AVP, Model & Enterprise Risk
Job Code: 400419
Job Location: New Jersey-Newark
An opportunity is available within Prudential’s Audit Department for an experienced professional to join the team responsible for coverage of Prudential’s model risks.
The Ideal Candidate
We are looking for highly organized professionals who have demonstrated strong project management abilities including the capability to manage multiple tasks and assignments. This is a high-profile position to help senior management and business heads further strengthen the model risk framework and governance throughout the organization. A key objective is to support the continuous monitoring activity around fostering robust model risk culture and to help challenge the existing model risk practice to align with prevailing best practices and regulatory guidance.
What will my Role at Prudential look like?
Prudential is a company of smart, ambitious professionals working together to create a better future for our customers and our communities around the globe. As one of the most recognizable financial services companies in the world, our employees are building on our 140-year history of financial strength with a focus on innovation and transformation to meet tomorrow’s most complicated challenges. We are committed to growth and development of every single employee, and we see our business success as a direct result of our talent.
The Internal Audit Department serves to protect the Company by improving the management of risks and the effectiveness of the control environment at the business, function and enterprise levels through valued independent assessments and advice on governance, risk and control. Our structure mirrors the business system which allows us to view risks vertically and horizontally – providing opportunities to generate value within and across our businesses and corporate functions.
You will be part of the Enterprise Risk, Capital, and Liquidity audit group and will actively interact with the risk management department, corporate functions, and business areas that are concerned with development, use, and validation of models. The selected individual will conduct model governance assessments and model re-performance reviews alongside other specific projects in the context of the annual audit plan execution.
Your engagement will primarily focus on:
· Performing focused model reviews to ensure models are developed in accordance with internal policies and industry best standards
· Assessing independent model review practices are consistent with internal policies and prevailing regulatory standards
· Helping to identify areas of model risk governance that need to be covered in the audit plan and assessed with priority
· Independently sampling data sets and model assumptions, including those used in the stress testing processes
· Delivering on time high quality audit reports in the area of model risk across the organization
· Helping to validate internal audit and regulatory issues
· Acting as an advisor and apply in-depth model risk knowledge in the execution of horizontal audits that require such expertise
· Developing effective relationships with line and corporate management
· Using effective communication skills to influence a wide range of internal audiences
· Preparing periodic reports and business monitoring summaries.
About YouYou have a strong analytical mindset with the ability to conduct strong risk assessments and evaluate controls. You are intellectually curious and have a desire to grow your business/technical acumen to remain current on business developments, industry trends, emerging risks, and changes to the financial and regulatory environments. You have solid experience in model risk governance, risk controls, or model development. One of your core strengths is your professional presence and ability to build business relationships. You enjoy working independently and are productive in a collaborative team environment.
- Experience in any of the following capacities: risk management, model governance manager, model developer, model validation manager, financial risk auditor, quantitative risk controller preferably at large financial institutions, consulting firms, or major supervisory agencies
- Understanding of model risk governance regulatory requirements (ie SR 11-7) and knowledge of prevailing best practices and standards
- Knowledge of analytical methods and modeling techniques used to manage and monitor financial, actuarial, and behavioral risks
- Understanding of insurance company asset/liability management frameworks and sources of risks
- Hands on experience with financial assets and derivatives pricing, valuation, risk analytics and profit/loss attribution (with prevalent focus on interest rate, foreign exchange, and credit products)
- Basic knowledge of regulatory capital requirements for large financial institutions
- Basic knowledge of regulatory stress testing framework and processes for large financial institutions
- Knowledge of investment instruments and markets across the full spectrum of fixed income, equity, and real estate asset types
- Highly motivated, proactive, conceptual thinker who is able work independently on a variety of assignments
- Strong track record of providing value-added insights to business leaders and serving as a trusted advisor to both business and corporate function leaders
- Effective communication skills, both oral and written, and the ability to partner with multiple business groups, corporate areas and independent auditors
- Undergraduate degree in economics, finance or other quantitative field of study plus advanced degrees in mathematics, engineering, computer programming, or finance are required
- Knowledge of US Generally Accepted Accounting (GAAP) and Statutory (STAT) insurance accounting concepts is a plus
- FRM, CFA designation is a plus
- Some audit experience is a plus, though not a requirement.
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 www.prudential.com 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 firstname.lastname@example.org for more information about doing business with Prudential.
Job Function: Audit