Find a job 
Featured Companies 
Featured Universities 
For Companies At a Glance
- Tasks: Validate and review derivative pricing models to ensure compliance with bank policies.
- Company: Join NatWest, a leading bank focused on innovation and risk management.
- Benefits: Enjoy competitive pay, professional development opportunities, and a collaborative work culture.
- Why this job: Gain exposure to key stakeholders and enhance your analytical skills in a dynamic environment.
- Qualifications: Advanced degree in Quantitative Finance or related field; coding skills in Python preferred.
- Other info: Opportunity to manage a small team and influence model risk governance.
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.
- 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.
- 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. Understanding these regulations will not only help you in interviews but also demonstrate your commitment to compliance and governance in model risk management.
✨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 into current trends and challenges in model risk management.
✨Tip Number 3
Brush up on your coding skills, particularly in Python, as this is crucial for the role. Consider working on personal projects or contributing to open-source projects that involve quantitative finance to showcase your coding abilities.
✨Tip Number 4
Prepare to discuss your experience with model validation and project management in detail. Be ready to provide examples of how you've successfully managed teams and communicated complex concepts to senior management, as this will be key in demonstrating your fit for the role.
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 and 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 key model risk regulations like SS1/23, as this will be crucial for the role.
Prepare for Interviews: Be ready to discuss your previous work in model validation and your approach to problem-solving. Prepare examples of how you've communicated complex information to senior management and influenced decision-making.
How to prepare for a job interview at NatWest
✨Showcase Your Technical Expertise
As a Model Risk Manager, you'll need to demonstrate your extensive knowledge of model validation and development. Be prepared to discuss specific models you've worked on, particularly in xVA and front office pricing. Highlight your coding skills, especially in Python, and any relevant projects that showcase your analytical abilities.
✨Understand the Regulatory Landscape
Familiarise yourself with key model risk regulations, such as SS1/23, and be ready to discuss how these impact model validation processes. Showing that you understand the regulatory environment will help you stand out as a candidate who can navigate compliance effectively.
✨Demonstrate Leadership Skills
Since the role involves managing a small team, it's crucial to highlight your leadership experience. Share examples of how you've supported team members' development and managed validation activities. This will show that you're not only technically proficient but also capable of guiding others.
✨Prepare for Scenario-Based Questions
Expect scenario-based questions that assess your problem-solving and analytical skills. Prepare to discuss how you would handle specific model risk issues or audit findings. This will allow you to demonstrate your critical thinking and ability to communicate effectively with senior management.
