Model Risk Management Specialist

1 month ago

London, Greater London, United Kingdom Adway Associates Full time
Job Title: Validation Controller

At Adway Associates, we are seeking a highly skilled Validation Controller to join our Model Risk Management team. As a key member of our team, you will play a critical role in ensuring the accuracy and reliability of our risk models.

Key Responsibilities:
  • Model Validation and Governance: Support the Head of Model Validation in prioritizing and scheduling validation activities to ensure all models remain fit for purpose in accordance with the Banking Group MRM Policy and Standards documents.
  • Independent Reviews: Manage independent reviews across the model lifecycle, including new developments, model changes, periodic validations, ongoing monitoring, and implementation in respect to their design, calibration, validation, operation, usage, reporting, and governance.
  • Re-performance Independent Validation: Lead re-performance independent validation for material models, including partial or complete recoding, development or building of challenger models, data profiling, model and variable selection, back-testing, and stress testing.
  • Model Risk Management: Maintain knowledge of model risk and regulatory requirements and standards related to risk models.
  • Model Risk Management Tasks: Carry out model risk management tasks with a view to the auditability of model assurance.
  • Statistical Techniques: Research statistical techniques to estimate model parameters, including volatilities of risk factors and their correlations, and to validate the use of appropriate proxies and fall-back parameters.
  • Risk Culture: Promote a robust risk culture across the primary stakeholders and business.
  • Regulatory Developments: Monitor regulatory developments and ensure personal knowledge remains up to date.

Requirements:

  • Experience in modelling and/or validation for corporate, retail, and wholesale banking portfolios with a financial services organization, consulting firm, or analytic solutions provider.
  • Ability to utilise experience and knowledge to make sound model judgements, taking into account model performance, regulation, and wider considerations such as complexity vs benefit, short vs long-term trade-offs, and resource prioritisation.
  • Hands-on experience in technical model development and implementation, model validation, and/or model oversight in one or more of the following areas: credit risk (retail and/or wholesale), PD/LGD/EAD estimations, IFRS9, operational risk, asset & liability management, Economic Capital, stress testing, sensitivities, time series modelling.
  • Knowledge of relevant risk topics, including relevant regulations from PRA and ECB.
  • Proficiency in SAS & Excel. Knowledge of other standard analytics softwares like R, Python, SAS Viya, etc would be desirable.
  • Knowledge of banking business and associated risk management approaches sufficient to understand models in the context of the business.
  • Ability to communicate and influence on sophisticated issues, verbally and in writing (including model documentation), across all key partner groups.
  • Has ethics and integrity at the heart of every decision, and creates an environment that encourages high performance, openness, honesty, and integrity.
  • A numerate graduate degree (Level 6) or above from any reputed University
  • Minimum 5 years of experience working in risk function either in model development or in model validation
  • Good to have
    • Experience in managing a team

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