Model Validation - Specialist

oilandgasjobsearch.com; London; On-site; GBP 50,000 - 75,000; Full time

Job summary

A leading energy company is seeking a Model Validation Specialist to validate financial models associated with energy markets. This role involves analyzing algorithms, ensuring models are fit for purpose, and engaging with various internal and external stakeholders. Candidates should have a strong educational background in quantitative fields, advanced financial mathematics skills, and substantial risk management experience in the energy sector.

Benefits

Flexible working hours

Competitive starting salary

Paid parental leave

Diversity and inclusion initiatives

Training and development programs

Qualifications

• Must have substantial experience in risk management in the Energy industry.
• Strong analytical skills with attention to detailed data analysis and complex model configuration.
• Proficiency with multiple software tools and ability to explain complex technical ideas.

Responsibilities

• Participate in validating models for financial portfolios and instruments.
• Review processes, determine adjustments, and maintain validation policies.
• Engage with external stakeholders and educate teams about model implications.

Skills

Advanced financial mathematics

Data analysis techniques

Communication methods

Analytical skills

Education

Bachelor's degree in business administration, finance, economics, mathematics, engineering or information systems

Master's to PhD for Engineer and Scientist roles

Tools

Microsoft Office Suite

SQL (TOAD or GOLDEN)

Python

R

MatLab

SAS

QlikSense

Power BI

Microsoft Azure

AWS

Job description

What you'll be doing

The candidate will participate in the assignments of the Group validating Models used in the for valuation and risk measurement of Financial Portfolios, Assets and Instruments as well as the formulation of Input and Output information from the Global Energy markets. She or he is based in London, Houston, Singapore or Bangalore.

The analyst bridges seven areas:

• Assessment that a Model is "fit for purpose"

• Analysis of Model algorithms applying different validation techniques which include using challenger models internally built or procured externally

• Review of process underlying a Model including inputs and outputs flows

• Determination of adjustments to Model required to mitigate weaknesses

• Maintenance and extension of the Model Validation policy

• Inventory of Models used within the Risk Management Function (RMF) and without as requested

• Collection of code and documentation for successive Model versions

The different professionals involved in these activities along with the Group manager will intervene on a Model at 3 levels:

• The Scientist Senior Analyst will investigate the conceptual underpinnings of the Model and audit the embedded algorithms with a view to identifying limitations to the model and remediations

• The Engineer Analyst will consider the cases where the Model is applied and formulate test scripts to verify that inputs & parameters are used appropriately to generate outputs that are properly understood

• The Technician Junior Analyst will compile the information related to the Model and execute test scripts

Engagement of the Model Validation specialists with external Stakeholders will be very significant starting with other groups in the RMF such as Quantitative Analysis, Portfolio Valuation, Market Risk Management Advisory, Market Risk Operations, Risk Management Transformation and Credit Risk Management Advisory.

They will also interface ongoing with Commercial Traders, Originators & Structurers, Quantitative Analysts & Research Analysts as well as Back-Office and Information Technology Departments.

The Model Validation specialists also participate in educational efforts with benefits across RMF and the firm.

The skills required for the tasks include:

• The application of advanced financial mathematics to formulate algorithms used for valuation and risk measurement of exotic derivatives and assets such as Natural Gas & Oil Storage, LNG & Freight Cargos, Transport, Transmission and Power Generation as well as calculate with various methodologies portfolio metrics like Market Value at Risk (Var), Credit Potential Future Exposure (PFE) and Economic Capital

• Industry experience in structuring and balancing these deals and portfolios while selecting the appropriate inputs & parameters for modeling

• Abilities in multiple software tools to analyze the code underlying a Model and build challenger Models by transforming algorithms quickly in working applications

• Data analysis techniques allowing to follow data extraction, transformation and interfacing from numerous corporate systems into a Model application

• Communication methods to explain the Model implications to Senior Management as well as Quantitative Specialists who built and are using the Model

What you bring

• A degree in business administration, finance, economics, mathematics, engineering or information systems at the bachelor's or above level for the Technician specialist and master's to PhD for the Engineer and Scientist
• General knowledge of energy markets, natural gas, power, emissions, oil crude & products and LNG
• Preferably with substantial experience in risk management in the Energy industry
• CQF, ERP, FRM and other related certifications are welcome
• Excellent critical thinking and problem-solving skills
• Strong analytical skills with attention to detailed data analysis and complex model configuration
• Ability to multi-task and accommodate organic changes in requirements for deliverables
• Ability to work as a team member and with all members of the organization.
• Ability to communicate complex technical ideas, regardless of the technical capacity of the audience
• Proficiency with Microsoft Office Suite, SharePoint and Teams
• Knowledge of SQL e.g. TOAD or GOLDEN, VBA independently or within Excel, C# and .Net
• Experience with one or several analytical languages like Python, R, MatLab or SAS
• Usage of either QlikSense, QlikView, Spotfire, Power BI or Alteryx
• Navigation in Energy Trading and Risk Management systems (ETRMs) OpenLink ENDUR, SunGard Nucleus, FIS Aligne, CubeLogic and using or connecting analytical libraries Lacima, Numerix, Allegro/FEA & Open Source Risk (OSR)
• Application processing in the Microsoft Azur Cloud and AWS

What we offer

You bring your skills and experience to Shell and in return you work with talented, committed people on one of the most important challenges facing our planet. You'll have the opportunity to develop the skills you need to grow in an environment where we value honesty, integrity, and respect for one another. You'll be able to balance your priorities as you become the best version of yourself.

• Progress as a person as we work on the energy transition together.
• Continuously grow the transferable skills you need to get ahead.
• Work at the forefront of technology, trends, and practices.
• Collaborate with experienced colleagues with unique expertise.
• Achieve your balance in a values-led culture that encourages you to be the best version of yourself.
• Benefit from flexible working hours, and the possibility of remote/mobile working.
• Perform at your best with a competitive starting salary and annual performance related salary increase - our pay and benefits packages are considered to be among the best in the world.
• Take advantage of paid parental leave, including for non-birthing parents.
• Join an organisation working to become one of the most diverse and inclusive in the world. We strongly encourage applicants of all genders, ages, ethnicities, cultures, abilities, sexual orientation, and life experiences to apply.
• Grow as you progress through diverse career opportunities in national and
• international teams.
• Gain access to a wide range of training and development programs.

We'd like you to know that Shell has a bold goal: to become one of the world's most diverse and inclusive companies. You can get to know more about how we're working towards that goal, click here .

We are committed to attracting a broader and more diverse pool of candidates. If this position doesn't feel like the perfect fit for your qualifications right now, we'd still love to hear from you. Consider creating a profile in our Talent Community so we can keep you in mind for future opportunities that may align with your skills.

Shell in The World

Shell UK remains one of the North Sea's biggest producers, supplying around 10% of the UK's total oil and gas needs. But perhaps the most recognizable face of Shell in the UK is our network of over 1,000 Shell-branded service stations.

In the years ahead, as the UK looks to strengthen energy security and deliver its 2050 net-zero goal, Shell UK aims to play a crucial role. We aim to be a major investor in the UK energy system by helping our customers decarbonize with a focus on transport and industry.