Senior Risk Manager - Model Validation Lead
Helsinki
The NORDIC INVESTMENT BANK (NIB) offers you the chance to do banking that makes a difference. The projects that we finance benefit the environment and improve productivity in the Nordic-Baltic region. We are an International Financial Institution owned by the eight Nordic and Baltic countries, and we offer you the possibility to work with experts from around the world. The challenges you will face working at NIB are unique and will provide you with valuable experiences. We value diversity and we are a close network of some 230 professionals located in the heart of Helsinki. The atmosphere is international and our official working language is English.
We are looking for a SENIOR RISK MANAGER - Model Validation Lead to join the Risk Management Office in Helsinki.
As financial institutions heavily rely on models, it is imperative for them to understand and manage the risks surrounding the models that drive decision-making. At NIB, the change (in 2020) to a risk-based comprehensive framework for capital and liquidity management further highlighted the need for rigorous management of the risks related to models.
Model risk is the potential loss an institution may incur as a consequence of decisions that are principally based on the output of models, due to errors in the development, implementation or use of such models.
NIB is recruiting toย lead the model validation activities. The key objectives of this function are to 1) help assure decision-makers that key models are reliable, โfit-for-purposeโ, perform adequately and comply with internal policies and external expectations, 2) increase stakeholder understanding of model limitations and weaknesses, and 3) contribute to ongoing model improvements.
Your role
Maintain the model risk management framework (Policy and Guidelines) Maintain the model inventory and manage the model validation programme Design and oversee the model performance monitoring and control process Remediate/address findings from the third line of defence (Internal Audit) Assist and educate model owners and users to improve model diligence, including promoting and enforcing sound model development practices and documentation standards Develop and manage indicators used to monitor and report on model risks Assist to integrate model risk into operational risk (and non-financial risk) reporting Monitor regulatory developments and best practices for model risk management Issue recommendations (e.g. mitigating actions) to model owners and users following validation exercises and/or documented observations Contribute thought leadership on model risk and data governance with key stakeholdersYour colleagues
You will be working in the Risk Management Office in Helsinki. We serve as a cross-functional hub, overseeing risk management processes - like the ICAAP - and areas which cut across (and complement) the individual risk categories (credit, market, liquidity, and operational risks) to generate a holistic view of risks.
We ensure that NIB has a robust, effective overall risk management governance and framework covering all material risks. We also lead the integration of increasingly important non-financial sources of risk into the risk management mainstream, acting in the second line of defence role when it comes to macro-financial (systemic) risk, business & strategic risk, climate risk (and ESG), and model risk.
As a Senior Risk Manager, you would lead the model validation activities. As part of your duties, you would have frequent interaction with model owners, stewards, and users and provide direct input to key decision-making bodies. The role gives frequent opportunities to work with diversified teams of experts from core banking functions such as lending, treasury front and middle office, financial planning, accounting, risk management, and specialists in IT, data, and systems.
Your expertise (qualifications)
Education
Advanced degree (M.Sc. or PhD) in a discipline such as Econometrics, Mathematics, Mathematical Statistics, Physics, Financial Engineering, or Computational Science.Experience
Minimum five years working with quantitative models, preferably in banking or finance Extensive experience with model-building (including implementation and maintenance), preferably models made for risk measurement, valuation/pricing, and/or supporting decision-making Risk analytics experience in commercial banking or with a bank supervisor is an asset, in particular a good knowledge of supervisory requirements and expectations for model risk management Project management experience and experience in managing complex tasksCompetencies
Excellent analytical and problem solving skills Ability to handle uncertainty, inaccurate and/or incomplete information Knowledge of database management (SQL Server) High integrity and independent thinking Strong cooperation and communication skills Proficiency in written and spoken English Programming skills (desirable python and power BI)We offer you
An opportunity to further develop your professional skills and work hands on with sustainable finance A novel perspective on the financial industry based on NIBโs position as an IFI owned by the Nordic/Baltic countries An international banking environment and competitive remuneration packageThe position is located at the NIB headquarters in Helsinki, Finland, and we offer a hybrid work set-up. We warmly welcome expatriate employees and their families by supporting their relocation to a lively Nordic capital with a modern atmosphere.
For more information about this position, contact Pascal Gauthier, Senior Director, Head of Risk Management Office Pascal.Gauthier@nib.int. For general information about employment at NIB, please contact Juliรกn Cabrera, HR Business Partner at julian.cabrera@nib.int.
The deadline for submitting your application is 31st of October 2023. We are an equal opportunity employer and the Bank has zero tolerance for any type of discrimination.
To apply for the position and for more information about NIB, please visit ย https://www.nib.int/who_we_are/our_people/jobs
The vision of NIB is a prosperous and sustainable Nordic-Baltic region. Our employees are our strongest asset in realising this vision. Our core values are competence, commitment and cooperation.
In recruitment, NIB puts the main emphasis on personal and professional qualifications and experience.
NIB is a professional expert organisation, and encourages employees to continuously develop their professional competencies while maintaining a sustainable work-life balance.
Contact person
Pascal Gauthier
Head of Risk Management Office
Pascal.Gauthier@nib.int Back to available jobs Apply