Genworth Financial Chief Risk Officer, USLI in Richmond, Virginia
Chief Risk Officer, US Life
Genworth is a Fortune 500 financial services company providing financial security and protection through our Mortgage Insurance and Long Term Care Insurance businesses. Our purpose is to help families achieve the dream of homeownership and address the financial challenges of aging. At Genworth, our promise to our employees is the opportunity to make a meaningful difference in the lives of our customers, our communities, and one another.
We issued our first life insurance policy in 1871, our first annuity contract in 1928, and our first long term care insurance policy in 1974. Today, nearly 4 million customers rely on Genworth's U.S. Life Insurance Companies.
The Chief Risk Officer, US Life reports to the Genworth Chief Risk Officer with dotted line reporting to the President and Chief Executive Officer of US Life Division and serves as a key member of the US Life leadership team. The CRO, US Life will be expected to drive Genworth’s enterprise-wide risk strategy. Additionally, be an effective business partner and trusted advisor to the CEO, US Life and the senior leadership team. This role will assure that the business has effective first line of defense risk infrastructure, and then be an effective and independent second line of defense. Additionally, the CRO, US Life will need to work collaboratively with other risk leaders by type of risk to ensure risk identification, quantification, monitoring, and reporting. Genworth's US Life division is a business with revenue of $6.7B and Assets of $96B.
Set direction for risk appetite and concentration limits by product across the division
Identify, assess, and manage risk associated with both new and existing business across multiple product lines
Oversee underwriting quality through review of audit results and ensuring corrective actions are taken on a timely basis.
Assist in the development and enhancement of an enterprise-wide stress testing framework as it relates to the US Life Division
Chair various committees within the US Life Division and participate/vote on certain enterprise risk committees, associated in particular with Asset/Liability Management
Lead an organization consisting of teams that manage risk across US Life’s Life, Long Term Care, Fixed Annuity, and Variable Annuity product lines
Ensure risk activities for each product line are targeted, effective and repeatable enterprise-wide.
Assure that new business growth plans are adequately supported by pricing and risk management capabilities and support the overall Genworth capital planning objectives.
Serve as the division’s senior business risk representative with respect to regulators, rating agencies, investors and other key constituencies where required.
Present to the Genworth Board of Directors on key risks in US Life, as needed.
The ideal candidate will be a seasoned executive with at least 15-20 years of progressive experience in a large, complex company with relevant risk management experience.
Strong knowledge of insurance products
Strong communication, listening and influencing skills.
Strategic thinking with the ability to consider a range of factors and provide a fresh perspective when solving problems and making decisions
Executive presence and professional maturity, with the ability to quickly establish credibility and gain the confidence and respect of the Risk organization, the senior leadership team, and the Genworth Board of Directors
Ability to take intelligent risks and to make decisions and the tough calls with limited information that comes from experience and depth of knowledge
Ability to coach and develop others
Highest degree of integrity and ethics
An undergraduate degree is required
Ideal candidate will have a strong actuarial background preferably with an FSA designation.
Strong knowledge of long term care insurance
Genworth is a Fortune 500 financial services company providing financial security and protection through our Mortgage Insurance and Long Term Care businesses. Our purpose is to help families achieve the dream of homeownership and address the financial challenges of aging. At Genworth, our promise to our employees is the opportunity to make a meaningful difference in the lives of our customers, our communities, and one another.