- Newark, NJ
TITLE : Associate Actuary
DUTIES: Perform independent review for Prudential's in-house models as the second line defense. Reconcile parallel model and assist replicating results with error falling in a reasonable range. Utilize AAA ESG model and stochastic spread generator to generate yield curves and asset spreads. Review the asset investment dynamics based on the SAA and MAA strategy. Review the actuarial model processes including actuarial inputs and assumptions, liability projection, asset strategy, and investment and reinvestment strategy. Make sure that the retirement product pricing model meets the GAAP and Statutory regulations. Perform the RBC/RAC capital methodology review. Perform sensitivity testing for certain key assumptions to ensure they are consistent with documentation and product specifications. Analyze statistical data, such as mortality, marital rates and retirement rates to construct probability tables which forecast risk and liability for payment of future benefits. Ascertain insurance and premium rates required and cash reserves necessary to ensure payment of future benefits. Employ risk management strategies when evaluating and pricing pension plan liabilities. Utilize the Microsoft Access models, R and VBA to perform the model review activities. Perform the testing of investment, finance and risk models and set up regular meeting with key stakeholders of the model reviewed to discuss and update the review results. Write up the model review reports and review findings and observations. EOE.
REQTS: Bachelor's degree or foreign equivalent in Applied Mathematics, Actuarial Science, or a related field plus three (3) years of experience in the position offered or as an Actuarial Associate, or a related position. Must have three (3) years of experience with all of the following: Actuarial model processes including actuarial inputs and assumptions, liability projection, asset strategy, and investment and reinvestment strategy; GAAP guidelines; Statutory regulations including RBC capital methodology; Microsoft Access modeling tools; R; VBA; Pension Plan Liabilities and Pension Risk Transfer (PRT); Sensitivity Testing; Periodic model Validation; Testing of investment, finance and risk models; and Regulatory Inquiries.
HOURS : Full time; Mon- Fri (40 hrs/week)
APPLY : Apply by clicking "Apply" below and following instructions to submit resume
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