Senior Quantitative Analyst - Non-Actuarial Models

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 Senior Quantitative Analyst will be responsible for independently assessing model risk across the Company’s non-actuarial models. Reporting to the Non-Actuarial Model Validation Lead, the Senior Quantitative Analyst will develop appropriate metrics for measuring model risk, assist in the planning and execution of validation for non-actuarial models, and support implementation of the model risk management framework and validation standards.

Description of Responsibilities

• Lead and conduct validations of the company’s financial, statistical and asset management models, based on the Model Risk Management policy and procedures, regulatory guidance, and industry best practices
• Plan validations including evaluation of conceptual soundness and modeling methodology, model assumptions and weaknesses, data relevancy and completeness, and outcome analysis
• Collaborate with the Actuarial Validation team to comprehensively validate a variety of models, including models with intertwined financial and insurance risks
• Review and complete model validation reports, ensuring that they meet Model Risk internal standards, based on methodological evaluation of models, performance testing, sensitivity analysis, testing of assumptions and data reviews
• Communicate findings and recommendations from model validation reports 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 the Model Risk Committee, as appropriate
• Lead efforts at building benchmark and test models used by model validation team
• Contribute in monitoring model validation findings and evaluating remediation actions
• Collaborate with the Model Risk Governance Lead to ensure model governance and standards are appropriate for the Company’s risk profile and are adhered to firm-wide

Requirements

• Graduate-level degree with concentration in a quantitative discipline such as mathematics, statistics, physics, engineering, econometrics, etc.
• Minimum 10 years of experience in model validation or model development in banking, insurance or consulting
• Experience in risk, finance and regulatory aspects
• Team-oriented with a strong sense of ownership and accountability
• Strong leadership, interpersonal and relationship management skills
• Solid quantitative or qualitative risk assessment 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

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Job Requisition ID: 83204