Business Manager at Randstad India
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Senior Manager - Model Risk - BFSI (7-12 yrs)
This role will support the development and embedding of the model risk framework and will lead development and implementation of the model validation component. Lead the development of a model risk validation team which will be responsible for the independent review and analysis of material models or oversight of that process for models used within the company. You'll undertake theoretical analysis and review of material models across asset classes, understanding the mathematical models used and their implementation methods in order to help elaborate a model inventory and a model risk assessment process to drive the frequency of periodical validation of models. In addition, you'll provide qualitative SME analysis of pricing models used for pricing and/or risk calculations. Naturally, you'll actively engage and manage relationships with various stakeholders.
- To develop the a global target state operating model for a 2nd Line Model Validation function
- To define an approach and plan for designing and implementing the core components of the model risk validation function including prioritization and pilots where required
- To define requirements for model development and model validation policies in line with global model risk standards
- To help build out a complete model inventory and a model risk assessment approach to enable a risk based approach for model review cycles including validation support for key models
- To review and validate existing risk models to establish their accuracy and suitability for changing business climate.
- To review and validate model testing results and documentation
- To provide SME advisory and assurance that risk & pricing models meet regulatory requirements.
- To provide expert support and guidance to all stakeholders on model development and validation activities, to help ensure the global model risk operating model is consistently adopted in processes and procedures, and to help model owners, users and developers understand minimum standards, make use of templates, etc.
- Establish and maintain highly effective working relationships with all key internal stakeholders
Experience and Qualifications Required:
- Hands on experience building, enhancing and running model validation processes is essential
- Solid understanding of all model types (investment, pricing, risk & capital) with specific SME expertise in pricing models (preferably both equities and fixed income models)
- Extensive experience in quantitative risk-related roles in the financial sector - investment banking or asset management is preferable.
- Ability to demonstrate project delivery across model validation, model documentation will be highly advantageous.
- Hands-on mentality
- Excellent at providing innovative ideas and comfortable working under pressure
- Strong MS Excel & expertise with VBA, model library programming (C++, Java, Python &/or other).
- Dedicated to maintaining high-quality standards and client satisfaction
- University degree in Quantitative/Finance/Mathematical subject or similar
- At least 5 years post-qualification experience