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Model Validation, Market Risk

Northern Trust
Bangalore, India
Closing date
Aug 8, 2024

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.

Responsible for the validation of complex quantitative models used within the company, with focus on market risk and counterparty credit risk models. Model validators perform independent analysis to provide effective challenge to the models by evaluating model related risks including input data, model assumptions and limitations, conceptual soundness, methodology, outcomes analysis, benchmarking, monitoring, and model implementation.

Major Duties
• Responsible for validation of market risk (VaR/Expected Shortfall) and counterparty credit risk models (PFE, SIMM, etc.)
• Able to challenge conceptual soundness of the models as well as assure that appropriate and good quality data was used for development
• Good understanding of fixed income and FX derivatives and their valuation methodologies
• As part of centralized Model Validation team within the bank, expected to work on varied areas of risk management
• Has good understanding of SR 11-7 model risk and CCAR stress testing requirements
• Ensures model development, monitoring, and validation approaches meet regulatory expectations and internal risk management needs
• Provides analytical or risk measurement support to help meet both internal corporate and regulatory requirements
• Develop in-depth knowledge of business units/functions and complex modeling techniques used for the models that are used in respective business units
• Independently validate models with focus on accuracy and completeness.
• Adept stakeholder management and smooth interaction with various model owners
• Clearly communicate the complex issues/findings of the model validation outcomes to stakeholders.
• Keep abreast with latest regulatory requirements around model risk management
• Evaluates existing model risk framework in relation to department objectives and industry leading practices, and actively provides solutions to enhance the model risk management/validation framework.

• Strong analytical and problem-solving skills combined with conceptual and technical knowledge of risk concepts
• Knowledge of valuation methodologies of fixed income and FX derivatives instruments
• Knowledge of market risk/counterparty credit risk concepts
• Knowledge of Python is preferred
• Strong preference for candidates with certifications such as CFA/FRM
• Good understanding of AI/ML model methodologies is preferred

Experience Required
• 2 to 4 years of relevant experience
• Postgraduate degree in a quantitative discipline (math, statistics, economics)
• Experience of working in market risk/counterparty credit risk area
• Experience with valuation of fixed income and FX (or similarly complex) derivatives

Working with Us:

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.

We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at .

We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Apply today and talk to us about your flexible working requirements and together we can achieve greater.

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