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- Tasks: Validate and review derivative pricing models to ensure compliance with bank policies.
- Company: Join NatWest, a leading bank focused on risk management and innovation.
- Benefits: Enjoy opportunities for professional growth and collaboration across teams.
- Why this job: Make an impact in model risk management while developing key relationships in the finance sector.
- Qualifications: Advanced degree in Quantitative Finance or related field; coding skills in Python preferred.
- Other info: Lead a small team and engage with senior management on critical financial models.
The predicted salary is between 48000 - 72000 £ per year.
Join us as a Model Risk Manager. In this key role, you’ll undertake the validation of derivative pricing models and ensure that models are managed within the requirements of the bank’s model risk policy and risk appetite. You’ll ensure model limitations are identified, communicated to stakeholders and effectively mitigated.
We’ll look to you to help develop, maintain and implement proportionate mandatory procedures for model validation activity. You’ll gain great exposure for you and your work, with the opportunity to develop key relationships with colleagues across Risk and NatWest Markets.
What you’ll do
As a Model Risk Manager your main role will be the validation and review of models used within NatWest Markets to help ensure the bank’s models are managed within policy and appetite. By conducting thorough quantitative analysis, you’ll assess their performance and robustness. You’ll prepare comprehensive validation reports and documentation, supporting the delivery of bank wide policy and mandatory procedures for the governance and control of model risk, through effective tracking and proactive escalation of issues and compliance with the operational risk framework.
You’ll also be:
- Managing a small team of validators providing oversight to their validation activity and support their development.
- Working with the team to design and roll-out a bank-wide risk appetite approved by the bank’s executive and cascaded to businesses, functions and legal entities.
- Assisting all areas in having appropriate governance and minimum standards in place to enable each area to report and manage their model risk and remain within their executive’s risk appetite.
- Working to effectively and proactively support model risk with the management and remediation of its internal and external audit issues.
The skills you’ll need
We’re looking for significant experience of model validation or development of xVA models and front office pricing models e.g. currencies, rates. You’ll need a strong understanding of the financial industry and regulatory requirements. You’ll have project management experience with a demonstrated ability to establish a clear direction and set and track objectives. Crucial to your success in this role will be problem solving, analytical skills, develop effective relationships and your ability to communicate with and influence senior management.
You’ll also have:
- Extensive model development or validation experience in a markets business.
- An advanced degree such as a Master’s or PhD in Quantitative Finance, Mathematics, Statistics, or a related field.
- The ability to code in Python or a proven record of coding in other languages.
- Knowledge of key model risk regulation such as SS1/23.
- Financial acumen and the ability to understand model risk in the context of derivative pricing models.
- Experience writing and proof-reading papers of sufficient quality to be submitted to senior management regulators and auditors.
- The ability to work closely with senior team members to deliver outcomes consistent with industry leading practices.
Model Risk Manager employer: NatWest
Contact Detail:
NatWest Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Model Risk Manager
✨Tip Number 1
Familiarise yourself with the latest model risk regulations, especially SS1/23, as this knowledge will be crucial in discussions with senior management. Being well-versed in these regulations can set you apart during interviews.
✨Tip Number 2
Network with professionals in the financial industry, particularly those involved in model validation or development. Attend relevant conferences or webinars to build connections and gain insights that could be beneficial for your application.
✨Tip Number 3
Brush up on your coding skills, particularly in Python, as this is a key requirement for the role. Consider working on personal projects or contributing to open-source projects to demonstrate your coding proficiency.
✨Tip Number 4
Prepare to discuss your project management experience in detail, highlighting specific examples where you've successfully tracked objectives and led teams. This will showcase your leadership abilities and problem-solving skills during the interview process.
We think you need these skills to ace Model Risk Manager
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights your experience in model validation or development, particularly with xVA models and front office pricing models. Use specific examples that demonstrate your analytical skills and project management experience.
Craft a Strong Cover Letter: In your cover letter, emphasise your understanding of the financial industry and regulatory requirements. Discuss how your background aligns with the responsibilities of the Model Risk Manager role and how you can contribute to the team.
Showcase Technical Skills: Clearly outline your coding abilities, especially in Python or other relevant languages. Mention any experience you have with model risk regulations like SS1/23, as this will be crucial for the role.
Prepare for Questions: Anticipate questions related to your experience in model validation and your approach to problem-solving. Be ready to discuss how you've managed teams and communicated with senior management in previous roles.
How to prepare for a job interview at NatWest
✨Showcase Your Technical Expertise
Be prepared to discuss your experience with model validation and development, particularly in xVA models and front office pricing models. Highlight specific projects where you applied quantitative analysis and coding skills, especially in Python.
✨Demonstrate Problem-Solving Skills
Expect questions that assess your analytical thinking and problem-solving abilities. Prepare examples of how you've tackled complex issues in model risk management and the steps you took to resolve them.
✨Communicate Effectively
Since the role involves influencing senior management, practice articulating your thoughts clearly and concisely. Be ready to explain technical concepts in a way that is accessible to non-experts, showcasing your communication skills.
✨Understand Regulatory Requirements
Familiarise yourself with key model risk regulations, such as SS1/23. Be prepared to discuss how these regulations impact model validation processes and how you ensure compliance within your work.
