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Actuarial Associate - Model Risk Management


Newark, NJ
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Job Details

Position Title: Actuarial Associate - Model Risk Management
Job Code: 442138
Job Location: New Jersey-Newark


The mission of Enterprise Risk Management (ERM) is to ensure that Prudential has a comprehensive framework for understanding the risks embedded in and across its businesses, so that the company can manage these risks effectively, evaluate current and future risk challenges and opportunities, and enhance shareholder value. 

An integral part of the ERM organization is the Model Risk Management Group (MRMG), which includes two teams: (1) Model Risk Management and (2) Model Risk Control Office.  The primary objectives of MRMG are to effectively challenge, manage and mitigate model risks, and maintain model inventory, risk assessment and model control standards.


Primary Responsibilities


This position will be part of the Model Risk Management team, primarily responsible for independent model reviews and testing of models.


The incumbent’s level of experience and subject matter expertise will determine his or her level of leadership and involvement relative to the following responsibilities:

• Support model review work including the following activities:

 Research relevant regulatory frameworks, underlying products, assumptions and methodologies

 Review model documentation, evaluate risks and propose review strategies

 Build independent challenger models and other analytical tools as needed

 Perform model output analytics

 Create a comprehensive model review report

• Be exposed to multiple lines of business and model types: pricing, financial reporting, capital, forecasting and others

• Work closely with others, both inside and outside the team


This position may also help with the monitoring of model control standards, model risk assessments, and model issue remediation in partnership with the Model Risk Control Office.


• Degree in Actuarial Science, Mathematics, Financial Engineering, Economics, Business, Science‐based, or another analytical field

• Successfully passed one or more actuarial exams

• Experience working in an actuarial position is a plus

• Experience in model development, implementation and/or validation a plus

• Knowledge of insurance or retirement products is a plus

• Strong communication skills, both written and verbal

• Knowledge of software packages used in business communication such as MS Excel, Word and PowerPoint

• Knowledge of relevant software packages, such as ALFA, Prophet, MATLAB, VBA, SAS, R software is a plus

• Working knowledge of programming languages, such as C, C , JAVA is desired

Prudential is a multinational financial services leader with operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services.

We recognize that our strength and success are directly linked to the quality and skills of our diverse associates. We are proud to be a place where talented people who want to make a difference can grow as professionals, leaders, and as individuals. Visit to learn more about our values, our history and our brand.

Prudential is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, genetics, disability, age, veteran status, or any other characteristic protected by law.

Note that this posting is intended for individual applicants. Search firms or agencies should email Staffing at for more information about doing business with Prudential.
Job Function: Actuarial
Schedule: Full-time
Apply on the Company Site
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