Operational Risk Management - Intern

About Our Company

Aflac Asset Management, LLC, (d.b.a. Aflac Global Investments) is a wholly owned subsidiary of Aflac Incorporated (Aflac). Aflac Global Investments (GI) located in New York’s financial district and is the organization responsible for the overall investment activities of Aflac, Inc. and subsidiaries in Japan, Bermuda, and the U.S. With 150 employees globally, GI seeks investments to maximize long-term returns with a focus on preservation of capital, subject to our asset-liability profile and liquidity and capital requirements. GI has primary investment and asset management responsibility for Aflac’s general account consisting of public, private, and growth assets (including strategic partnerships) which generates approximately $3.5 billion a year in net investment income. As of year-end 2022, Aflac’s total general account portfolio was $111 billion.

The investment teams support GI’s overall goals and objectives by providing market insight and in-depth knowledge of assigned asset classes. GI oversees the strategic deployment of capital for life and supplemental health insurance company balance sheets utilizing both internal teams and external third party asset managers. In 2021, Aflac Inc. became a signatory of the Principles of Responsible Investment (PRI), the global framework for incorporating ESG considerations into investment and ownership decisions. As a PRI signatory, Aflac reinforced their continued commitment to seeking ESG friendly investments into their overall SAA.

Program Overview

• The Analyst Summer Internship is an intensive 10-week internship program within information technology department where the intern will learn about tools and technology used in investments / buy-side firm.
• The Intern will gain valuable experience in operational risk management, including exposure to industry, company, financial, and business analysis as generated by various reports and peer analysis.
• The Intern will benefit from exposure to projects from Concept à Analysis àAssembly of Data àReporting; along with daily activities and its importance in achieving business objectives.
• The Intern will benefit from exposure to Aflac Global Investments platform with emphasis on information technology, but understand fixed income assets and the execution of investments across our US and Japan operations
• The Intern will interact with Senior Management and will present their analytical project(s) to an audience of key stakeholders including other analysts, investment professionals, and Senior Management.

Program Benefits

• Aflac Global Investments has over $111 billion of assets under management.
• Aflac is a Fortune 100 company with a significant overseas operations in Japan and a corporate culture that recognizes and rewards excellence in all of its employees.
• Opportunity to gain deep industry knowledge of investments through focused interaction with existing experienced professional staff to generate real-world work product.
• An open, collaborative work environment amongst other interns in different programs, as well as employees and senior management.

• Training sessions including Introduction to Fixed Income, Life Cycle of Trading, Understanding Investments Technology Platform, The Role of Compliance in an Insurance Investment Firm, Credit/Market Risk, Derivatives, Macro Strategy, and Understanding the Buy-Side of Investments.
• Weekly financial/investment/economic discussions with company senior stakeholders to develop and inform investment theory to practical application.

• Information sessions with senior management, networking with other interns placed throughout other areas of Aflac, and virtual social activities.

Professional Development

Our summer interns participate in a series of activities that provide the opportunity to learn about all areas of the firm, as well as on-the job training in investments and how technology is used within a buy-side firm. The Intern will be assigned projects in support of current business needs including efficiency projects, structuring of large data sets in support of technology projects. Intern will also learn best practices for research and data analytics and other responsibilities in support of managing the technology platform that supports the investments portfolio for the full 10 week period.

Job functional responsibilities include:

Develop understanding and appreciation for operational risk function within an insurance asset management company and learning the importance around business controls, department roles, operational workflow and possibly new business initiatives and their implementation in a growing firm which includes legacy, current, and future business objectives and the people and applications to achieve these goals.

Operational Risk Management

• Learn how to facilitate the maturation and implementation of a defined Operational Risk Management (ORM) framework, within a continuous growing insurance asset manager. Develop understand around background à design àidentification àthreshold (and escalation) à usage à effectiveness à and overall program governance.
• Develop an understanding of Risk and Control Self-Assessment (RCSA), Key Risk Indicators (KRI), Loss Event, Risk Response and Reporting programs, Key Operating Procedures (KOPs) along with their importance of monthly, quarterly, or annual reviews.
• Support the update of applicable ORM policies and committee / regulatory communications where applicable

Global Investments (GI) Risk Operations

• Monitor, consult upon, and update where applicable (i.e. risk limit policy matters) reviewing of GI policies and procedures, analysis, assessment, findings, and recommendations.
• Develop and apply an end to end understanding of GI KOPs and application of controls and limits for the application of ORM limit monitoring programs
• Support independent advisory and governance activities for key GI initiatives (e.g. execution of new asset class mandates)
• Evolve your knowledge of independent governance and risk monitoring for investments specific operational risks within an insurance asset manager.
• Work closely with the various teams across Aflac Global Investments and learn various aspects of business work flows, evolution of business process and the application of assessment of business controls which includes process mapping, risk monitoring, along with reporting and recommendations across different investment initiatives.

Global Investments (GI) Risk Reporting

• Design and develop dashboards, reports and presentations regarding operational investment risk matters for recommendations to GI management and various committee reporting and governance
• Prepare oral and written analyses and concepts to Aflac Global Investment Risk team and assorted stakeholders.

• Compile and maintain highly sensitive and confidential information in accordance with ORM policies and governance.
• Participate in company/department wide meetings throughout the summer.

The program offers various learning opportunities including presentations by senior management, business leaders, plus networking events with mentors, business sponsors, senior management and full time employees.

Before Applying, consider the following

We seek a highly motivated student with degree focus in business that has an interest in audit, risk, accounting, data / business analytics; finance, or similar degree programs and has an ability to demonstrate a willingness to learn, intellectual curiosity, and have a strong interest working in investments, finance, business and data analytics within an insurance asset management and/or our company.

Additional qualifications include:

• GPA of 3.0 or above preferred
• Excellent analytical, quantitative, and problem solving skills
• Strong verbal and written communication skills
• Demonstrated leadership, interpersonal, and relationship management skills
• Intermediate to advanced proficiency with MS Office, with an emphasis on Excel and PowerPoint
• All candidates must have eligibility to work permanently in the U.S. and must be physically located in the continental U.S. for the duration of internship. Working time zone is Eastern Standard Time in New York City.
• Worker Designation: requires a hybrid work schedule with a minimum of 3 days in the office

The range on this positions is: $18.75/hr to $28.84/hr and is a non-exempt position. The position requires the individual to work 40 hours per week for 10 weeks (June 12th - August 11th, 2023) based on the companies hybrid work schedule noted above.

This compensation range is specific to the job level and takes into account the wide range of factors that are considered in making compensation decisions including, but not limited to: education, experience, licensure, certifications, geographic location, and internal equity. The range has been created in good faith based on information known to Aflac at the time of the posting. Compensation decisions are dependent on the circumstances of each case. This salary range does not include any potential incentive pay or benefits, however, such information will be provided separately when appropriate.

We will consider for employment all qualified applicants, including those with a criminal history, in a manner consistent with the requirements of all applicable federal, state, and local laws, including the Los Angeles Fair Chance Initiative for Hiring Ordinance, the San Francisco Fair Chance Ordinance, and the New York City Fair Chance Act. Applicants with criminal histories are encouraged to apply.