Model Validation Specialist
Business Unit: Group Risk, Model Risk Management Salary range: £38,400 - £48,000 per annum DOE + red-hot benefitsLocation: UK Remote with HUB collaborations circa once per quarter (Glasgow, Newcastle & London).Contract type: Permanent Live to challenge the status quo. Live a life more Virgin. Our Team Ensuring we have robust Model Risk Management frameworks in place is essential for us to manage risk arising from using models for our decision making while complying with complex regulations and increasing regulatory expectations. Also, the advent of new technologies (e.g. AI) and emerging sources of financial risk (e.g. climate change) drive innovation in the modelling space that have to be managed appropriately. This is where our team comes in! We provide and evidence oversight in the form of independent model validations and reviews, where we work with stakeholders across the bank to ensure robust model development activities. We also make sure we adhere to frameworks and policies by supporting identification and remediation of gaps in compliance. What you will be doing Supporting validations of new and revised statistical and machine learning models to ensure models across the business are fit for purposeProviding assurance on compliance with the regulatory requirements we work withinUtilising your technical skills in data manipulation and extraction and analysing model performance and model risk Engaging with model owners, gathering materials for analysis, challenging model performance or development and documenting findings Generating model validation reports and ensure that validation actions are followed through to resolution Providing statistical and modelling expertise to inform the discussion between Model Development and Independent Model Validation as part of the model build and model review processPresenting model validation findings to technical forums and through governance committees We need you to have Highly analytical with a numerate degree or equivalent technical experienceSolid understanding of basic probability and statisticsExperience in model development and/or model validation, ideally related to at least one of the following areas: IRB, Fraud, Financial Crime and /or Machine LearningIntuitive understanding of data science and machine learning concepts and algorithms such as clustering, regression classification, hyperparameter tuningWorking understanding of different modelling techniques and their underlying mechanistic details (XGBoost, LGBM, Deep Learning)Demonstrable experience with AI/ML tools and frameworks (Pandas, NumPy, Matplotlib, Pytorch, Keras)Advanced knowledge of at least one programming language, e.g., Python/SQL/SAS It is a bonus if you have but not essential: Technical knowledge of Model Risk Management and Capital Requirement Regulation Experience in model development and/or model validation of IRB, Scorecards, IFRS 9, Stress Testing, Climate Risk models Red Hot Rewards Generous holidays - 38.5 days annual leave (including bank holidays and prorated if Part–Time) plus the option to buy moreUp to five extra paid well-being days per year 20 weeks paid, gender-neutral family leave (52 weeks in total) for expectant parents and those looking to adopt Market-leading pensionFree private medical cover, income protection and life assuranceFlexible benefits include Cycle to Work, wellness and health assessments, and critical illness Ability to work anywhere in the UK (where the role allows) And there's no waiting around, you'll enjoy these benefits from day one. Feeling insatiably curious about this role? Apply as soon as you can. If we're lucky to receive a lot of interest, we may close the advert early and would hate you to miss out. We're all about helping you Live a Life More Virgin, so happy to talk flexible working with you. Say hello to Virgin MoneyWe're making great strides towards achieving our ambition of becoming the UK's best digital bank. As a full-service digital bank with a heritage stretching back over 180 years, we`re a workforce to be reckoned with. We're putting the full power of our experience behind disruptive ideas that reinvent the role a bank plays in people's lives. We strive to create positive experiences for our millions of customers and our purpose, ‘Making You Happier About Money', underpins everything we do. We believe in doing banking differently, innovating and working together to make a real difference. Join us and Live a Life More Virgin that empowers you with choice and flexibility in how you work. Be yourself at Virgin MoneyOur purpose is to make people happier about money, this means seeing and feeling the world as our customers do by creating a workforce that reflects the rich diversity of our customers and communities. We're committed to creating an inclusive culture where colleagues feel safe and inspired to contribute, speak up and be heard. As a Disability Confident Leader, we're committed to removing any obstacles to inclusion. If you need any reasonable adjustments or support making your application, contact our Talent Acquisition team Now the legal bitLiving A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it), but we'll need you to confirm you have the right to work in the UK. If you're successful in securing a role with us, there are some checks you need to complete before starting. These include credit and criminal record checks and three years' worth of satisfactory references. If the role is part of the Senior Manager Regime and Certification Regime, it requires enhanced pre-employment checks - we'll ask for six years of regulatory references, and once in the role, you'll be subject to periodic employment checks.
read more