Model Validation Senior Associate

The Depository Trust & Clearing Corporation (DTCC); Jersey City (NJ); Hybrid; USD 100,000 - 130,000; Full time

Benefits offered by this job

Competitive compensation

Comprehensive health and life insurance

Pension / Retirement benefits

Paid Time Off

Flexible/hybrid model

Job summary

A financial services company in Jersey City, NJ, is seeking a Model Risk Management professional. You will oversee model risk management activities, ensuring compliance with regulations. Responsibilities include validating models, preparing reports, and collaborating with various teams. Ideal candidates should have at least 6 years of related experience and a preferred bachelor’s degree. Proficiency in programming languages such as SQL and Python is essential for success in this role.

Qualifications

• Minimum of 6 years of related experience in model risk management.
• Bachelor's degree preferred or equivalent experience.

Responsibilities

• Perform hands-on validations and write quality model validation reports.
• Collaborate with PMO to maintain a viable model validation schedule.
• Present model validation results to Model Risk Governance Council.

Skills

Model validation

Regulatory requirements knowledge

Programming proficiency (SQL, Python, R, SAS, C/C++)

Risk management

Education

Bachelor's degree or equivalent experience

Job description

Pay And Benefits

• Competitive compensation, including base pay and annual incentive
• Comprehensive health and life insurance and well-being benefits, based on location
• Pension / Retirement benefits
• Paid Time Off and Personal/Family Care, and other leaves of absence when needed to support your physical, financial, and emotional well-being.
• DTCC offers a flexible/hybrid model of 3 days onsite and 2 days remote (onsite Tuesdays, Wednesdays and a third day unique to each team or employee).

The Impact You Will Have In This Role

Model Risk Management, MRM is responsible for overseeing enterprise-wide model risk management and supporting front-line units in managing model risk. MRM provides oversight of day-to-day model risk management activities to identify, measure, monitor, and manage risk related to the design, development, and implementation and use of models. Per the Federal Reserve Supervision and Regulator guidance (SR 11-7), 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. Effective validation helps to ensure that models are sound, identifying potential limitations and assumptions and assessing their possible impact. All model components, inputs, processing, outputs, and reports, are subject to validation and applies equally to models developed in-house and to those purchased from or developed by vendors or consultants. The Model Validation team is also responsible for evaluating the Model Performance Monitoring Plan for each model, and continuously assessing the results to ensure that models are performing as expected.

Your Primary Responsibilities

• Perform hands-on validations and reviews, and write quality model validation reports.
• Collaborate with the Project Management Office (PMO) to maintain a viable model validation schedule, coordinate and oversee model validation, and review performed by the model validators to ensure timeliness, quality, and effective challenge.
• Work with the model owner, model developer, and model user on all aspects of model validation and issue resolution.
• Collaborate with the Operations & Management Assurance (OM&A) team to ensure the highest quality of validation, annual review, and Model Performance Monitoring (MPM) reports.
• Prepare model validation and review presentations to the Model Risk Governance Council (MRGC) meetings for model approval, model issue tracking, and resolution.
• Present model validation, review results, and finding resolutions to the Model Risk Governance Council (MRGC).
• Challenge model performance and methodologies at Model Risk Governance Council (MRGC) review meeting.
• Knowledge of the financial market and products. Experience in model validation and or model development. Familiarity with regulatory requirements on Model Risk Management(SR 11-7 and CCAS rules).
• Proficiency in programming languages (For example, SQL,Python, R, SAS, C/C++).
• Aligns risk and control processes into day-to-day responsibilities to monitor and mitigate risk; escalates appropriately

NOTE: The Primary Responsibilities of this role are not limited to the details above.

Qualifications

• Minimum of 6 years of related experience
• Bachelor's degree preferred or equivalent experience

Talents Needed For Success

• Fosters a culture where honesty and transparency are expected.
• Stays current on changes in his/her own specialist area and seeks out learning opportunities to ensure knowledge is up‑to‑date.
• Invests effort to individually coach others.
• Builds collaborative teams across the organization.
• Communicates openly keeping everyone across the organization informed.

The salary range is indicative for roles at the same level within DTCC across all US locations. Actual salary is determined based on the role, location, individual experience, skills, and other considerations. We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.