Senior Associate - Portfolio Credit Risk Modeling

About this role

As a team member in Finance at Nationwide, a Fortune 100 company with nearly $70 billion in annual sales, the opportunities are endless! Let Nationwide help create your career journey! At Nationwide®, “on your side” goes beyond just words. Our customers are at the center of everything we do and we’re looking for associates who are passionate about delivering extraordinary care.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.

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 Senior Consultant, you’ll lead projects associated with the design, development and application of unique risk models. You’ll need an understanding of strategic business objectives and will work with business partners across the 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.

• Creates and tests risk limits to provide guidance on asset allocation, risk transfer, and product growth decisions.

• Owns all facets of complex quantitative modeling processes. Ensures models align with industry standards.

• Consults and collaborates to ensure model assumptions, processes, and outputs are well understood and that modeling standard methodologies are upheld throughout the organization.

• Reviews and analyzes model output to identify model limitations and their impact. Mitigates model limitations with the adaptation of appropriate, corrective quantitative methods.

• Creates and owns model documentation for rationale, assumptions and business continuity.

• Consults and develops creative and innovative solutions to support strategic 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, seven or more years of related work experience in financial risk modeling or actuarial functions.
Knowledge, Abilities and Skills: Strong understanding of machine learning, stochastic processes, Monte Carlo simulations, sampling methods and other statistical techniques applicable to…