Model Validation Specialist

2022 - Chief Operating Office; United Kingdom; Remote; GBP 39,000 - 49,000; Full time

Job summary

A leading UK mutual bank is looking for a skilled individual in model risk management to support model validation efforts. The successful candidate will ensure compliance with regulations, analyze model performance, and provide technical expertise. Ideal applicants should have experience in model development, strong analytical skills, and knowledge of programming languages like Python or R. This position offers competitive compensation, flexible working arrangements, and generous benefits from day one.

Benefits

38.5 days annual leave

Extra paid well-being days

20 weeks paid family leave

Market-leading pension

Free private medical cover

Qualifications

• Experience with model development and/or validation related to areas like IRB, Scorecards, IFRS 9.
• Advanced knowledge of at least one programming language.
• Good written and oral communication skills.

Responsibilities

• Support validations of new and revised statistical models.
• Provide assurance on compliance with regulatory requirements.
• Engage with model owners to challenge model performance.

Skills

Analytical skills

Technical data manipulation

Communication skills

Experience in model development/validation

Knowledge of programming languages

Education

Numerate degree or equivalent technical experience

Tools

Python

R

SQL

SAS

Job description

Business Unit: Group Risk, Independent Model Validation
Salary Range: £39,200 - circa £49,000 per annum DOE+ benefits
Location: UK Remote – work from anywhere within the UK.
Contract Type: Permanent and 12 month fixed term contract opportunities available

Our Team
Ensuring we have robust Model Risk Management frameworks in place is essential for us to manage risk arising from using models for our decision making while complying with complex regulations and increasing regulatory expectations. Also, the advent of new technologies (e.g. AI) and emerging sources of financial risk (e.g. climate change) drive innovation in the modelling space that have to be managed appropriately. This is where our team comes in! We provide and evidence oversight in the form of independent model validations and reviews, where we work with stakeholders across the bank to ensure robust model development activities. We also make sure we adhere to frameworks and policies by supporting identification and remediation of gaps in compliance.

What you’ll be doing

• Support validations of new and revised statistical models to ensure models across the business are fit for purpose.
• Provide assurance on compliance with the regulatory requirements we work within.
• Utilise your technical skills in data manipulation and extraction and analyse model performance and model risk.
• Engage with model owners, gathering materials for analysis, challenging model performance or development and documenting findings.
• Generate model validation reports and ensure that validation actions are followed through to a resolution.
• Providing statistical expertise to inform the discussion between Model Development and Independent Model Validation as part of the model build and model review process.
• Present model validation findings to technical forums and through governance committees.

We need you to have

• Experience with modeldevelopment and/or model validation, ideally related toat least oneof the following areas: IRB,Scorecards,IFRS 9, Stress Testing, Climate Risk, Fraud, Financial Crime, Econometrics.
• Highly analytical with a numerate degree or equivalent technical experience.
• Advanced knowledge ofat least oneprogramming language, e.g., Python /R /SQL /SAS.
• Goodwritten and oral communication skills. Ability to articulate complex technical concepts to non-technical specialists.
• Ability to work to a high degree of accuracy, ensuring you always get the basics right.

It’s a bonus if you have but not essential

• Technical knowledge of Model Risk Management and Capital Requirement Regulation.
• Specialist knowledge of modelling techniquesincluding industry-wide approaches.
• Knowledge of machine learning and artificial intelligence modelling techniques.

Red Hot Rewards

• Generous holidays - 38.5 days annual leave (including bank holidays and prorated if part-time)plus the option to buy more.
• Up to five extra paid well-being days per year.
• 20 weeks paid, gender-neutral family leave (52 weeks in total) for expectant parents and those looking to adopt.
• Market-leading pension.
• Free private medical cover, income protection and life assurance.
• Flexible benefits include Cycle to Work, wellness and health assessments, and critical illness.

And there's no waiting around, you'll enjoy these benefits from day one.

If we’re lucky to receive a lot of interest, we may close the advert early. Please ensure to submit your applications as soon as possible.

Say hello to Virgin Money

Virgin Money is so much more than just a bank. As part of theNationwide group,together we're the UK's first full-service mutual bank serving millions of retail and business customers and all driven by our purpose; Banking but fairer, more rewarding and for the good of society. With us, you’ll be part of an organisation uniquely positioned to make a difference to the lives of customers, communities and broader society and embark on a collaborative, customer obsessed, and fun-filled career journey. Embrace the weekdays, enjoy fantastic perks, and make a meaningful positive difference. Time to discover what it means to be part of the first mutual full-service banking provider.

Be yourself at Virgin Money

At Virgin Money, we celebrate everyone. We have fun, think big, and relentlessly include each other, all in pursuit of our purpose: Banking – but fairer, more rewarding, and for the good of society.We’re committed to creating an inclusive culture where colleagues feel safe and inspired to contribute, speak up and be heard.

As a Disability Confident Leader, we're committed to removing any obstacles to inclusion. If you need any reasonable adjustments or support making your application, contact our Talent Acquisition [e-mail]

Please note: If we receive a high volume of eligible applications, we may need to prioritise candidates whose skills and experience most closely align with the role, while still ensuring fair and equitable consideration for all applicants.

Now the legal bit
Although some of our roles allow you to be based anywhere in the UK, we'll need you to confirm you have the right to work in the UK.

If you're successful in securing a role with us, there are some checks you need to complete before starting. These include credit and criminal record checks and three years' worth of satisfactory references. If the role is part of the Senior Manager Regime and Certification Regime, it requires enhanced pre-employment checks –we'll ask for six years of regulatory references, and once in the role, you'll be subject to periodic employment checks.