Model Risk Validator
3 hours ago
About Us:
We are a global financial services leader with operations in multiple locations.
Our team serves as a Global Capability Centre/Centre of Excellence, providing support services across various functions such as IT, risk management, and operations.
The use of models presents model risk, which is the potential for adverse consequences from decisions based on incorrect or misused model outputs and reports.
Model risk can lead to financial loss, poor business and strategic decision-making, or damage to our organization's reputation.
Model validation is the set of processes and activities intended to verify that models are performing as expected, in line with their design objectives and business uses.
The candidate will report to the Head of Model Risk as part of our Model Risk Management team.
This team works to support our risk management function, responsible for enterprise-wide model validation and control to ensure the continued safety and soundness of models used across the organization.
We touch models across all lines of businesses, and the candidate will have opportunities to work in validation across all areas of the organization.
This is a hands-on role with additional responsibility for leading a team of validators.
Key Responsibilities:- Independent testing and documenting validation results, including analyzing and interpreting statistical data, assessments of model conceptual soundness, evaluation of data and assumptions, testing model computational accuracy, and performing outcomes analysis (such as back-testing and benchmarking).
- Create findings as required, recommend action plans, and validate remediation activities.
- Assess model changes to ensure continued performance of the model.
- Work with Model Owners to establish appropriate monitoring metrics and thresholds.
- Assess model performance reports on an ongoing basis to ensure models continue to meet performance requirements.
- Consult with model owners and users on the design of effective model operational controls.
- Execute activities in compliance with our risk management policy and procedure as aligned to regulatory expectations.
- Manage a team of validators, ensuring quality, compliance, and timeliness of deliverables.
- 8 - 10 years of experience, preferably within the financial services industry.
- Proven track record of strong technical model development or model validation with experience with models and modeling techniques in one or more of the following areas: Market Risk Counterparty Credit Risk Wholesale Scorecards and Economic Capital Capital Planning and Stress Testing Financial Crimes, Compliance, Fraud
- Knowledgeable of risk management and associated regulatory requirements.
- Excellent communication and people management skills.
- Experience with managing and leading a small team to high performance standards.
- Experience working with partners preferred.
- Bachelor's degree in Economics, Finance, Business, Financial Engineering, Mathematics, Statistics or a related field (or foreign equivalent degree).
- Advanced degree preferred.
- Technology Proficiency in one or more of the following tools: SAS, Python, R, MATLAB, C, SQL, Visual Basic, Bloomberg Academic or industry experience with exposure to Artificial Intelligence (AI) and Machine Learning (ML) are preferred.
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