Associate, Model Risk

Prudential-posted 4 months ago

$78,700 - $117,300/Yr

Full-time • Entry Level

Hybrid • Newark, NJ

5,001-10,000 employees

Insurance Carriers and Related Activities

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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 an Associate, Model Risk, to be a member of the MRMG and work with a talented team to perform independent model reviews.

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.

0-2 years of working experience in Quantitative Finance or Financial Engineering.
B.S in quantitative fields such as Financial Engineering, Mathematical Finance, Applied Mathematics, Actuarial Science, Financial Econometrics, Physics, or other Engineering. A graduate degree is preferred.
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. 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.).
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.

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.

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