Model Risk Management Validation Associate | CME Management

Description

This role requires to work 5 days on site.

• The Model Risk Management & Vaation Associate will support the SD, Risk Policy, Recovery & Resolution in managing the day to day model vaation process in coordination with other team members.
• This will include building out and implementing the model risk management related policies and procedures, including relating to model vaation, monitoring, and changes, and refining and maintaining the model inventory.
• This role performs a second line function that works closely with the model developers and users in the first line function.
• Work with the other team members in liaising with third-party vaators to support the model vaation process for model changes and annual model vaations with a focus on assessment of the models as fit for purpose and conceptual soundness.
• This includes responding to inquiries from third-party vaators and reviewing findingsentified by third-party vaators for severity and accuracy.
• Work with colleagues on the drafting model vaation responses, including any remediation plans.
• The Model Risk Management & Vaation Associate will be responsible for maintaining the schedule of model vaations and tracking any agreed remediation actions topletion and presenting such tracking to senior management of CME Clearing for review.
• Review the soundness of the ongoing model monitoring procedures and model change standards with the SD, Risk Policy, Recovery & Resolution and rmend and draft, as necessary, any enhancements.
• With other stakeholders, support the review of forting model changes and where applicable, support other team members in conducting the independent vaation of such changes, including testing.
• The Model Risk Management & Vaation Associate will be expected to grow their knowledge of the CME Clearing’s risk models, as well as broader best practices in model risk management, and act as one of the main points of contact and sources of information for model developers and users, particularly to address questions regarding the model risk management process.

Principal Accountabilities:

• Supporting the day-to-day implementation of the model risk management practices, including the internal and third-party model vaation processes and reviewing model changes, including supporting testing
• Supporting the drafting of model risk management policies and procedures and refining and maintaining the model inventory
• Working with third-party vaators to respond to their inquiries and by reviewingentified findings for severity and accuracy
• Supporting the drafting of model vaation responses, particularly working with model developers and users
• Developing knowledge of CME Clearing’s risk models and best practices in model risk management

Skills and Software Requirements:

• Master’s degree or equivalent in quantitative field, such as financial math or financial engineering. Proficiency in understanding some programming languages such as C++, C#, Java, or Python is required (i.e., must be able to read code)
• Canate should have a minimum of 3-5 years’ experience in model risk management, working at a bank/major financial institution, and/or management consulting for the financial services industry. Base knowledge of model risk management best practices (e.g., building vaation tools) and more broadly, knowledge of financial markets and derivatives products, as well as risk management methods (e.g., value-at-risk, stress testing, scenario analysis, etc.).
• Proficiency in understanding some programming languages such as C++, C#, Java, or Python is required (i.e., must be able to read code). Ability to develop database queries and scripts for data analysis is required. Expertise in Microsoft Office, particularly Excel, also required.
• Possesses strong quantitative, analytical and problem-solving skills along with trouble shooting skills is a must need. Ability to work in a highly collaborative team environment.

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CME Group: Where Futures Are Made CME Group (www.cmegroup) is the world s leading derivatives marketplace. But who we are goes deeper than that. Here, you can impact markets worlde. Transform industries. And build a career shaping tomorrow. We invest in your success and you own it, all while working alonge a team of leading experts who inspire you in ways big and small. Problem solvers, difference makers, trailblazers. Those are our people. And we re looking for more.