Senior Quantitative Analyst in Model Validation

APPLY NOW »

Date: Dec 7, 2018

Location: New York, NY, US

Company: New York Life Insurance Co

New York Life Insurance Company is the largest mutual life insurance company in the United States. Founded in 1845 and headquartered in New York City, New York Life reported 2017 operating earnings of $2.06 billion. Total assets under management at year end 2017, with affiliates, totaled $586 billion.

 

New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+ (Source: Individual independent rating agency commentary as of 8/1/17).

 

Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.

 

 

The Actuarial Model Validation (AMV) team is responsible for the independent validation of the actuarial models of the company, including ALM, Valuation, Pricing and models with actuarial components.   The Senior Quantitative Analyst will be responsible for planning and successfully executing independent validation of actuarial models.  Collaborating with members of the Model Risk Governance and the Model Validation teams, he/she will also assist in assessing and managing model risk of the actuarial models and will contribute in developing an integrated method for validating models with interconnected insurance and financial risks.

 

Responsibilities

  •  Lead and conduct model validations of the company’s actuarial models based on internal Model Risk Management policies and procedures, regulatory guidance and industry best practices
  • Plan and oversee validation work of actuarial models to include evaluation of conceptual soundness & methodology, assumptions and limitations, data relevance and completeness, and outcome analysis
  • Collaborate with the rest of the MRM leads to validate a variety of models, including models with intertwined financial and insurance risks
  • Review and complete model validation reports, ensuring that they meet the Model Risk Governance standards
  • Communicate findings and recommendations to model owners and model users
  • Work closely with model owners and model users to understand the models’ use and business applications
  • Present findings to Senior Management and Model Risk Committee, as appropriate
  • Lead effort of building benchmark and test models used by model validation and monitoring
  • Contribute in monitoring model validation findings and evaluating remediation actions
  • Collaborate with the Lead of Model Risk Governance to ensure model governance and standards are appropriate for the firm’s risk profile and are adhered to firm-wide

 

Qualifications

  • MS or undergraduate degree in a quantitative discipline, such as, math, economics, statistics etc. 
  • FSA, MAAA with knowledge of actuarial modeling techniques and life insurance products
  • Experience in model development and/or model validation
  • Experience working in risk areas, such as, risk, finance and/or regulation
  • Team-oriented with a strong sense of ownership and accountability
  • Strong leadership, interpersonal and relationship management skills
  • Experience in documenting modeling approaches, techniques and validation practices
  • Familiarity with model documentation requirements that meet regulatory expectations
  • Strong verbal and written communication skills. Ability to review, critique and improve long reports and model documentation
  • Ability to become a trusted partner and implement change
  • Proven track record and demeanor to handle highly confidential and sensitive matters in changing environment
  • Experience with both banking and insurance models is a plus
  • Experience with at least one of the numerical or coding techniques, such as, SAS, MATLAB, S-Plus, R, Python, C++

SF:LI-MD1
SF:EF-MD1

 

 

 

EOE M/F/D/V

 

If you have difficulty using or interacting with any portions of this Web site due to incompatibility with an Assistive Technology, if you need the information in an alternative format, or if you have suggestions on how we can make this site more accessible, please contact us at: (212) 576-5811.

 


Job Segment: Developer, Quantitative Analyst, Risk Management, Actuarial, Relationship Manager, Technology, Data, Finance, Insurance, Customer Service