Senior Analyst/Associate Consultant - Model Validation(Market Risk)

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.   
 
Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families and institutions by remaining true to our enduring principles of service, expertise and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.    
  
Summary
Responsible for the validation of complex quantitative models used within the company, with focus on market risk and counterparty credit risk models. Model validators perform independent analysis to provide effective challenge to the models by evaluating model related risks including input data, model assumptions and limitations, conceptual soundness, methodology, outcomes analysis, benchmarking, monitoring, and model implementation.

Major Duties
• Responsible for validation of market risk (VaR) and counterparty credit risk models (PFE, SIMM, etc.)
• Able to challenge conceptual soundness of the models as well as assure that appropriate and good quality data was used for development
• Good understanding of fixed income and FX derivatives and their valuation methodologies
• As part of centralized Model Validation team within the bank, expected to work on varied areas of risk management 
• Has good understanding of CCAR stress testing and SR 11-7 model risk requirements
• Ensures model development, monitoring, and validation approaches meet regulatory expectations and internal risk management needs
• Provides analytical or risk measurement support to help meet both internal corporate and regulatory requirements
• Develop in-depth knowledge of business units/functions and complex modeling techniques used
• Independently validate models with focus on accuracy and completeness. 
• Adept stakeholder management and smooth interaction with various model owners
• Clearly communicate the complex issues/findings of the model validation outcomes to stakeholders.
• Keep abreast with latest regulatory requirements around model risk management 
• Evaluates existing model risk framework in relation to department objectives and industry leading practices, and actively provides solutions to enhance the model risk management/validation framework.