Model Risk Management & Validation Associate

Description

This role requires to work 5 days on site.

• This will include building out and implementing the model risk management related policies and procedures, including relating to model validation, monitoring, and changes, and refining and maintaining the model inventory.
• The Model Risk Management & Validation Associate will support the SD, Risk Policy, Recovery & Resolution in managing the day to day model validation process in coordination with other team members.
• This includes responding to inquiries from third-party validators and reviewing findings identified by third-party validators for severity and accuracy.
• This role performs a second line function that works closely with the model developers and users in the first line function.
• Work with the other team members in liaising with third-party validators to support the model validation process for model changes and annual model validations with a focus on assessment of the models as fit for purpose and conceptual soundness.
• Review the soundness of the ongoing model monitoring procedures and model change standards with the SD, Risk Policy, Recovery & Resolution and recommend and draft, as necessary, any enhancements.
• With other stakeholders, support the review of forthcoming model changes and where applicable, support other team members in conducting the independent validation of such changes, including testing.
• Work with colleagues on the drafting model validation responses, including any remediation plans.
• The Model Risk Management & Validation Associate will be responsible for maintaining the schedule of model validations and tracking any agreed remediation actions to completion and presenting such tracking to senior management of CME Clearing for review.
• The Model Risk Management & Validation Associate will be expected to grow their knowledge of the CME Clearing’s risk models, as well as broader best practices in model risk management, and act as one of the main points of contact and sources of information for model developers and users, particularly to address questions regarding the model risk management process.

Principal Accountabilities:

• Developing knowledge of CME Clearing’s risk models and best practices in model risk management
• Supporting the drafting of model validation responses, particularly working with model developers and users
• Supporting the drafting of model risk management policies and procedures and refining and maintaining the model inventory
• Working with third-party validators to respond to their inquiries and by reviewing identified findings for severity and accuracy
• Supporting the day-to-day implementation of the model risk management practices, including the internal and third-party model validation processes and reviewing model changes, including supporting testing

Skills and Software Requirements:

• Possesses strong quantitative, analytical and problem-solving skills along with trouble shooting skills is a must need. Ability to work in a highly collaborative team environment.
• Master’s degree or equivalent in quantitative field, such as financial math or financial engineering. Proficiency in understanding some programming languages such as C++, C#, Java, or Python is required (i.e., must be able to read code)
• Proficiency in understanding some programming languages such as C++, C#, Java, or Python is required (i.e., must be able to read code). Ability to develop database queries and scripts for data analysis is required. Expertise in Microsoft Office, particularly Excel, also required.
• Candidate should have a minimum of 3-5 years’ experience in model risk management, working at a bank/major financial institution, and/or management consulting for the financial services industry. Base knowledge of model risk management best practices (e.g., building validation tools) and more broadly, knowledge of financial markets and derivatives products, as well as risk management methods (e.g., value-at-risk, stress testing, scenario analysis, etc.).

#LI-DS

#LI-Onsite

#dice

CME Group: Where Futures Are Made

CME Group (www.cmegroup.com) is the world's leading derivatives marketplace. But who we are goes deeper than that. Here, you can impact markets worldwide. Transform industries. And build a career shaping tomorrow. We invest in your success and you own it, all while working alongside a team of leading experts who inspire you in ways big and small. Problem solvers, difference makers, trailblazers. Those are our people. And we're looking for more.