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Senior Risk Modeler at Risk Models - NN

Location: The Hague
Salary: € 4200 - € 7178 a month
Employment: Full-time

NN has an internal model to determine capital requirements. This model is the foundation of the management of NN Group’s risk profile and capital position. Ensuring the appropriateness and use of this model in critical business decisions is a responsibility of the Management Board of NN Group. The components of the internal model for market and credit risk are maintained by the Risk Models team. Join us to build and maintain these models. The Risk Models team at NN Group is looking for a Senior Risk Modeler who will develop and review these models ensuring their appropriateness and use.  We provide intellectually challenging work at one of the leading insurance group in Europe.

The Risk Models team is part of the ALM & Investment Risk department of Group Risk within NN Group. This team is the owner of the centrally managed components of the internal model. These models are used to determine, under Solvency II, the amount of capital that NN has to hold for market, credit and counterparty default risk and are an important input to managing the risks on our balance sheet. The team is also responsible for the models for risk aggregation, the valuation of financial instruments and the replication of our liabilities.

The Risk Models team is responsible for both - methodology development and calibration; and for monitoring to ensure ongoing appropriateness of the models. For this purpose the team interacts regularly with the regulator (DNB), Model Validation, and auditors. Next to development and calibration of risk models, close cooperation with Business Units and our Investment Office are important responsibilities of the team. The team works closely with these functions to make sure that the models accurately reflect our risk profile, but also supports them in using the models to manage risks and take decisions.

The position of a Senior Risk Analyst offers you a monthly salary of minimum €4.200,- and a maximum €6.009,- based on 36 hours per week and depending on your knowledge and experience. For exceptionally well qualified candidates we can offer a salary of up to €7178,- based on 36 hours per week.

Your impact as Senior Risk Modeler at NN

Your most important task is to improve the models we are using to calculate capital requirements and to ensure that these models are up to date, fit for purpose and compliant with the Solvency 2 regulation. Because of your broad experience and project management skills, you lead and coordinate regular model reviews for centrally developed components of our Internal Model aligning with all relevant stakeholders, including Business Units and the Group Model Committee. Next to this, you also work on the models yourself improving the modelling continuously and providing appropriate and pragmatic solutions to address Model Validation and regulatory findings. Whenever Business Units or other staff departments require our support, you share your expertise and guide them in using the internal model for optimising the market risk profile and managing risks.

Your responsibilities

Your main responsibility is to improve and maintain components of  NN’s internal model. This includes the following tasks:

  • Support the full scope of model development from methodology definition, calibration, to approval, validation, and addressing validation findings. Ensure that the processes for recalibrating and changing the models are efficient and robust
  • Ensure that the models maintained by the Risk Models team are well documented, up to date, fit for purpose and compliant with regulation
  • Support the use of the of models maintained by Risk Models by our Investment Office and Business Units
  • Perform in cooperation with Model Validation regular model reviews to update the models, address outstanding findings, and to implement further improvements
  • Lead and maintain a constructive dialogue with technical experts and senior staff members from NN within and outside risk and with external stakeholders

Who you are

You are an enthusiastic professional who is proactive at addressing issues and eager to learn new skills. You bring the following qualifications:

  • A MSc in Econometrics, Actuarial Science, Statistics or other relevant fields in which advanced risk measurement skills and analytical skills are trained
  • Strong and proven written and oral communications skills in English language
  • Prior experience with developing, maintaining, or reviewing financial models
  • Proficient with tools like Excel, PowerPoint, etc. Knowledge of R and/or Python is certainly an advantage
  • Strong communication and stakeholder management skills

Your colleagues

The Risk Modelling Team is young, energetic and very international. Each member is an highly qualified expert on a specific risk area, and have  backgrounds as mathematicians, econometrists or actuaries. The team likes to challenges itself, and within NN has been at the forefront of the implementation and approval of NN’s internal model according to the Solvency 2 regulation. We work closely together, while at the same time we entrust our team member with executing projects independently. Week starts with a stand up to check in with each other and get a perspective on main challenges in the coming week. Our work atmosphere is fun and informal. In pre-Covid times, we would get together outside the workspace for a spontaneous drink or other group activities.

Continue developing

It is important to us that you continue to develop yourself. We give you the space and the confidence to grow in your career as well as a person. We help you with:

  • Plenty of training and learning opportunities in our Learning & Development Centre
  • A large (international) network of colleagues who are keen to share their knowledge with you
  • The autonomy to set out your own development path

Employee benefits

You are more than a colleague and that is something we understand very well at NN. You have many roles in life, leading to different choices. At NN we give you the opportunity to select employee benefits that are important to you. For instance buying additional leave days and flexible working hours. In consultation with your manager and your direct colleagues, you are able to work out of any location at any time. You get enough flexibility to adjust your working pattern to your personal needs. Also part of the benefits are (currently online) sports lessons and a special allowance to set up your home office and internet use. In addition, you will receive:

  • The position of a Senior Risk Modeler offers you a monthly salary of minimum €4.200,- and a maximum €6.009,- based on 36 hours per week and depending on your knowledge and experience. For exceptionally well qualified candidates we can offer a salary of up to €7178,- based on 36 hours per week.
  • Collective pension scheme with a personal contribution of only 6%
  • 194.4 hours of leave, based on a 36-hour week (that’s 27 vacation days for a 5-day working week) and one Diversity Day
  • Holiday allowance and a 13th month, paid with your monthly salary

Because of Covid-19, all NN colleagues are currently working from home fully digitally. It is currently not yet clear when we can return to the office. The official location for this job is The Hague.

Will you be our new colleague?

If you are enthusiastic about this vacancy and think that you would be a good fit for the team at NN, we would like to invite you to apply. We are very keen to find out who you are, what motivates you and what you can contribute to this role at NN.

Apply now

Any questions about the process can be directed to Iris Konijnendijk via 06-13578201.

This is a permanent position. A candidate will receive a contract from NN and we are not open to interim/freelance assignments and/or candidates or temporary employment agencies. Thank you very much for your understanding.

The Hague

Information and application:


Please send your application for Senior Risk Modeler at Risk Models at NN in The Hague including your CV via our website.

Job code:
Job posted
27 november 2021
Apply Now
More information:

Any questions about the process can be directed to Iris Konijnendijk.

Iris Konijnendijk
m. 06 13 57 82 01

Read all about working at NN

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