- Newark, NJ
EMPLOYER : The Prudential Insurance Company of America
TITLE : Associate Actuary
LOCATION: Newark, NJ
DUTIES: Understand Model Risk Management Framework from Enterprise Risk Management control perspective. Work on project-based schedule that covers wide variety of Prudential actuarial, investment and risk models, including models for purpose of Pricing, Valuation, Forecasting, Asset Adequacy Testing, Loss Recognition Testing, Dividend Scale Rate Determination, Capital Management, and Credit Risk Management. Review models used by various business units, including Prudential Individual Life, Prudential Annuity, Prudential Retirement, Prudential Closed Block, Prudential International Insurance and Prudential Global Investment Management. Review models for various product types, such as Universal Life, Variable Universal Life, Traditional Life Insurance, Structured Settlement Product, US Funded Pension Risk Transfer, UK Longevity Reinsurance, Variable Annuity with Living Benefit Guarantees, and Commercial Real Estates Mortgages. Collaborate with business partners such as Model Owners, Model Steward, Model Control Office, Corporate Assumption/Pricing/GAAP/Statutory Governance, and Internal Audit to perform effective model reviews and discuss model review findings. Analyze risk profile of model under review and design review strategy and review activities from risk-based approach. Perform model review activities, including Input Review, Assumption Review, Methodology Review, and independent testing such as replication, benchmarking, back testing, sensitivity testing and output analytics. Document model review activities and model review results in professional internal reports. Prepare external memo to communicate model review findings with business partners. Assist team leaders with project management, mentor and lead entry level associates during model reviews. Participate actively in Model Risk Management Framework discussion and contribute to the development of Prudential model risk team.
REQTS: Must have a Bachelor's degree or foreign equivalent in Actuarial Science plus four (4) years of experience in the position offered as an Associate Actuary, Senior Actuarial Associate, Actuarial Associate or related. Must have four (4) years of experience with: Actuarial Modeling Software: GGY Axis; VBA; Access SQL; C programming; R programming; Pricing Methodologies for Life Insurance and Annuity Products; Valuation Methodologies for Life Insurance and Annuity Products; GAAP/Statutory/Tax/IFRS Accounting for Life Insurer; Economic Capital Framework; Financial Economics; Enterprise Risk Management; Required Capital and Capital Management; Reinsurance; and Chartered Financial Analyst (CFA) financial market methods.
HOURS : Full time; Mon- Fri (37.5 hrs/week)
APPLY : Apply by clicking "Apply" below and following instructions to submit resume.
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