BlackRock - Model Risk Manager, Associate
Description About this role Job Purpose/Background:
The Enterprise Risk team within RQA oversees those risks which directly impact the corporate entity (i.e. BlackRock, Inc., or one of its subsidiaries), rather than the fiduciary risks assumed by funds/clients, such as investment risks and counterparty risks. The team's focus includes but is not limited to: operational risk, technology, vendor, model and market risk, stress testing for market risk and the quantitative estimation of capital adequacy requirements.
The enterprise risk function remains closely engaged with the evolving regulatory environment and supervisory expectations, to ensure that BlackRock's internal risk and control frameworks remain consistent with these, and to co-ordinate regulatory initiatives from an RQA perspective (for example, capital and liquidity assessments).
The Global Model Risk Management function within Enterprise Risk team is responsible for developing the firm-wide Model Risk Management framework and the implementation of the framework across the firm. Key responsibilities of the team include performing independent review of model risk related activities across the firm, working with the model owners and proving oversight and assessment of their model risk procedures to ensure the they are comprehensive, rigorous and effective and comply with the firm-wide and regulatory requirements. Key Responsibilities:
- Engage in model validation activities for the model risk management group. Activities will include evaluation of conceptual soundness of the model by evaluating the model theory, model construction and models assumptions. The model validator will also be responsible for evaluating model limitations and identifying any limitation that arise through the validation process.
- Promote the development and implementation of the modeling life-cycle to ensure that new models and enhancements to existing models within each business are managed in compliance with the Policy and regulatory guidelines.
- Engage with the model owners and model uses in developing, maintaining and executing of a performance monitoring program by evaluating performance monitoring that is conducted by the model owners as well as developing independent performance monitoring methods.
- Engage with model owners and key stakeholders to develop creative ways of reinventing and right sizing the model risk program as it matures.
- Escalate and report the status of model risks to the appropriate risk management governance committees on a periodic basis and as required.
- Work with the firm's governance teams on responding to model related inquiries from regulators.
- Advanced Degree (MS, PhD) in a quantitative discipline
- Experience in quantitative model development or validation
- Understanding of enterprise risk models and methodologies such as market risk, operational risk and stress testing
- Programming experience in one or more environment such as R, MATLAB, Java, SAS, Python, SQL, VBA
- Knowledge of derivatives and one or more asset classes such as Equity, Fixed Income, or multi-asset products
- Strong organizational skills with the ability to manage multiple reviews simultaneously with strong attention to detail, but ability to prioritize and escalate as appropriate
- Excellent communication, interpersonal, presentation and organizational skills; ability to work with all levels of the organization
- Collaborative business partner with ability to manage and influence relationships that are widely dispersed both functionally and geographically
- Enthusiasm and energy combined with a clear sense of how to "make it happen" through teamwork, engagement and commitment
- Fluent in spoken and written English
To help you stay energized, engaged and inspired, we offer a wide range of benefits including a strong retirement plan, tuition reimbursement, comprehensive healthcare, support for working parents and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about. About BlackRock
BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, our clients turn to us for the solutions they need when planning for their most important goals. As of June 30, 2020, the firm managed approximately $7.32 trillion in assets on behalf of investors worldwide.
For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @blackrock | Blog: www.blackrockblog.com | LinkedIn: www.linkedin.com/company/blackrock
BlackRock is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.
BlackRock will consider for employment qualified applicants with arrest or conviction records in a manner consistent with the requirements of the law, including any applicable fair chance law.