Risk Management Model Review Associate – Commercial & Investment Bank Finance

Financial Institutions routinely use models for a broad range of activities including analyzing business strategies informing business decisions identifying and measuring risks valuing exposures or instruments hedging derivative positions conducting stress testing assessing capital adequacy managing clients assets informing investment process measuring compliance with internal limits maintaining the formal control apparatus of the bank meeting financial or regulatory reporting requirements and issuing public disclosures. Model Risk arises from the potential adverse consequences of making decisions based on incorrect or misused model outputs and reports leading to financial loss poor business decision making or reputational damage.

As a part of the firms model risk management function you are charged with performing model validation activities providing guidance on a models appropriate usage in the business context evaluating ongoing model performance testing ensuring that model users are aware of the model strengths and limitations and developing model risk policy and control procedures.

Job Responsibilities

• Engage in typical model validation activities including evaluating the conceptual soundness of model specifications the reasonableness of assumptions and reliability of inputs the completeness of testing performed to support the correctness of the implementation the robustness of numerical aspects and the suitability and comprehensiveness of performance metrics and risk measures associated with the use of the models.
• Perform additional model review activities including proposing enhancements to existing models assessing extensions to the scope of existing models and developing benchmarking models.
• Apply in-depth understanding of the drivers of balances and revenues for different investment banking and Markets products and businesses by using a combination of research and liaising with business lines.
• Liaise with Risk and Finance professionals to provide oversight and guidance on appropriate usage controls around model restrictions and limitations and findings for ongoing performance assessment and testing.
• Maintain model risk control apparatus of the bank for the coverage area and serve as the first point of contact.
• Stay updated on the latest developments in the coverage area in terms of products markets models risk management practices and industry standards.

Required qualifications skills and capabilities

• Masters Degree
• Strong quantitative and analytical skills: The role requires a strong quantitative background based on a Master or PhD Degree in a quantitative discipline such as Math Statistics Economics Finance Engineering etc.
• Domain expertise inPPNR and balance sheet modeling stress testing exercises (such as CCAR ICAAP etc.) financial forecasting econometrics and statistics and machine learning methods.
• Strong communication skills and technical writing ability.
• Risk and control mindset: ability to ask incisive questions converge on critical matters assess and escalate issues.