Head of Model Validation

  • Competitive
  • New York, NY, USA New York NY US
  • Permanent, Full time
  • CLS UK Intermediate Holdings Ltd.
  • 23 Apr 18 2018-04-23

Internal Audit is responsible for the independent testing and validation of CLS’s models. The validation work is conducted using resources provided by a professional firm under a co-sourcing arrangement. The Head of Model Validation oversees this work and provides the model validation skills within Internal Audit. He/she will own, rate and challenge the model validation findings.

Essential Functions
Major duties and responsibilities of the job


Strategic 
•    The Head of Model Validation will oversee the testing and validation of CLS’s models by the co-sourced provider of independent model validation services. 
•    He/she will own, rate and challenge the model validation findings, to provide independent assurance on the adequacy and effectiveness of CLS’s models to support executive management and the Board in achieving their objectives. 
•    Provide leadership to develop, implement and communicate Internal Audit’s strategy and goals, and interface with all levels of management.
Operational
•    Assist the CIA with the development of the annual Model Validation Plan and maintenance of the 3-5 year Rolling Plan, based on a risk assessment of the key models across the CLS Group.
•    Deliver timely model validations to management; apprise the CIA and executive management of significant risk, control and thematic issues relating to CLS’s models.
•    Maintain and ensure adherence the Model Validation Policy and supporting procedures; further develop and maintain the independent model risk assessment process.
•    Maintain continuous monitoring with senior management to ensure all new models and any emerging model risk and control issues are incorporated into the Model Validation Plan.
•    Provide assurance over business commitment to the remediation of issues impacting CLS’s models; ensure that all key open and overdue model issues are monitored and escalated to the CIA and executive management; once closed, ensure all model issues are validated.
•    Produce Internal and Board Committee MI covering model validation activities.
•    Ensure adherence with financial services industry regulatory standards, e.g. the OCC’s Bulletins, the Federal Reserve’s SR11-7 guidance on model risk and Regulation HH risk management standards, and stay abreast of best practice requirements for model validation/model risk management.
•    Assist the CIA in monitoring the ongoing effectiveness of the independent model validation activities.


Leadership
•    Maintain and manage a professional relationship with CLS’s strategic co-sourced provider of independent model validation services. 
•    Assist the CIA to manage relationships with regulatory agencies.
•    Work with the Head of Business Audit and Head of IT Audit to lead the Internal Audit Team.


Knowledge, Skills and Abilities
Competencies required for successful job performance
•    Ability to think on a broad scale about issues affecting the company, not just those related to models and the control environment.
•    Project and staff management skills; proven track record of managing a team.


Essential Qualifications
Experience, education and any certifications as necessary for successful job performance
Bachelors Degree in Mathematics, Financial Engineering, Finance/Accounting.
Member of the IRM, GARP or other recognised financial risk institute..
Experience of Quantitative Analysis in financial services sector (esp. FX/Banking).
Experience of dealing with executive management. 
Experience of managing relationships with the regulator.

Desired Qualifications
Experience, education and any certifications as necessary for successful job performance
Member of the Institute of Internal Auditors (IIA).
Chartered Accountant or CPA.
Knowledge of US Banking Regulations (Federal Reserve Board). 
Experience of dealing with Audit and Board Committees.
Masters Degree (MBA).


Success Factors
Personal characteristics contributing to an individual's ability to excel in the position
•    Excellent interpersonal communication skills, both written and verbal. 
•    High ethical standards and a profound sense of integrity and confidentiality. 
•    Challenging assumptions and maintaining independence and objectivity.
•    Build consensus, to influence both internal and external stakeholders.
•    Champion and drive change in a rapidly developing environment with multiple competing priorities. 
•    Results orientated team player.
•    Commitment to developing and leading staff, both in New York and London.