Associate - Portfolio Credit Risk Modeling
Nationwide (US) · Remote · Columbus, United States · 2d ago
Position Summary
Join a high-impact team at the forefront of investment risk management. You will lead the development of a multi-year stochastic credit risk model and deliver a production-ready solution to support specialty finance underwriting. Over time, this role will expand to influence pricing of other products, such as annuities. You'll collaborate across a wide range of teams, develop analytical solutions, and help Nationwide build out its specialty finance capabilities.
We're looking for someone experienced in structural credit risk modeling who is intellectually curious, eager to learn, and excited to work on meaningful challenges.
Responsibilities
- Work closely with the specialty finance team and asset managers to fully develop a Merton-approach, multi-year stochastic credit risk model for corporate bonds, commercial mortgage loans, and structured assets
- Conduct research on credit default history and credit risk cycles; set proper assumptions and clearly define model scope and limitations
- Design and execute comprehensive model validation
- Build analytical frameworks that link assumptions, inputs, and outputs to interpret modeling results clearly
- Develop and guide junior-level credit risk analysts; strengthen the credit risk modeling function into a competitive advantage
Required Skills & Qualifications
- Experience in portfolio credit risk modeling, such as single-factor models, Merton models, and Gaussian copula frameworks
- Deep insight into credit default and migration behavior - credit risk cycles, rating migration dynamics, default probabilities, and loss recovery experience
- Strong understanding of asset and risk characteristics across corporate bonds, commercial mortgage loans, and structured assets
- Proven modeling and programming skills (Python, MATLAB, or similar) in developing Monte Carlo simulation models
- Working knowledge of insurance investment portfolio risk and statutory capital frameworks
- Strong communication skills and the ability to articulate complex modeling concepts to senior leaders
- Preferably 5+ years of experience in quantitative risk modeling
- Preferred professional designations (or progress toward them): CFA, FRM, or actuarial credentials (FSA/FCAS)
This role does not qualify for employer sponsored work authorization. Nationwide does not participate in the STEM OPT extension program.
It is our intention to fill this role in Columbus, OH. However, applications from candidates working remotely who bring critical industry skills and relevant experience may be considered.
#LI-KD1
Job Description Summary
Do you have the desire to analyze data and perform groundbreaking research to drive business outcomes? Nationwide has been using data to serve our members and drive business outcomes for almost 100 years. Our industry-leading workforce adopts an agile work environment and a collaborative culture to deliver outstanding solutions and results. Our Risk Analytics Researchers play a key role in harnessing the power of data to deliver business results. Specifically, they are responsible for modeling sophisticated problems, discovering insights and identifying business opportunities from data using a variety of techniques from mathematics, actuarial studies, statistics, data science and financial engineering.As a Consultant, you’ll work on projects associated with the design, development, and application of unique risk models. You’ll need a basic understanding of broad business objectives and will work with business partners across the finance organization to develop solutions to pressing business needs. We’ll count on you to be a subject matter authority in Nationwide’s risks. It’s imperative that you are fully proficient with basic and sophisticated mathematical, statistical and analytical techniques associated with risk modeling.
Job Description
Key Responsibilities:
Researches and implements financial engineering, data science and statistical techniques for risk management and business applications.
Completes regular testing of risk limits to provide distinct management guidance on asset allocation, risk transfer and product growth decisions.
Owns complex quantitative modeling processes and philosophies. Identifies industry standards to understand if models are working as intended.
Collaborates to ensure that consistent model assumptions, processes and outputs are well understood and that modeling standard methodologies are upheld.
Reviews and analyzes model output to identify model limitations and their impact. Provides corrective quantitative methods.
Crafts and updates model documentation for business continuity purposes.
Collaborates to develop creative solutions to business problems.
Acts as the technology owner for Risk Analytics.
May perform other responsibilities as assigned.
Reporting Relationships: Reports to Risk/Actuarial leader.
Typical Skills and Experiences:
Education: Undergraduate studies in finance, accounting, economics, statistics, mathematics or related subject area required. Graduate-level studies in a related field with advanced degree highly desirable.
