Director - Investment Compliance and Risk

Job Responsibilities and Requirements

The Director of Investment Compliance and Risk is responsible for producing the investment-related portions of risk-based capital (RBC) and the monitoring and reporting of statutory compliance limits.  The Director will work closely with various stakeholders within the broader investments organization to assess the impact to RBC and statutory compliance limits based on proposed investment structures.  This is a dynamic role that will work with senior management to determine the feasibility of new investments by providing the necessary supporting analytics and documentation around the impact to the company’s regulatory required capital and will create pro-forma models to project capital across a variety of scenarios.  The Director will proactively participate in industry and regulatory calls to stay abreast of developments around RBC and state compliance guidelines and will assess any changes and their impacts on the company’s portfolio.  Additionally, the Director will work with the company’s outsourced investment accounting provider to ensure that the necessary data points are captured systematically to ensure completeness and accuracy of the RBC and investment compliance schedules throughout the year.

It is expected that the Director will have significant knowledge around all asset classes (bonds, loans, derivatives, equities) to report required capital and to propose solutions to optimize the required capital by identifying areas of opportunity such as look-through treatment, reinsurance structures, and internal securitizations.  The Director will ensure that processes and controls around areas of responsibility are fully documented and reviewed, identify areas of risk, and provide recommendations to further improve the control environment.

The Director is expected to demonstrate exceptional leadership, organizational, and managerial skills, with the ability to handle multiple tasks in a time-sensitive environment.  It is expected that this role represents the broader investments team in inter-departmental activities, ensuring that the needs of all stakeholders are addressed in an accurate and timely manner.   The role will work closely with senior management of RSL, Delphi Capital Management, and the associated Tokio Marine entities for whom assets are managed.  The Director will be able to communicate key concepts, policy decisions, and financial results with gravitas to build trust and confidence with all stakeholders.

Essential Duties and Responsibilities:

Risk-Based Capital

• Produces the investments-related portion of the company’s required capital calculation on a monthly basis.
• Fully reconciles the required capital inputs to the company’s accounting records.
• Ensures that data fields such as ratings and statutory classification of assets are maintained timely and accurately within the company’s systems.
• Leverages previous experience to correctly identify treatment of all asset types within the required capital calculation, particularly for Schedule BA investments, collateral-related assets, and reinsurance structures.
• Works with senior management to provide pro-forma and sensitivity analysis around newly-proposed structures and performs the relevant research to support such conclusions.
• Proposes transactions and structures to optimize the company’s RBC based on prior experience and independent research.
• Participates in industry conferences and meetings to stay abreast of RBC developments and provides summary impact reports to management on upcoming changes.
• Maintains comprehensive documentation around the processes and controls for the production and review of the risk based capital calculation.
• Reaches out to industry participants and/or NAIC to assist with interpretation of risk-based capital instructions, particularly around the treatment of complex or unique transactions.

Statutory Compliance

• Produces necessary statutory compliance schedules in accordance with required state guidelines and internal reporting requirements.
• Ensures that data fields such as ratings and statutory classification of assets are maintained timely and accurately within the company’s systems.
• Leverages previous experience to correctly identify treatment of all asset types within the statutory compliance framework.
• Demonstrates a solid command of the interpretation and understanding of the respective statutory guidelines for the respective jurisdictions.
• Works with senior management to provide pro-forma and sensitivity analysis around newly-proposed structures and performs the relevant research to support such conclusions.
• Proposes transactions and structures to optimize the company’s statutory compliance position based on prior experience and independent research.
• Maintains comprehensive documentation around the processes and controls for the production and review of statutory compliance reports.

NAIC Ratings

• Demonstrates strong knowledge of NAIC ratings framework related to the Securities Valuation Office (SVO).
• Ensures that SVO ratings are obtained, reviewed, and maintained for accuracy in accordance with NAIC policies and procedures.
• Follows industry and regulatory updates around the ratings framework and its impact to the company’s capital position.
• Creates dashboards and reports to identify changes in ratings and inconsistent or missing ratings.  Proactively works to prioritize obtaining SVO ratings based on internal risk criteria.
• Ensures the company’s AVR schedules correctly reflect SVO ratings and ensures that AVR components accurately flow through to the RBC schedules.
• Creates models to estimate future expected ratings for unrated positions in pro-forma capital calculations.
• Determines final SVO ratings for loan-backed and asset-backed securities using applicable price breakpoints.
• Ensures completeness and accuracy of SVO ratings in company’s systems.
• Builds and maintains controls to ensure accurate and timely reporting of all applicable SVO ratings.

Project Based Initiatives

• Participates in improving the overall investments workflow by developing reports based on feedback from all key stakeholders and challenging the company’s vendors to improve upon deliverables and capabilities.
• Participates in risk and capital working groups to update stakeholders on industry developments.
• Leverages technology to streamline and improve accuracy and timeliness of reports.
• Establishes and maintains working relationships with colleagues and peers outside of the company to obtain additional perspectives and ideas for potential implementation of best practices.

The expected hiring range for this position is $137,910.00 - $184,120.00 annually for work performed in the primary location (Philadelphia, PA). This expected hiring range covers only base pay and excludes any other compensation components such as commissions or incentive awards. The successful candidate’s starting base pay will be based on several factors including work location, job-related skills, experience, qualifications, and market conditions. These ranges may be modified in the future.

Work location may be flexible if approved by the Company.

What We Offer

At Reliance Matrix, we believe that fostering an inclusive culture allows us to realize more of our potential. And we can’t do this without our most important asset—you.

That is why we offer a competitive pay package and a range of benefits to help team members thrive in their financial, physical, and mental wellbeing.  

Our Benefits:

• An annual performance bonus for all team members
• Generous 401(k) company match that is immediately vested
• A choice of three medical plans (that include prescription drug coverage) to suit your unique needs.  For High Deductible Health Plan enrollees, a company contribution to your Health Savings Account
• Multiple options for dental and vision coverage
• Company provided Life & Disability Insurance to ensure financial protection when you need it most
• Family friendly benefits including Paid Parental Leave & Adoption Assistance 
• Hybrid work arrangements for eligible roles
• Tuition Reimbursement and Continuing Professional Education
• Paid Time Off – new hires start with at least 20 days of PTO per year in addition to nine company paid holidays.  As you grow with us, your PTO may increase based on your level within the company and years of service. 
• Volunteer days, community partnerships, and Employee Assistance Program
• Ability to connect with colleagues around the country through our Employee Resource Group program

Our Values:

• Integrity
• Empowerment
• Compassion
• Collaboration
• Fun

EEO Statement

Reliance Matrix is an equal opportunity employer. We adhere to a policy of making employment decisions without regard to race, color, religion, sex, national origin, citizenship, age or disability, or any other classification or characteristic protected by federal or state law or regulation. We assure you that your opportunity for employment depends solely on your qualifications.

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