Senior Actuarial Associate, Model Risk Management
Job Code: 392558
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.
The Company recognizes that the comprehensive risk management framework requires strong model risk oversight and model risk management, and is forming a new Model Risk Management Organization that will include three teams: (1) Actuarial Model Risk Management, (2) Investment, Finance and Risk Model Risk Management, and (3) Model Risk Control Office. The primary objectives of this Model Risk Management Group will be to provide effective challenge, manage and mitigate model risks, and maintain model inventory, risk assessment and model control standards.
This position will be part of the new Actuarial Model Risk Management team responsible for ensuring that Prudential is capable of accurately identifying, measuring, reporting, monitoring and managing the Company’s model risks. This will include independent model validation and testing of actuarial models. This position may also encompass monitoring model control standards, performing risk assessments, risk mitigation and remediation in partnership with the Investment, Finance and Risk Model Risk Management team and the Model Risk Control Office.
To effectively manage these responsibilities, the successful candidate will work both independently and collaborate as part of a team with significant dependence on relationships with internal audit, corporate actuarial, business unit actuaries, the treasurer’s group, portfolio managers, finance, investment operations and analytical software vendors.
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:
- Model Control Standards: Supporting plans and activities related to modeling systems and model risk activities across the Company to ensure consistency and transparency of modeling direction, vision, strategy, and appropriate governance controls.
- Model Validation & Testing: Supporting independent periodic model validation and testing of investment, finance and risk models. This will include review, effective challenge, and written documentation, including assessment of conceptual soundness, model performance/outcomes analysis, and appropriateness of model assumptions, data sources, mathematical formulas and business applications as well as communication of key model weaknesses and data limitations (e.g., inherent model imprecision).
- Model Building: Supporting the building of models and analytical tools to support the activities of the Model Risk Management group. This will involve the development of the models and tools as well as the analyzing of output.
- Reporting: Supporting preparation of regular model risk status reports and reporting key observations and compliance/non-compliance with the model governance policy to Model Risk Oversight Committee. This will include ensuring that emerging risks are identified and appropriately addressed.
· Degree in Actuarial Science, Mathematics, Financial Engineering, Economics, Business, Science‐based, or related analytical field
· Successfully passed 2 or more actuarial exams is desired
· 2 years of experience in an actuarial field is desired
· 1 years of experience in model development, implementation and/or validation is desired
· Strong technical knowledge of insurance or bank products is desired
· Excellent mathematical, analytical problem solving skills
· Strong communication (both written and oral) skills, including the ability to communicate complex issues to non‐technical persons
· Experience managing one or more direct reports, or managing more junior level resources on projects, is a plus
· Ability to build strong relationships while challenging and influencing people in a constructive manner
· Experience in the use of relevant software packages, such as ALFA, Prophet, MATLAB, VBA, SAS, R software
· Experience with database development, maintenance, and extraction of data for reporting is desired
· Working knowledge of programming languages, such as C, C , JAVA is desired
· Demonstrated advanced knowledge of software packages used in business communication such as MS Excel, Word and PowerPoint
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 email@example.com for more information about doing business with Prudential.
Job Function: Risk Management