Senior Actuarial Associate

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Date: Jan 5, 2021

Location: New York, NY, US

Company: New York Life Insurance Co

 

A career at New York Life offers many opportunities. To be part of a growing and successful business. To reach your full potential, whatever your specialty. Above all, to make a difference in the world by helping people achieve financial security. It’s a career journey you can be proud of, and you’ll find plenty of support along the way. Our development programs range from skill-building to management training, and we value our diverse and inclusive workplace where all voices can be heard. Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and service, supported by our Foundation. It all adds up to a rewarding career at a company where doing right by our customers is part of who we are, as a mutual company without outside shareholders. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

 

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 and non-actuarial risks. Working in AMV provides a unique opportunity for actuaries to apply technical skills and actuarial expertise to a variety of models used across the businesses, to gain experience analyzing models with interconnected (insurance and non-insurance) risks, and to develop expertise in an independent risk management approach. 

 

Description of Responsibilities:

  • Conduct model validations of the company’s actuarial models based on internal Model Risk Management policies and procedures, actuarial regulatory expectations and industry best practices
  • Contribute in assessing and managing model risk of the actuarial models
  • Draft comprehensive model validation reports, ensuring that the models meet the Model Risk Governance standards
  • Build benchmarking and testing models used for model validation and monitoring, as needed
  • Work closely with model owners and model users to evaluate the models’ use and business applications
  • Communicate model validation findings to relevant stakeholders, including model owners and users, and evaluate model remediation plans and actions 
  • Collaborate with the Model Risk Governance team to ensure that model risk policies and standards are adhered to by business units

 

Requirements:

  • Advanced degree with preferred majors in Actuarial Science, Mathematics, Statistics, Engineering, Sciences, Economics, or Finance
  • FSA or ASA working toward FSA designation in the Society of Actuaries is a plus
  • Minimum 3 years of prior full-time actuarial experience, in a model development and/or model validation role
  • Strong analytical and communication skills
  • Familiarity with industry-standard model documentation requirements
  • Team-oriented with a strong sense of ownership and accountability
  • Strong interpersonal and time management skills
  • Experience with actuarial modeling platforms; e.g., Prophet, GGY-axis, etc.
  • Knowledge of other coding techniques, such as SAS, MATLAB, S-Plus, R, Python, C++ is a plus

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Job Requisition ID: 82614 


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