Assistant Manager, Model Validation Quant

An excellent opportunity has arisen for a highly motivated applicant to join the Model Risk Office at Lloyds Banking Group. This is an exciting opportunity to be part of a dynamic team in a changing and challenging environment, which offers considerable scope for personal development. Become part of the Markets & AI Modelling team which covers pricing models, counterparty risk models, and AI technology. Our team provides independent review and challenge of derivatives pricing models used for valuation and risk management—helping to ensure that the Group maintains rigorous standards and robust practices across its operations.

Day to day, responsibilities include:

• Deliver in-depth theoretical assessments of pricing models across various asset classes.
• Independently benchmark Front Office pricing models using C++ and Python.
• Perform qualitative analyses and stress tests to measure model performance.
• Compile comprehensive validation reports that clearly detail your findings and recommendations.
• Develop, enhance, and maintain internal tools that support and streamline the model validation process, contributing to the team’s overall efficiency and impact.

What you’ll need:

• A Master’s degree or higher in a quantitative discipline (e.g., Mathematics, Physics, Quantitative Finance) or equivalent experience in a quantitative role.
• A solid theoretical understanding of, and familiarity with, derivative pricing models, stochastic calculus, partial differential equations and Monte Carlo methods.
• Excellent problem-solving and time management skills.
• Strong written and verbal communication skills, with the ability to articulate complex mathematical concepts clearly and concisely.
• The ability to work independently, meet deadlines, and perform well under time pressure.

And any experience of these would be really useful:

• Prior experience in a Model Validation or Front Office Quant role.
• Programming experience in C++ and/or Python including library architecture design.
• Strong understanding of financial derivatives and risk modelling.
• Ability to critically evaluate model performance and identify limitations.
• Familiarity with regulatory expectations related to model risk.

About working for us:

Our ambition is to be the leading UK business for diversity, equity and inclusion supporting our customers, colleagues and communities, and we’re committed to creating an environment in which everyone can thrive, learn and develop. We were one of the first major organisations to set goals on diversity in senior roles, create a menopause health package, and a dedicated Working with Cancer Initiative. We offer reasonable workplace adjustments for colleagues with disabilities, including flexibility in office attendance, location and working patterns. And, as a Disability Confident Leader, we guarantee interviews for a fair and proportionate number of applicants who meet the minimum criteria for the role with a disability, long-term health or neurodivergent condition through the Disability Confident Scheme. We provide reasonable adjustments throughout the recruitment process to reduce or remove barriers. Just let us know what you need.

We also offer a wide-ranging benefits package, which includes:

• A generous pension contribution of up to 15%
• An annual performance-related bonus
• Share schemes including free shares
• Benefits you can adapt to your lifestyle, such as discounted shopping
• 28 days’ holiday, with bank holidays on top
• A range of wellbeing initiatives and generous parental leave policies

At Lloyds Banking Group, we’re driven by a clear purpose; to help Britain prosper. Across the Group, our colleagues are focused on making a difference to customers, businesses and communities. With us you’ll have a key role to play in shaping the financial services of the future, whilst the scale and reach of our Group means you’ll have many opportunities to learn, grow and develop.

We’re focused on creating a values-led culture and are committed to building a workforce which reflects the diversity of the customers and communities we serve. Together we’re building a truly inclusive workplace where all of our colleagues have the opportunity to make a real difference.