Associate, Model Risk

PGIM • Newark, NJ

1d • Hybrid

About The Position

Are you a technical, risk-minded individual? Do you enjoy solving financial problems? Enterprise Risk Management’s (ERM) mission is to enable intelligent management decisions to help drive exceptional business, customer, and financial outcomes over the long term. The Insurance, Product, Assumption, Model (IPAM) team within ERM enables Enterprise end-to-end management of Insurance, Product, Assumption, and Model Risk. The Model Risk Management Group (MRMG) within IPAM is responsible for managing model risks across the enterprise. We are seeking to hire two Associates to be members of the MRMG and work with a talented team to perform independent model reviews. The current EWA for this position is Hybrid and requires your on-site presence on a reoccurring basis as determined by your business. What you’ll do: Research relevant regulatory frameworks, underlying products, assumptions and methodologies. Review model documentation, evaluate risks and propose review strategies. Perform modeling analytics and build independent challenger models and other analytical tools as needed. Clearly document review activities in a comprehensive model review report. Work closely with others, both inside and outside the MRMG. Related to model review work, this position would also have exposure to model risk assessments and model issue remediation processes.

Requirements

• 0-2 years of working experience in Quantitative Finance or Financial Engineering, or Actuarial Science.
• Strong knowledge of life insurance products, actuarial functions and models.
• B.S in quantitative fields such as Financial Engineering, Mathematical Finance, Applied Mathematics, Actuarial Science, Financial Econometrics, Physics, or other Engineering.
• Excellent mathematical and analytical problem-solving skills.
• Strong knowledge of valuation for financial derivatives such as options, IR Swap, Swaption, Futures, and general knowledge of Asset Liability Management (ALM) for insurance products.
• Strong technical skills, with hands-on experience in programming languages such as Python and VBA.
• Strong communication skills, both written and oral, including the ability to communicate complex issues to non-technical persons.
• Ability to build strong relationships and collaborate with others.

Nice To Haves

• A graduate degree is preferred.
• Experience with C++, MATLAB, or any database is also preferred.
• Experience in model development, implementation, and/or validation is a plus.
• Strong knowledge of AI/ML algorithms or experience in developing data science models is a plus.
• Experience in the financial services industry (bank, insurance company, hedge fund, etc.).

Responsibilities

• Research relevant regulatory frameworks, underlying products, assumptions and methodologies.
• Review model documentation, evaluate risks and propose review strategies.
• Perform modeling analytics and build independent challenger models and other analytical tools as needed.
• Clearly document review activities in a comprehensive model review report.
• Work closely with others, both inside and outside the MRMG.
• Related to model review work, this position would also have exposure to model risk assessments and model issue remediation processes.

Benefits

• Market competitive base salaries, with a yearly bonus potential at every level .
• Medical, dental, vision, life insurance, disability insurance, Paid Time Off (PTO), and leave of absences, such as parental and military leave .
• 401(k) plan with company match (up to 4%).
• Company-funded pension plan.
• Wellness Programs including up to $1,600 a year for reimbursement of items purchased to support personal wellbeing needs.
• Work/Life Resources to help support topics such as parenting, housing, senior care, finances, pets, legal matters, education, emotional and mental health, and career development.
• Education Benefit to help finance traditional college enrollment toward obtaining an approved degree and many accredited certificate programs.
• Employee Stock Purchase Plan: Shares can be purchased at 85% of the lower of two prices (Beginning or End of the purchase period), after one year of service.
• Eligibility to participate in a discretionary annual incentive program is subject to the rules governing the program, whereby an award, if any, depends on various factors including, without limitation, individual and organizational performance.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Number of Employees: 1,001-5,000 employees