Model Validation Associate Director

DTCC • Jersey City, NJ

13h • $95,000 - $180,000 • Hybrid

About The Position

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.

Requirements

• Minimum of 8 years of relevant professional experience.
• Master's or Ph.D. in Finance, or a related STEM discipline

Nice To Haves

• Serves as a trusted coach or mentor within the organization.
• Communicates openly keeping everyone across the organization informed.

Responsibilities

• Perform hands-on validations and reviews, write quality model validation reports, and provide model approvals.
• 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.
• Prepare model validation and review presentations to the Model Risk Governance Council (MRGC) meetings for model approval, model issue tracking and resolution. Present results and finding resolutions to the Model Risk Governance Council (MRGC).
• Collaborate with the Operations & Management Assurance (OM&A) team to ensure the highest quality of validation, annual review, and Model Performance Monitoring (MPM) reports.
• Interface with the auditors and regulators on all aspects of model validation.
• Challenge the model performance and methodologies at monthly MRGC review meeting.
• Perform ad hoc analysis to identify model limitations and performance issues. Recommend action plan for remediation.
• Review Model Performance Monitoring (MPM) metrics and plans according to firmwide Model Performance Monitoring (MPM) standards and opine on the appropriateness of the metrics and plans.
• Present Model Performance Monitoring (MPM) reviews, oversight results, and finding resolutions to the Model Risk Governance Council (MRGC).
• Challenge Model Performance Monitoring (MPM) reports at monthly Model Risk Governance Council (MRGC) review meeting.
• Review low-tier models and non-models and enforce established controls.
• 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++).
• Mitigates risk by following established procedures and monitoring controls, spotting key errors and demonstrating strong ethical behavior.

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.

What This Job Offers

• Job Type: Full-time
• Career Level: Director