Job Requisition ID: 90320
Location Designation: Hybrid - 3 days per week
Location: New York, NY
Offered Wage: $151,500.18/year
Duties: Executes independent validations of models based on the company's internal model risk management policy and procedures, regulatory guidance, and leading industry practices. Plans validation work to incorporate the evaluation of conceptual soundness and modeling methodology, model assumptions and weaknesses, data relevance, completeness, and outcome analysis. Reviews and completes model validation reports ensuring they meet the Model Risk team’s internal standards based on a methodological evaluation of the model, performance testing, sensitivity analysis, assumptions testing, and data reviews. Communicates findings and recommendations from model validation reports to model owners and model users. Presents findings to senior management and the Model Risk Committee. Builds benchmark and test models to be used in model validation. Monitors model validation results and evaluates remediation actions. Collaborates with Model Risk Governance to ensure that model governance and standards are observed.
Education & Experience Requirements:
Master's degree in Mathematics, Statistics, Operations Research, Economics or other quantitative discipline (willing to accept foreign education equivalent) plus three (3) years of experience as a Quantitative Analyst (or closely related profession) performing model validation or model development in the banking, insurance or consulting industry.
Or, alternatively:
Bachelor's degree in Mathematics, Statistics, Operations Research, Economics or other quantitative discipline (willing to accept foreign education equivalent) and five (5) years of experience as a Quantitative Analyst (or closely related profession) performing model validation or model development in the banking, insurance or consulting industry.
Required Skills:
Experience must include 3 years in each of the following skills:
(1) Validating asset management, financial, capital, stress testing, and machine-learning models within the finance or insurance industries;
(2) Assessing aggregate model risk and identifying potential and emerging model risks within the finance or insurance industries;
(3) Performing model testing and building challenger models during asset management, financial or machine-learning model validation leveraging one or more of the following languages: R, Python, MATLAB, and C++;
(4) Performing model calibration assessment, model performance assessment, sensitivity and stability testing, back testing, and benchmarking against challenger models during asset management, financial, capital or machine-learning models validation leveraging Cox regression modeling for debt rating and economic forecasting models; and,
(5) Reviewing model documentation relative to asset management, capital, financial or machine-learning model validation leveraging the Board of Governors of the Federal Reserve System’s “SR 11-7: Guidance on Model Risk.”
Eligible for Employee Referral Program.
This notice is being provided as a result of the filing of an application for permanent alien labor certification for the relevant job opportunity. Any person may provide documentary evidence bearing on the application to the Certifying Officer, U.S. Department of Labor, Employment and Training Administration, Office of Foreign Labor Certification, 200 Constitution Avenue NW, Room N-5311, Washington, DC 20210.
Overtime eligible: Exempt
Discretionary bonus eligible: No
Sales bonus eligible: No
Click here to learn more about our benefits. Starting salary is dependent upon several factors including previous work experience, specific industry experience, and/or skills required.
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 volunteerism, supported by the Foundation. We're proud that due to our mutuality, we operate in the best interests of our policy owners. 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.
Job Requisition ID: 90320
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