Senior Associate - Portfolio Credit Risk Modeling
About The Position
Join Nationwide’s Finance team in a high-impact investment risk management role. The position will lead development of a multi-year stochastic credit risk model and deliver a production-ready solution to support specialty finance underwriting. Over time, the work may expand to influence pricing for other products, including annuities. The role collaborates across teams to develop analytical solutions and help build Nationwide’s specialty finance capabilities. The position focuses on structural credit risk modeling and portfolio risk analytics. It includes research, model development and validation, interpretation and documentation of results, and collaboration with business partners. The job posting also describes the broader Senior Consultant, Risk Analytics Researcher role, including ownership of complex quantitative modeling processes, consultation on strategic business needs, and work to ensure model assumptions and outputs are understood and aligned with standards. Nationwide intends to fill the position in Columbus, Ohio, but may consider remote candidates with critical industry skills and relevant experience. The role is exempt from overtime and is performed in a normal office environment. Applications are anticipated to be accepted until October 29, 2026, though the posting may close earlier.
Requirements
- Experience in portfolio credit risk modeling, including methods such as single-factor models, Merton models, and Gaussian copula frameworks.
- Deep understanding of credit default and migration behavior, including credit cycles, rating migration dynamics, default probabilities, and loss recovery experience.
- Strong understanding of asset and risk characteristics across corporate bonds, commercial mortgage loans, and structured assets.
- Demonstrated modeling and programming skills in Python, MATLAB, or similar tools, including development of Monte Carlo simulation models.
- Working knowledge of insurance investment portfolio risk and statutory capital frameworks.
- Strong communication skills and ability to explain complex modeling concepts to senior leaders.
- Undergraduate studies in finance, accounting, economics, statistics, mathematics, or a related subject area.
- Typically seven or more years of related work experience in financial risk modeling or actuarial functions, as described in the broader role profile.
- Strong understanding of machine learning, stochastic processes, Monte Carlo simulations, sampling methods, and other statistical techniques used in specialized risk modeling.
- Mathematical knowledge of specialized risk models, such as models used in hedging, economic scenario generation, catastrophe, or credit risk.
- Advanced understanding of risk management operations such as asset-liability management, portfolio risk assessment, and hedging.
- Sophisticated written and verbal communication skills.
- Advanced proficiency with Excel and common statistical software such as R, SAS, Python, or MATLAB.
Nice To Haves
- Five or more years of experience in quantitative risk modeling is preferred in the position-specific qualifications.
- CFA, FRM, or actuarial credentials (FSA/FCAS), or progress toward them.
- Graduate-level studies in a related field or an advanced degree.
- Progress toward FCAS, FSA, CQF, CFA, or a similar designation.
Responsibilities
- Develop a multi-year stochastic credit risk model using a Merton approach for corporate bonds, commercial mortgage loans, and structured assets.
- Work with the specialty finance team and asset managers to develop a production-ready model supporting specialty finance underwriting.
- Research credit default history and credit risk cycles, establish assumptions, and define model scope and limitations.
- Design and conduct comprehensive model validation.
- Build analytical frameworks connecting assumptions, inputs, and outputs to make modeling results clear.
- Develop and guide junior-level credit risk analysts and strengthen the credit risk modeling function.
- Research and implement financial engineering, data science, and statistical techniques for risk management and business applications.
- Create and test risk limits to guide asset allocation, risk transfer, and product growth decisions.
- Own complex quantitative modeling processes and ensure models align with industry standards.
- Consult and collaborate so model assumptions, processes, and outputs are understood and standard methodologies are upheld.
- Review model output, identify limitations and their impact, and apply appropriate corrective quantitative methods.
- Create and maintain model documentation covering rationale, assumptions, and business continuity.
- Develop innovative solutions for strategic business problems and act as the technology owner for risk analytics.
- Perform other responsibilities as assigned.
Benefits
- Medical insurance
- Dental insurance
- Vision insurance
- Life insurance
- Short- and long-term disability coverage
- Paid time off, with newly hired associates receiving a minimum of 18 days per full calendar year, prorated quarterly based on hire date
- Nine paid holidays
- Eight hours of Lifetime paid time off
- Eight hours of Unity Day paid time off
- 401(k) with company match
- Company-paid pension plan
- Business casual attire
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What This Job Offers
Job Type
Full-time
Career Level
Senior
