Review Vacancy
TitleChief Investment Risk Officer
Occupational CategoryOther Professional Careers
Bargaining UnitM/C - Management / Confidential (Unrepresented)
Salary RangeFrom $250000 to $280000 Annually
Minimum Qualifications Basic Qualifications:
• Bachelor’s degree in Finance, Mathematics, Engineering, Economics, or related field;
• Candidates should have at least ten years’ experience at an insurance company overseeing and managing investment risk; OR ten years’ experience managing Investment Risk
Preferred Qualifications:
• Master’s in quantitative finance such as MFE, or MBA with concentration in Finance preferred;
• Relevant professional designations (e.g., FRM, PRM, CIPM from the CFA institute, FSA/ASA) are advantageous;
• Strong working knowledge of fixed income and equity markets, derivatives, insurance asset liability management, alternatives and private markets;
• Strong understanding of Monte Carlo, Stochastic Calculus, PDE’s, Linear Algebra, Markov Chains, Copula modeling, etc.;
• An understanding of programing languages, not limited to Stata, R, SQL, VBA, Python, C++, Matlab, etc.;
• Experience with front/middle office risk management systems such as; BlackRock Aladdin, RiskMetrics, YieldBook, Moodys KMV, Trepp, Intex, etc.;
• Compelling presentation skills, and outstanding verbal and written communication skills;
• Experience building and managing diverse teams.
Duties Description NYSIF is the largest workers’ compensation carrier in NYS and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 139,000 policyholders, with more than $1.8 billion in annual earned premium and over $20 billion in assets.
Under the direction of the Chief Investment Officer (CIO) the Chief Investment Risk Officer will be responsible for overseeing and implementing risk management controls for NYSIF’s general account assets. The candidate will be responsible for understanding and monitoring all risk factors related to NYSIF’s investments from both economic and statutory perspectives, chairing investment risk management meetings, managing and reporting on significant financial risk including but not limited to liquidity, concentration, credit, interest rates and structured product risks. Additionally, the candidate will be expected to combine their leadership and analytical skills advise the CIO and senior executives on NYSIF’s risk exposures against its desired risk profile and foster a strong risk culture. The candidate will collaborate with external third parties to advance state-of-the-art risk analyses and monitoring.
Responsibilities include, but are not limited to:
• Perform analytical work to identify interest rate, credit default, credit spread, liquidity, alternatives, and structured product risk exposures;
• Work proactively and communicate with the CIO, investment staff, investment consultants and traders to understand risk and performance decomposition, identifying risks, both quantitatively and qualitatively, of risk issues related to the portfolios and strategies;
• Provide in-depth analysis of trading activities including positions, strategies, limits and risk profiles of invested assets in all portfolios;
• Analyze risk and provide commentary on portfolio metrics, manage stress testing and scenarios analysis, analyze daily/weekly risk reports, and contribute to the development of a cohesive institutional investment risk management framework;
• Collaborate in the development of strategic asset allocations across NYSIF’s portfolios and provide support on capital management frameworks;
• Oversight of all investment structures, benchmarks, valuation models, and risk data warehouses;
• Partner with external risk vendor provider to create “state of the art” risk analysis, risk monitoring and decomposition;
• Provide guidance for technology enhancements to risk management measures beyond existing tools;
• Present risk management processes, methodologies, and implementation approach to investment staff, senior management, NYSIF’s Investment Committee and Board Members;
• Partner with both internal and external actuaries to support and enhance asset liability management, cash flow and liquidity analysis;
• Perform ad-hoc analysis to address real-time risk information need by the CIO and senior management;
• The Chief Investment Risk Officer will manage a staff of risk analysts and also serve as a liaison to finance, compliance, audit, legal, and information technology departments;
• Ensure that risk management processes and methodologies are well documented and reflect all portfolio risk.
• Enhance NYSIF’s measurement of ESG, climate and diversity factors.
Additional Comments Fringe Benefits:
• Competitive Compensation.
• Future Career Growth Potential.
• Open and Supportive Team-Based Environment.
• Plentiful Vacation, Personal, and Sick Leave Accruals.
• Paid State and Federal Holidays.
• Full Medical, Vision, and Dental.
• Retirement Options.
• Possibility of Telecommuting, Flextime, and Alternative Work Schedules.
Please note, the targeted income range for this position is $250,000 to $280,000, based upon the candidate’s individual experience. NYSIF does not offer bonus programs as part of our compensation program. The Civil Service title for this position is Special Investment Officer.
The New York State Insurance Fund (NYSIF) was established in 1914 as part of the original enactment of the New York State Workers’ Compensation Law. NYSIF's mission is to guarantee the availability of workers’ compensation insurance at the lowest possible cost to New York employers and to provide timely, appropriate indemnity and medical payments to injured workers, while maintaining a solvent fund. Since inception, NYSIF has fulfilled the dual roles for which it was created: to compete with other carriers to ensure a fair marketplace and to be a guaranteed source of coverage for employers who cannot secure coverage elsewhere.
NYSIF is the largest workers’ compensation carrier in New York State and among the top 10 largest workers’ compensation carriers in the nation, insuring approximately 139,000 policyholders, with more than $1.8 billion in annual earned premium and over $22 billion in assets. A self-supporting insurance carrier, NYSIF operates without taxpayer funding.
In addition to workers’ compensation insurance, NYSIF provides disability benefits coverage for off-the-job injuries to more than 56,000 New York employers. In 2018, NYSIF added paid family leave as a component of its disability benefits product, providing New Yorkers with job-protected, paid time away from work to care for their families.
NYSIF Commitment to Diversity, Equity, and Inclusion
The New York State Insurance Fund (NYSIF) prioritizes and champions diversity, equity, and inclusion (DEI) throughout our agency. NYSIF provides equal opportunities to all employees and applicants for employment without regard to race, religion, color, age, sex, national origin, sexual orientation, gender identity, disability, veteran status, or any other protected category under federal, state, and local law. We believe that embracing our differences brings richness, new ideas and experiences to NYSIF, which energizes a creative and innovative work environment. We strive to foster a workplace where diverse individuals are able to participate fully in the decision-making process and have ample opportunity for advancement. We are committed to investing the necessary resources and attention to improving the engagement, retention, and promotion of the extraordinary talent we have.
Some positions may require additional credentials or a background check to verify your identity.