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Model Risk Management Analyst Senior | Hybrid job in Minneapolis at Allianz

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Model Risk Management Analyst Senior | Hybrid at Allianz

Model Risk Management Analyst Senior | Hybrid

Allianz Minneapolis, MN (On Site) Full-Time
At Allianz Life, we are driven by our mission - we secure your future - and by our common goal of caring for tomorrow. We care for our employees by promoting an inclusive culture where everyone has the opportunity to grow and be rewarded for their success. We care for our customers by creating new products that help them protect their families and pursue their retirement goals. We care for our community by giving time, resources, and donations. And we care for the future by supporting sustainability, protecting the local environment, and promoting societal equity.

What you do:

The Senior Model Risk Management Analyst is accountable for validating hedging, actuarial, capital, and other financial models at assigned organizations and Allianz Group entities where service-level agreements are in place.

Operating with a high degree of independence and discretion, the Senior Model Risk Management Analyst develops, coordinates, and executes model validation plan activities with any impacted entity and departments (including AIM, Actuarial, Finance and other areas) following Allianz Life and Allianz Group guidelines as appropriate.

The Senior Model Risk Management Analyst ensures appropriate adherence to model governance across the organization, tracks progress to plans, and addresses changes to ensure best practices.

What you bring:

Model Validation:

* Perform validation of actuarial, financial and capital models as an independent reviewer, whether for new models, model changes or as part of ad-hoc validations:
* Review inputs, assumptions and expert judgements
* Review the methodology and assess its mathematical, financial or actuarial relevance
* Review the code and ensure that it is aligned with the methodology
* Review the documentation to ensure it is understandable
* Review outputs and controls
* Perform validation tests (backtestings, sensitivities to inputs and assumptions, code changes).

* Understand the modelling process including inputs, outputs and assumptions.
* Identify potential issues from validations, raise findings and align with model owners and Chief Risk Officer on remediation's schedules based on materiality.
* Track remediation plan items and work with model owners to ensure identified items are being addressed in due time.
* Ensure the consistency (when expected) of the modeling approaches on the different perimeters of the company and share the best practices identified during the validations with model owners.
* Support and assist junior analysts in their day-to-day validation work.

Model Governance:

* Support for continuous improvement of model change management process of various models and provide best practices to teams across multiple departments.
* Update (and improve if needed) templates used by model validators.
* Maintain models inventory, track any relevant status (including re-validation status, materiality and criticality) and ensure all activities are documented.
* Maintain models findings list and track remediation status.
* Work with model owners to understand the model changes being considered and assess if model changes will impact the validation status/plan.
* Update the validation plan as necessary based on new information.

Stakeholder Interaction:

* With minimum guidance, build and maintain strong relationships with customers and stakeholders.
* Keep informed through the model owners and any other channel of model evolutions, assumptions updates and new tools put in place that could fall within the scope of validation.

Minimum Requirements

* 4-5 years of experience required.
* Experience developing financial and actuarial models required.
* Good knowledge of life insurance business and derivatives pricing
* Significant knowledge of actuarial valuations for financial reporting.
* Significant knowledge of financial modelling (Monte Carlo methods, financial stochastic models calibration and projection).
* Four-year degree required: Bachelor's degree in Mathematics, Statistics, or related technical field.

Preferred:

* 6-7 years' experience preferred.
* Advanced degree preferred: Master's degree in Mathematics, Statistics or related technical or business field.
* Experience mentoring and training junior analysts preferred.
* Experience validating financial and actuarial models preferred.

Allianz Group is one of the most trusted insurance and asset management companies in the world. Caring for our employees, their ambitions, dreams and challenges, is what makes us a unique employer. Together we can build an environment where everyone feels empowered and has the con?dence to explore, to grow and to shape a better future for our customers and the world around us. We at Allianz believe in a diverse and inclusive workforce and are proud to be an equal opportunity employer. We encourage you to bring your whole self to work, no matter where you are from, what you look like, who you love or what you believe in. We therefore welcome applications regardless of ethnicity or cultural background, age, gender, nationality, religion, disability or sexual orientation.

Great to have you on board. We care for tomorrow.

At Allianz Life, we're proud to provide a benefits package that supports the True Balance of our employees and their families. We offer a choice of comprehensive medical and dental plan options, a generous time off plan and an outstanding 401(k) company match. Plus, our employees enjoy an award-winning campus with an array of discounted amenities, including an onsite health center, child development center, fitness facility, convenience store and two cafeterias. Our employees and leaders take an active role in shaping our culture through our Employee Resource Groups, whose activities and advocacy contribute to an environment that welcomes, includes and celebrates diversity. Our generous benefits, campus amenities and inclusive, engaged culture are among the many reasons we're routinely recognized as a top workplace employer.

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