Model Validation Senior Associate

DTCC • Jersey City, NJ

1d • Hybrid

About The Position

Are you ready to make an impact at DTCC?  

Do you want to work on innovative projects, collaborate with a dynamic and
supportive team, and receive investment in your professional development? At
DTCC, we are at the forefront of innovation in the financial markets.  We're
committed to helping our employees grow and succeed. We believe that you have
the skills and drive to make a real impact.  We foster a thriving internal
community and are committed to creating a workplace that looks like the world
that we serve.

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

Nice To Haves

• 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.

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

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).

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 1,001-5,000 employees