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DescriptionThe Corporate Actuarial Department (CAD) is seeking an actuarial associate to provide critical support to the Company Actuary in actuarial oversight of pricing and financial risk management, GAAP reporting, Asset Adequacy Testing and statutory reporting, emerging regulatory issues and the enterprise effort to move towards fair value reporting and principles-based reserving. CAD is a corporate area that collaborates with business/product groups, asset management areas, and other corporate areas such as Controllers and Treasurers. The department drives various high profile corporate endeavors that will provide the candidate with broad exposure to and a "big picture view" of the enterprise, including the opportunity to learn about and contribute to emerging corporate initiatives. In addition, CAD represents Prudential on various regulatory and industry actuarial issues.
Responsibilities will include:
- Pricing oversight - support CAD's oversight of major pricing initiatives across the company. Responsibilities may include developing corporate pricing guidance for certain assumptions, methods, and emerging topics such as RAROC; monitoring pricing and product development activities in each business unit; reviewing pricing memoranda; and taking minutes at key corporate and cross-business unit meetings.
- GAAP reporting - play a key role in CAD's quarterly and annual GAAP process. Includes trend analysis, reviewing GAAP actuarial documentation, reviewing 10-Q and 10-K disclosures, and implementing new GAAP guidance.
- Asset Adequacy Testing (AAT) - duties may include review of business unit testing, memorandum writing, coordination of central AAT assumptions, and others
- Support for enterprise-wide initiatives - these might include RAROC, economic capital, emerging regulatory frameworks such as principles-based reserving and adoption of new GAAP guidance.
- Additional ad-hoc projects - these might include reviewing pricing of new products, reviewing business unit experience studies, and occasionally performing reviews/audits of pricing or reserving calculations.
- Associate of the Society of Actuaries designation (ASA), with 3-5 years of actuarial experience
- Strong quantitative and analytical skills
- Knowledge of pricing and product development practices, preferably for more than one line of business
- Knowledge of GAAP reporting and statutory reporting
- Exposure to various other actuarial practice areas, like experience studies and ALM, and to multiple lines of business/products
- Knowledge of, or willingness to quickly develop knowledge of, emerging actuarial and regulatory topics
- Excellent oral and written communication skills
- Ability to partner effectively with colleagues across multiple business groups and corporate areas
- Highly motivated, conceptual thinker who is able to work independently or in a team, and take a leadership role in a wide variety of assignments