Model Validation Senior Associate

Are you ready to make an impact at DTCC? Do you want to work on innovative projects, collaborate with a dynamic and supportive team, and receive investment in your professional development? At DTCC, we are at the forefront of innovation in the financial markets and are committed to helping our employees grow and succeed.

Pay and Benefits

• Competitive compensation, including base pay and annual incentive
• Comprehensive health and life insurance and well-being benefits, based on location
• Pension / Retirement benefits
• Paid Time Off and Personal/Family Care, and other leaves of absence when needed to support your physical, financial, and emotional well-being

DTCC offers a flexible/hybrid model of 3 days onsite and 2 days remote (onsite Tuesdays, Wednesdays and a third day unique to each team or employee).

About the Role

Model Risk Management (MRM) is responsible for overseeing enterprise-wide model risk management and supporting front-line units in managing model risk. MRM provides oversight of day-to-day model risk management activities to identify, measure, monitor, and manage risk related to the design, development, implementation, and use of models.

Per the Federal Reserve Supervision and Regulatory guidance (SR 11-7), Model Validation is the set of processes and activities intended to verify that models are performing as expected, in line with their design objectives and business uses. Effective validation helps to ensure that models are sound, identifying potential limitations and assumptions and assessing their possible impact. All model components—inputs, processing, outputs, and reports—are subject to validation and applies equally to models developed in-house and to those purchased from or developed by vendors or consultants. The Model Validation team is also responsible for evaluating the Model Performance Monitoring Plan for each model and continuously assessing the results to ensure models are performing as expected.

Responsibilities

• Perform hands-on validations and reviews, and write quality model validation reports
• Collaborate with the Project Management Office (PMO) to maintain a viable model validation schedule, coordinate and oversee model validation, and review performed by model validators to ensure timeliness, quality, and effective challenge
• Work with the model owner, model developer, and model user on all aspects of model validation and issue resolution
• Collaborate with the Operations & Management Assurance (OM&A) team to ensure the highest quality of validation, annual review, and Model Performance Monitoring (MPM) reports
• Prepare model validation and review presentations to the Model Risk Governance Council (MRGC) meetings for model approval, model issue tracking, and resolution
• Present model validation, review results, and finding resolutions to the Model Risk Governance Council (MRGC)
• Challenge model performance and methodologies at Model Risk Governance Council (MRGC) review meetings
• Align risk and control processes into day-to-day responsibilities to monitor and mitigate risk; escalates appropriately

Requirements

• Minimum of 6 years of related experience
• Bachelor's degree preferred or equivalent experience
• Knowledge of the financial market and products
• Experience in model validation and/or model development
• Familiarity with regulatory requirements on Model Risk Management (SR 11-7 and CCAR rules)
• Proficiency in programming languages (e.g., SQL, Python, R, SAS, C/C++)

Skills

• Fosters a culture where honesty and transparency are expected
• Stays current on changes in their specialist area and seeks out learning opportunities to ensure knowledge is up-to-date
• Invests effort to individually coach others
• Builds collaborative teams across the organization
• Communicates openly, keeping everyone across the organization informed

The salary range is indicative for roles at the same level within DTCC across all US locations. Actual salary is determined based on the role, location, individual experience, skills, and other considerations.