Our Risk division develops comprehensive processes to monitor, assess, and manage the risk of expected and unexpected events that may have an adverse impact on the firm. Risk professionals execute critical day-to-day risk management activities, lead projects and contribute to the ongoing advancement of a robust risk management program. Effective coordination with executive management, business units, control departments and technology is critical for success.
The Model Risk Management (MRM) group is a multidisciplinary group of quantitative experts at Goldman Sachs with presence in New York, Dallas, London, Warsaw, Hong Kong, Bangalore and Hyderabad. MRM is responsible for independent oversight of the firm's model risk, ensuring compliance with the Model Control Policy, and evidencing effective challenge over model development, documentation, implementation, and usage.
The group's primary mandate is to manage risk that arises from model use through the firm's range of businesses - including derivatives, securities and other investments' valuation; market, credit and operational risk management; liquidity and capital computations; and more.
JOB RESPONSIBILITIES - Model Governance
- Drive efforts to increase efficiency and automation of model risk management workflows
- Establish, maintain and enforce the MRM framework and governance structure
- Coordinate regulator requests on model risk management topics, respond to analysis and documentation requests, and support advocacy discussions
- Liaise with Technology to maintain systems that support model risk management workflows
- Evaluate compliance with key regulatory rules, engage in new activity impact assessments and approvals, engage with key committees and governing bodies, and maintain key policies and procedures
- Oversee ongoing Model performance monitoring jointly with Model Validation and enforce change control procedures
- Manage Model validation findings, including tracking and escalation of findings
- Manage the firmwide model inventory including maintaining model inventory data integrity by resolving exceptions from automated checks on inventory changes, resolving inquiries from model stakeholders, and providing ad-hoc analysis on model inventory
- Work closely with model validators to understand and communicate the results of model validation activities and model limitations to internal and external stakeholders, including senior management
Qualifications
- Strong verbal and written communication, able to communicate deliverables across various seniority levels and to both internal and external stakeholders including regulators.
- Strong leadership skills with experience managing a team.
- Excellent analytical, quantitative, interpersonal, and organizational skills. Team oriented.
- Preferable: Financial industry experience. Model development and/or validation experience.
- Programming skills, including object-oriented languages and scripts (e.g., SQL, Access, VBA)
- At least 4 years of industry expirience preferred
- Bachelor's degree in mathematics, computer science, hard sciences, financial engineering, or finance preferred but not required
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