Model Validation Manager

Essential Function / major duties and responsibilities of the job

• 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.