License/Certification/Designation: Progress toward FCAS, FSA, CQF, CFA or similar preferred.
Experience: Typically, five or more years of related work experience in financial risk modeling or actuarial functions.
Knowledge, Abilities and Skills: Working knowledge of machine learning, stochastic processes, Monte Carlo simulations, sampling methods and other statistical techniques applicable to specialized risk modeling. Prefer mathematical knowledge of specialized risk models such as those used in hedging, economic scenario generation, catastrophe, credit risk, etc. Solid understanding of risk management operations such as asset-liability management, portfolio risk assessment, hedging, etc. Proficient written and verbal communication skills. Intermediate proficiency with Excel and common statistical software such as R, SAS, Python, or MATLAB.
Other criteria, including leadership skills, competencies and experiences may take precedence.
Staffing exceptions to the above must be approved by the hiring manager’s leader and Human Resources Business Partner.
Values: Regularly and consistently demonstrates Nationwide Values.
Job Conditions:
Overtime Eligibility: Not Eligible (Exempt)
Working Conditions: Normal office environment.
ADA: The above statements cover what are generally believed to be principal and essential functions of this job. Specific circumstances may allow or require some people assigned to the job to perform a somewhat different combination of duties.
We currently anticipate accepting applications until 10/08/2026. However, we encourage early submissions, as the posting may close sooner if a strong candidate slate is identified before the deadline.Benefits
We have an array of benefits to fit your needs, including: medical/dental/vision, life insurance, short and long term disability coverage, paid time off with newly hired associates receiving a minimum of 18 days paid time off each full calendar year pro-rated quarterly based on hire date, nine paid holidays, 8 hours of Lifetime paid time off, 8 hours of Unity Day paid time off, 401(k) with company match, company-paid pension plan, business casual attire, and more. To learn more about the benefits we offer, click here.
Nationwide is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive culture where everyone feels challenged, appreciated, respected and engaged. Nationwide prohibits discrimination and harassment and affords equal employment opportunities to employees and applicants without regard to any characteristic (or classification) protected by applicable law.
This position could be filled within any of the lower 48 U.S. states.Smoke-Free Iowa Statement: Nationwide Mutual Insurance Company, its affiliates and subsidiaries comply with the Iowa Smokefree Air Act. Smoking is prohibited in all enclosed areas on or around company premises as well as company issued vehicles. The company offers designated smoking areas in which smoking is permitted at each individual location. The Act prohibits retaliation for reporting complaints or violations. For more information on the Iowa Smokefree Air Act, individuals may contact the Smokefree Air Act Helpline at 888-944-2247.For NY residents please review the following state law information: Notice of Employee Rights, Protections, and Obligations LS740 (ny.gov) https://dol.ny.gov/system/files/documents/2022/02/ls740_1.pdf
NOTE TO EMPLOYMENT AGENCIES:
We value the partnerships we have built with our preferred vendors. Nationwide does not accept unsolicited resumes from employment agencies. All resumes submitted by employment agencies directly to any Nationwide employee or hiring manager in any form without a signed Nationwide Client Services Agreement on file and search engagement for that position will be deemed unsolicited in nature. No fee will be paid in the event the candidate is subsequently hired as a result of the referral or through other means.
Nationwide pays on a geographic-specific salary structure and placement within the actual starting salary range for this position will be determined by a number of factors including the skills, education, training, credentials and experience of the candidate; the scope, complexity and location of the role as well as the cost of labor in the market; and other conditions of employment. If a Sales job, Sales Incentives, based on performance goals are possible in addition to this range. Note on Compensation for Part-Time Roles: Please be aware that the salary ranges listed below reflect full-time compensation. Actual compensation may be prorated based on the number of hours worked relative to a full-time schedule.The national salary range for Consultant, Risk Analytics Researcher : $118,000.00-$222,000.00The expected starting salary range for Consultant, Risk Analytics Researcher : $118,000.00 - $178,000.00