Model Validation Manager

Sept 2017 Branding; New York (NY); On-site; USD 120,000 - 180,000; Full time

Job summary

Sept 2017 Branding seeks a Model Validation Manager to independently validate models according to regulatory standards and to code replications of production models when needed. You will collaborate with model owners/developers to reconcile findings and document validation reviews in formal reports.

The role requires 3+ years in model validation or development at a regulated financial institution, with strong knowledge of US banking regulations and excellent communication skills.

Qualifications

• 3+ years’ experience of quantitative analysis in the financial services sector.
• Knowledge of US Banking Regulations (Federal Reserve).
• Strong verbal and written communication skills.
• Experience with numerical and statistical tools (Python, R, MATLAB, SAS, C++, Java).

Responsibilities

• Independently perform model validation according to validation standards.
• Code independent replications of production models when required.
• Collaborate with model owners/developers to reconcile findings.
• Document validation reviews and findings in validation reports.
• Contribute to peer reviews of validation reports to ensure consistency.

Skills

Model validation

US banking regulations

Verbal and written communication

Stakeholder buy-in

Cross-functional collaboration

Education

Bachelor’s degree in quantitative field

Master’s or PhD preferred

Tools

Python

R

MATLAB

SAS

C++

Java

Job description

Essential Function /

• Independently perform model validation according to MRM’s validation standards.
• As part of validation, it may become necessary to independently code replications of the models used in production.
• For models already independently replicated for MRM, the Model Validation Manager will need to run the MRM model and reconcile against production model runs.
• Document this review and challenge in validation reports.
• MRM is engaging a professional firm to perform a significant part of CLS’s model validation book of work. The Model Validation Manager will collaborate with this firm for the validation of certain models.
• Communicate effectively with model owners/developers: In the course of validation to obtain clarification and to request specific data and production model outputs. Post validation to manage the finding lifecycle: Achieving agreement on validation findings and observations, including corrective action plans to remediate the findings, and reviewing model owner requests for finding closures.
• Actively contribute to validation report / validation finding peer reviews, to ensure consistency in validation work across all validators.

Leadership

• Apply soft skills to build consensus and stakeholder buy-in.

Experience / essential and desired for successful job performance

• 3+ years’ experience in model validation or model development at a regulated financial institution.
• Knowledge of US Banking Regulations (Federal Reserve Board)

Qualifications / certifications

• Minimum bachelor’s degree (master’s degree / Ph.D. preferred) with concentration in a quantitative discipline such as, engineering, econometrics, statistics, physics, mathematics etc.
• 3+ years’ experience of quantitative analysis in the financial services sector. Solid quantitative and qualitative risk assessment skills. Experience in model validation and/or model development preferred.
• Team-oriented with a strong sense of ownership and accountability.
• Strong verbal and written communication skills.
• Extensive experience with numerical and statistical tools: e.g. Python, R, MATLAB, SAS, C++, Java.
• Knowledge of regulatory guidance on model risk management and industry best practice.
• Knowledge of capital market products, especially FX, a plus.
• Understanding of settlement and clearing, and the differences is a plus.

Knowledge, skills and abilities / competencies required for successful job performance

• Perform independent model validation, under the guidance of the Lead Model Validator.
• Ability to write, review, critique, and improve long validation reports
• Interact with model owners / model developers on all issues of model validation and subsequent actions, such as agreement on findings, finding remediation plans, finding closure reviews, etc.
• Ability to code independent replications of production models, based on model documentation and, if required, further clarification directly obtained from model owners / model developers.
• Participate in peer review of model validation reports.

Success factors / ‘How’. Personal characteristics contributing to an individual’s ability to excel in the position

• Strong quantitative skills.
• Excellent interpersonal communication skills, both written and verbal.
• High ethical standards and a profound sense of integrity and confidentiality.
• Challenging assumptions and maintaining independence and objectivity.
• Build consensus, to influence both internal and external stakeholders.
• Results oriented team player.

Equal Opportunity Employer
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