Job Summary

Traded Risk Model Validation is a group that performs in depth technical model validations of models covering pricing, market and counterparty credit risk of derivatives spanning all asset classes.  This senior role will cover local representation of Model Risk Management within the US entity as well a performing validation work. It is expected that this role will be a point of contact for businesses units and developers based in the US and will have some interaction with local regulators. The validation work will cover model validation reports, building benchmark models and conducting independent testing. The role requires collaborative working both across the local team in the UK and other validators in London, Poland and Singapore. The role may evolve in time to management and/or mentoring roles across the London and Poland based teams. 

Key Responsibilities

• Perform model validations, build benchmark models and conduct testing and develop standardised model testing frameworks.
• Work with stakeholders across business to ensure that models are properly reviewed and validated. 
• Liaise with key stakeholders, including sales & trading, front office quantitative analysts and developers, market risk management, counterparty risk management, XVA and valuation control throughout the model risk model lifecycle.
• Contribute to the implementation of independent benchmark/alternative models and development of standardized testing suites to enable exploration and quantification of model risk.
• Delivery of validations of a high quality and according to agreed timelines. 
• Provide oversight of the model validations performed in the TRM model space in the context of both internal and external (vendor) models to ensure they are fit for their intended use cases and that key risks are identified and communicated to stakeholders.
• Ensure sound judgement in the assessment of the strengths and weaknesses of modelling approaches.

• Actively participate in any key committees or other governance processes that oversee the performance of the TRM models, especially in the US.
• Represent Model Risk Management in any engagements with the US regulators.
• Ensure compliance with any Operational Risk controls over processes that relate to validation activities.
• Awareness and understanding of, the regulatory framework in which the Group operates, existing and emerging regulatory requirements, and the expectations relevant to the role. 
• Maintain an open and cooperative relationship in dealings with regulators.

Key stakeholders

• Senior Members of Model Risk Management
• Heads of Trading
• Head of Traded Risk Management
• Head of Prime Brokerage
• Heads of relevant model development teams.

Skills and Experience

• Experience in either a model validation or model development role covering pricing, or risk modelling for derivatives for a minimum of 5 years is expected.  Candidates with other similar technical experience will be considered.   
• Demonstrable knowledge and ability to apply mathematical techniques in modelling problems ideally including stochastic calculus.
• Knowledge and some practical experience of coding, ideally including C++ but other languages would be considered.
• Strong communication skills to facilitate the ability to work effectively as part of a Global Team and liaise with key stakeholders. 
• Ideally the candidate would have experience with direct interactions with Regulators. 

Qualifications

• Education: PhD (preferred) in highly numerical subject such as mathematics, physics, engineering or mathematical finance is expected. Other equivalent highly numerical qualifications/experience which demonstrate a high level of independent technical critique may be exceptionally considered.. 
• Strong communication skills to facilitate the ability to work effectively as part of a Global Team and liaise with key stakeholders. 
• Strong writing skills with ability to present conclusions and recommendations from technical projects to a less technical audience.

About Standard Chartered

We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.

Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.

Together we:

• Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Are better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term

Expected annual base pay range for the role is 136,000 USD to 204,000 USD. The final offer will be determined on an individualised basis using a number of variables, including but not limited to skill set, depth of experience and education, internal relativity, and specific work location. At Standard Chartered Bank, Base pay is only part of the total compensation package. Discretionary variable pay and a range of attractive bank sponsored benefit programs are available and designed to foster employee overall health and well-being including, but not limited to, a best in class 401k plan with up to 8% employer match, robust medical plan coverage with employer funded Health Savings Accounts, inclusive family building benefits, and flexible/hybrid working arrangements for many of our positions subject to role specific considerations Visit our careers website www.sc.com/careers

What we offer

In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.

• Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
• Time-off including annual leave, parental/maternity (20 weeks), sabbatical (12 months maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
• Flexible working options based around home and office locations, with flexible working patterns.
• Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
• Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.