Senior Actuarial Associate - Model Risk Management - MOD0001O - Prudential - Newark, NJ

Senior Actuarial Associate - Model Risk Management - MOD0001O - Prudential - Newark, NJ -

The mission of Enterprise Risk Management (ERM) is to make sure that Prudential has a complete framework for understanding the dangers embedded in and throughout its companies, in order that the corporate can handle these dangers successfully, consider present and future danger challenges and alternatives, and improve shareholder worth. The Firm acknowledges that the great danger management framework requires robust mannequin danger oversight and mannequin danger management, and is forming a brand new Model Risk Management Group that may embrace three groups: (1) Actuarial Model Risk Management, (2) Funding, Finance and Risk Model Risk Management, and (three) Model Risk Management Workplace. The first goals of this Model Risk Management Group can be to offer efficient problem, handle and mitigate mannequin dangers, and keep mannequin stock, danger evaluation and mannequin management requirements. This place might be a part of the brand new Actuarial Model Risk Management workforce chargeable for making certain that Prudential is able to precisely figuring out, measuring, reporting, monitoring and managing the Firm’s mannequin dangers. It will embrace unbiased mannequin validation and testing of actuarial fashions. This place can also embody monitoring mannequin management requirements, performing danger assessments, danger mitigation and remediation in partnership with the Funding, Finance and Risk Model Risk Management workforce and the Model Risk Management Workplace. To successfully handle these duties, the profitable candidate will work each independently and collaborate as a part of a staff with vital dependence on relationships with inner audit, company actuarial, enterprise unit actuaries, the treasurer’s group, portfolio managers, finance, funding operations and analytical software program distributors. The incumbent’s degree of expertise and material experience will decide his or her degree of management and involvement relative to the next obligations: Model Management Requirements: Supporting plans and actions associated to modeling methods and mannequin danger actions throughout the Firm to make sure consistency and transparency of modeling path, imaginative and prescient, technique, and applicable governance controls. Model Validation & Testing: Supporting unbiased periodic mannequin validation and testing of funding, finance and danger fashions. This can embrace evaluate, efficient problem, and written documentation, together with evaluation of conceptual soundness, mannequin efficiency/outcomes evaluation, and appropriateness of mannequin assumptions, knowledge sources, mathematical formulation and enterprise purposes in addition to communication of key mannequin weaknesses and knowledge limitations (e.g., inherent mannequin imprecision). Model Constructing: Supporting the constructing of fashions and analytical instruments to help the actions of the Model Risk Management group. This can contain the event of the fashions and instruments in addition to the analyzing of output. Reporting: Supporting preparation of normal mannequin danger standing studies and reporting key observations and compliance/non-compliance with the mannequin governance coverage to Model Risk Oversight Committee. It will embrace making certain that rising dangers are recognized and appropriately addressed. Job Necessities Diploma in Actuarial Science, Arithmetic, Monetary Engineering, Economics, Enterprise, Science?based mostly, or associated analytical area Efficiently handed 2 or extra actuarial exams is desired 2+ years of expertise in an actuarial area is desired 1+ years of expertise in mannequin improvement, implementation and/or validation is desired Robust technical information of insurance or bank merchandise is desired Wonderful mathematical, analytical drawback fixing expertise Robust communication (each written and oral) expertise, together with the power to speak complicated points to non?technical individuals Expertise managing a number of direct stories, or managing extra junior degree assets on tasks, is a plus Means to construct robust relationships whereas difficult and influencing individuals in a constructive method Expertise in using related software program packages, similar to ALFA, Prophet, MATLAB, VBA, SAS, R software program Expertise with database improvement, upkeep, and extraction of knowledge for reporting is desired Working information of programming languages, resembling C, C++, JAVA is desired Demonstrated superior information of software program packages utilized in enterprise communication reminiscent of MS Excel, Phrase and PowerPoint Proficiency in Japanese language desired, not required. Please observe this position might be housed in both Newark NJ or our Fort Washington PA (Dresher) workplace.

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