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Risk Management/Compliance
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75801 Requisition #
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Summary

The Risk Control group within the Corporate Risk department provides a comprehensive coverage of the model risk management programs and is in charge of the model validation and supporting governance of all quantitative models used in the Bank. The Risk Control group oversees the enterprise-wide model inventory, including credit risk, market risk, capital allocation, and operational risk. 
The Model Validation Quality Assurance role provides a unique opportunity of making an impact on the overall model risk management framework. The individual will work closely with the model validation team and the model governance team within the Risk Control group, and is expected to provide quality assurance in support of effective model risk management and compliance with regulatory requirements. The individual will also be expected to conduct/contribute to model validation reviews when needed.   The successful candidate will gain a broad exposure to the new bank regulatory environment, enhance/apply technical knowledge through model validations, and will have the opportunity to make a contribution to Northern’s evolving model risk program.

Major Duties

1. Assist in reviewing the overall model validation process, and the related output to ensure continuing adherence to the Model Risk Management policy and regulatory requirements.
2. Advise on model materiality tiers and setting up of validation standards commensurate with models’ materiality. Help achieve validation consistency across different models of similar risk types and materiality tiers.
3. Review the validation scope and related regulatory requirements, including MRA/MRIA/audit findings, to ensure that the validation scope adheres to those.
4. Ensure model validation provides affective challenge during project validation.
5. Identify and implement consistency standards across validation findings and final model rating.
6. Develop, document, and maintain project milestones to ensure validation projects are completed on time.
7. Conduct periodic end-to-end audit of a validation project to assess potential gaps in quality.
8. Conduct hands-on evaluation of models proposed by the company’s risk and business units.  This includes assessing model risks by performing detailed model validation reviews, evaluating performance thresholds, researching model approaches and creating alternative models. 
9. Communicate findings to model owners and management, and ensure those findings are addressed appropriately. 


Experience & Qualifications

Knowledge/Skills 

• Strong attention to details, action and solution-focused.  Ability to focus on deadlines and deliverables; able to grasp the “big picture” and how the details fit into the overall goal.
• Excellent project management, time management and communication skills.
• A good understanding of statistical principles (e.g. estimation, hypothesis testing) and modelling techniques (e.g. OLS, logistic regression, time series analyses).
• Strong conceptual and technical knowledge of risk concepts and quantitative modeling techniques.
• Recent programming knowledge in SAS or R is required. 
• Experience in CCAR model development/validation is highly preferred.
• Understanding of regulatory requirements such as US Final Rules, CCAR/DFAST, SR 15-18/19, and SR11-7 is highly preferred.

 

Experience Required 

o 7+ years of relevant hands-on Quality Assurance experience/ Modelling/Model validation experience in financial services.
o MS or MA in a quantitative field, or MBA with a quantitative focus.
o 24 months as a Senior Analyst to move as Assoc. Consultant. Movements within TC and Assoc. Consultant would require 12 months in the current role.

For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 18,500 employees globally. We serve the world’s most-sophisticated clients – from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.

We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.


As of December 31, 2018, Northern Trust Corporation had:

$10.1 trillion in assets under custody/administration
$7.6 trillion in assets under custody
$1.1 trillion in assets under management
$132 billion in banking assets


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It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age.  All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

Disclaimer
Northern Trust does not authorize external parties to conduct recruiting events or extend offers of employment on its behalf. It is also not our policy to charge or collect fees of any kind from educational institutions or from candidates for participation in a recruitment event, recruitment process, or to receive offers of employment.

Any person or organization dealing with unauthorized parties, is doing so at their own risk. Northern Trust is not responsible for any losses (monetary or otherwise) that are incurred as a consequence. Northern Trust will also not have any obligation to provide employment to anyone who has been issued a fraudulent offer letter, or to offer any other recourse whatsoever. In order to verify the authenticity of any Northern Trust recruitment event, recruitment process or offer letter you can write to us at talent_acquisition_singapore@ntrs.com.

 

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Reasonable Accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), +630-276-5353 (Asia Pacific), +44(0)207 982 4357 (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

Equal Employment Opportunity Statements
  • APAC EEO Statement
    • APAC EEO STATEMENT

      It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

  • Canada EEO Statement
    • Canada EEO STATEMENT

      Northern Trust is an Equal Opportunity Employer. Hiring and other employment decisions at Northern Trust are made without regard to race, colour, religion, sex, ancestry, national origin, ethnic origin, age, disability, citizenship, veteran status, sexual orientation, record of offences, marital status, family status, or any other characteristic protected by federal, provincial, or local law, regulation, or ordinance.

  • EMEA EEO Statement
    • EMEA EEO STATEMENT

      It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

  • USA EEO Statement
    • USA EEO STATEMENT

      It is the policy of The Northern Trust Company to afford equal opportunity in all phases of employment without regard to an individual's age, race, color, religion, creed, gender, national origin, citizenship status, marital status, pregnancy, sexual orientation, gender identity, gender expression, genetic tests and information, physical or mental disability, protected veteran status or any other legally protected status. EEO poster (U.S.)EEO is Law Poster Supplement