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- Tasks: Validate quantitative models and ensure compliance with regulatory standards in a dynamic banking environment.
- Company: Join a fast-growing bank in the heart of London, known for its innovative approach to finance.
- Benefits: Enjoy hybrid working flexibility and a collaborative team culture with opportunities for professional growth.
- Why this job: Be part of a high-performing team that plays a crucial role in risk management and model validation.
- Qualifications: Masters or PhD in a quantitative field with advanced knowledge of financial mathematics and coding skills.
- Other info: Engage with diverse stakeholders and contribute to impactful model risk management processes.
The predicted salary is between 54000 - 84000 £ per year.
This is a new Senior Counterparty Credit Risk Manager (Model Validator) at a fast growing bank based in London. This role offers hybrid working flexibility. The successful candidate will report to the Head of Model Validation. The purpose of the role is to act as the second line of defence on Model Risk and to validate the models used in the Bank.
This team is responsible for performing model validation and model review for a wide range of pricing and risk models. Responsibilities for this role include:
- Validating counterparty credit exposure and XVA models.
- Review of risk factor simulation models, backtesting and model calibration.
- Independently implement benchmark models, covering product specific implementations and features such as CSAs and netting.
- Validate the models from a mathematical and implementation perspective.
- Review the applicability (i.e. the strengths, weaknesses, model assumptions and limitations) of the models.
- Document model validation testing and findings to a high standard and follow up with stakeholders on identified modelling issues.
- Involvement in model validation of risk models other than counterparty credit risk and XVA models.
- Develop the capability to communicate and interact with different relevant stakeholders and oversight bodies, e.g. front office, risk department, regulators, and internal and external auditors.
- Conduct validations with minimal supervision in line with regulatory expectations.
- Participate in relevant technical committees and present model validation documents.
- Conduct model risk management processes including model risk monitoring and ongoing and periodic validation.
- Establish a strong working relationship with key stakeholders in front office, finance and risk functions.
- Provide stakeholders with answers to day-to-day requests while preserving long term objectives and regular schedule review.
Ideal Candidate:
- Excellent academic credentials. Masters or PhD degree in a quantitative field are required.
- Advanced knowledge of quantitative methods such as financial mathematics, stochastic processes and Monte-Carlo simulation.
- Extensive knowledge of and experience in validating counterparty risk models (PFE and XVA models).
- Good knowledge of regulatory standards and capital requirements under Basel III and SACCR.
- Good understanding of CCR and XVA risk measurement and management.
- Good high-level cross asset class product knowledge.
- Good coding skills (preferably C++) and working knowledge of Excel.
- Experience with Adaptiv Analytics for PFE modelling, Murex as a booking and risk management tool would be beneficial.
- Good written and verbal communication skills; ability to work independently.
- Flexibility to adapt to changing day-to-day priorities whilst simultaneously achieving longer term project based deadlines.
Contact Detail:
JSS Search Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Senior Counterparty Credit Risk Manager (City of London)
✨Tip Number 1
Network with professionals in the banking and risk management sectors. Attend industry events, webinars, or meetups to connect with individuals who work in model validation or counterparty credit risk. This can help you gain insights into the role and potentially get referrals.
✨Tip Number 2
Familiarise yourself with the latest regulatory standards and capital requirements under Basel III and SACCR. Being well-versed in these regulations will not only enhance your understanding of the role but also demonstrate your commitment to staying updated in the field.
✨Tip Number 3
Showcase your coding skills, particularly in C++. If you have experience with Adaptiv Analytics or Murex, be prepared to discuss specific projects where you applied these tools. Practical examples can set you apart from other candidates.
✨Tip Number 4
Prepare to discuss your approach to model validation and risk management processes. Think about how you would handle model assumptions, limitations, and stakeholder communication. Being able to articulate your thought process will impress interviewers.
We think you need these skills to ace Senior Counterparty Credit Risk Manager (City of London)
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights your experience in validating counterparty credit risk models and your knowledge of regulatory standards like Basel III. Use specific examples that demonstrate your expertise in quantitative methods and model validation.
Craft a Strong Cover Letter: In your cover letter, express your enthusiasm for the role and the bank. Discuss how your academic credentials and professional experience align with the responsibilities outlined in the job description, particularly your ability to communicate with stakeholders and conduct validations independently.
Highlight Relevant Skills: Emphasise your coding skills, especially in C++, and any experience with tools like Adaptiv Analytics or Murex. Mention your familiarity with financial mathematics and stochastic processes, as these are crucial for the role.
Showcase Communication Abilities: Since the role requires interaction with various stakeholders, provide examples in your application that demonstrate your written and verbal communication skills. Highlight any experience you have in presenting technical documents or participating in committees.
How to prepare for a job interview at JSS Search
✨Showcase Your Technical Expertise
Make sure to highlight your advanced knowledge of quantitative methods and your experience in validating counterparty risk models. Be prepared to discuss specific models you've worked on, including PFE and XVA models, and how you approached their validation.
✨Understand Regulatory Standards
Familiarise yourself with Basel III and SACCR regulations. During the interview, demonstrate your understanding of how these standards impact model validation and risk management processes within the bank.
✨Communicate Effectively
Since this role involves interaction with various stakeholders, practice articulating complex concepts clearly and concisely. Prepare examples of how you've successfully communicated technical findings to non-technical audiences in the past.
✨Prepare for Scenario-Based Questions
Expect questions that assess your problem-solving skills and ability to handle real-world scenarios. Think about past experiences where you had to validate a model under pressure or adapt to changing priorities, and be ready to share those stories.
