’s Economic Capital model for insurance risks
• Partner with the Head of Credit risk in developing Pacific Life’s reinsurance counterparty exposure framework
• Support the development of enterprise pricing standards and guidelines
• Support divisional risk teams in review of products with unique or novel insurance risk exposure
• Represent risk management in M&A due diligence activities for businesses or in-force blocks with complex insurance risks

Ideal Experience:

• Deep, proven risk leadership experience
• Well-regarded and respected risk leader, comfortable leading in varying business cycles; Experience managing diverse risks in a dynamic, complex financial services industry context. 

Business acumen

• Brings an informed point of view of the business from multiple angles.  Understands the balance sheet and the market with ability to influence and effectively communicate and illuminate trade-offs to executive level stakeholders. 

Relevant industry experience

• The CMD Chief Risk Officer should have significant experience in the life and annuity space, or in a relevant adjacent industry sector, with knowledge and experience managing risk related to mortality, policyholder behavior, and annuities.

Technical risk capabilities

• Deep technical experience including quantitative analysis of biometric, policyholder behavior, and market risks.

Strong academic credentials

• Bachelors in finance, Actuarial Science or another quantitative field. Advanced degree in a quantitative field with a track record of excellence preferred.

Base Pay Range:

The base pay range noted represents the company’s good faith minimum and maximum range for this role at the time of posting. The actual compensation offered to a candidate will be dependent upon several factors, including but not limited to experience, qualifications and geographic location. Also, most employees are eligible for additional incentive pay.

Your Benefits Start Day 1  
 

Your wellbeing is important to Pacific Life, and we’re committed to providing you with flexible benefits that you can tailor to meet your needs. Whether you are focusing on your physical, financial, emotional, or social wellbeing, we’ve got you covered.

• Prioritization of your health and well-being including Medical, Dental, Vision, and Wellbeing Reimbursement Account that can be used on yourself or your eligible dependents

• Generous paid time off options including: Paid Time Off, Holiday Schedules, and Financial Planning Time Off

• Paid Parental Leave as well as an Adoption Assistance Program

• Competitive 401k savings plan with company match and an additional contribution regardless of participation

EEO Statement:

Pacific Life Insurance Company is an Equal Opportunity /Affirmative Action Employer, M/F/D/V. If you are a qualified individual with a disability or a disabled veteran, you have the right to request an accommodation if you are unable or limited in your ability to use or access our career center as a result of your disability. To request an accommodation, contact a Human Resources Representative at Pacific Life Insurance Company.