This job conducts independent validations of mathematical and statistical models covering a wide range of financial, economic and actuarial instruments, to minimize risk to the organization. This job contributes to quantitative risk management strategy implementation
Key Responsibilities and Duties
- Implements quantitative analysis methods and related technology-based tools to analyze data in order to effectively monitor, measure, and manage investment risks.
- Performs thorough model testing and validation procedures, including back-testing, sensitivity analysis, stress testing, and scenario analysis.
- Documents validation findings, including strengths, weaknesses, limitations, and recommendations for model enhancements or remediation actions.
- Communicates validation results and recommendations to key stakeholders, including model owners, senior management, risk committees, and regulatory authorities.
- Collaborates with model developers, quantitative analysts, risk managers, and other stakeholders to address validation findings and implement model improvements.
- Liaises with business to explain newly developed models and how to limit risk
- University (Degree) Preferred
- 5+ Years Required; 7+ Years Preferred
- Physical Requirements: Sedentary Work
Career Level
9IC
Job Posting Title: Financial Risk Management - Quants
This role will review and validates computer models to and otherwise supports the Model Risk Management (MRM) Program in mitigation of model risk across the TIAA enterprise.
Key Responsibilities and Duties
The role will be responsible for independently conducting and leading independent review and validation of a wide range of computer models of all types used in business areas across the TIAA enterprise. The role will
- Develop and execute validation plans, including defining validation objectives, scope, methodologies, and timelines.
- Perform thorough model testing and validation procedures, including back-testing, sensitivity analysis, stress testing, scenario analysis, and outcomes analysis.
- Document validation findings, including strengths, weaknesses, limitations, and recommendations for model enhancements or remediation actions.
- Communicate validation results and recommendations to key stakeholders, including model owners, senior management, risk committees, and regulatory authorities.
- Collaborate with model developers, quantitative analysts, risk managers, and other stakeholders to address validation findings and implement model improvements.
- Stay abreast of regulatory developments, industry trends, and best practices related to model risk management and validation
Educational Requirements
- Bachelor's Degree in a quantitative subject/STEM
Work Experience
- 5 to 15 Years Required.
Physical Requirements
- Physical Requirements: Sedentary Work
Required Qualifications:
- Bachelor's Degree in a quantitative subject.
- Broad experience with financial services, markets, and instruments.
- Programming experience in a variety of languages and platforms.
- Experience in testing computer programs and models.
- Quantitative acumen and problem-solving ability.
- At least one modern programming language. Python is great but others such as R can be considered, for promising candidates
- Quantitative modeling knowledge in at least one of the areas below. Other modeling areas can be considered as well, for promising candidates
- Credit models, with knowledge of modeling PD and LGS
- Risk Models such as VaR and CTE.
- Factor models such as Barra
- Asset allocation
- Financial pricing models
- Actuarial models
- AI/ML
- Content knowledge in at least one of the areas below. Other modeling areas can be considered as well, for promising candidates
- Asset Management
- Financial products such as equities, fixed income, alternatives
- Insurance/Annuity Products
- Anti-Fraud and/or Cybersecurity
Preferred Qualifications:
- Master’s Degree or PhD in a quantitative subject/STEM.
- Hands-on experience with artificial intelligence programming and platforms, both traditional machine learning and generative AI.
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Company Overview
TIAA Global Capabilities was established in 2016 with a mission to tap into a vast pool of talent, reduce risk by insourcing key platforms and processes, as well as contribute to innovation with a focus on enhancing our technology stack. TIAA Global Capabilities is focused on building a scalable and sustainable organization , with a focus on technology , operations and expanding into the shared services business space.
Working closely with our U.S. colleagues and other partners, our goal is to reduce risk, improve the efficiency of our technology and processes and develop innovative ideas to increase throughput and productivity.
We are an Equal Opportunity Employer. TIAA does not discriminate against any candidate or employee on the basis of age, race, color, national origin, sex, religion, veteran status, disability, sexual orientation, gender identity, or any other legally protected status.
Our Culture of Impact
At TIAA, we're on a mission to build on our 100+ year legacy of delivering for our clients while evolving to meet tomorrow's challenges. We equip our associates with future-focused skills and AI tools that enable us to advance our mission. Together, we are fighting to ensure a more secure financial future for all and for generations to come. We are guided by our values: Champion Our People, Be Client Obsessed, Lead with Integrity, Own It, and Win As One. They influence every decision we make and how we work together to serve our clients every day. We thrive in a collaborative in-office environment where teams work across organizational boundaries with shared purpose, accelerating innovation and delivering meaningful results. Our workplace brings together TIAA and Nuveen's entrepreneurial spirit, where we work hard and work together to create lasting impact. Here, every associate can grow through meaningful learning experiences and development pathways—because when our people succeed, our impact on clients' lives grows stronger.
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If you are a U.S. applicant and desire a reasonable accommodation to complete a job application please use one of the below options to contact our accessibility support team:
Phone: (800) 842-2755
Email: [email protected]
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