Job details
Description
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)
• 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. |