Analyst Model Validation Job in Johannesburg
Job Description
Analyst Model Validation Job. The role of an Analyst in Model Validation encompasses a critical function within financial institutions and other industries reliant on predictive models. Analysts in this capacity play a pivotal role in ensuring the accuracy, reliability, and compliance of various models used for risk management, pricing, and decision-making processes. Their responsibilities typically involve rigorous testing, validation, and documentation of models to verify their effectiveness and suitability for their intended purposes. Additionally, Analysts in Model Validation are often tasked with staying abreast of industry best practices, regulatory requirements, and emerging trends in quantitative analysis to continuously refine and improve validation processes.
Responsibilities of Analyst Model Validation Job
- Review the documentation to provide the business with any initial concerns and identify any significant validation requirements that might delay the validation process (such as the build of challenger models).
- Discuss estimated timelines with the business and line manager.
- Record the various stakeholders and model details in the Group Models Database (GMD). The model status at this point will be submitted.
- Assess the accuracy and appropriateness of the data used.
- Review the design and theoretical soundness of the model. Assess if this is applicable to the specified model scope and use.
- Confirm that the model was implemented according to the model documentation.
- Review the model monitoring results or the appropriateness of the intended monitoring approach.
- Assess the model against internal policies and standards as well as any regulatory requirements
- Identify any model limitations or shortcomings that will negatively impact the outputs of the models.
- Recommend any remedial actions to compensate for any identified model shortcomings during the validation process.
- Submit validation report for line manager review and sign-off
- Arrange business meetings to discuss validation reports with various stakeholders
- Submit validation report to Model Approver. Attend model approval committees if required and present validation findings to the committee.
- Update the GMD model entry to ensure that the model is compliant with the BAGL GMD Standard. Obtain Model Owner sign-off.
- Effective communication of model validation findings to all stakeholders.
- Ensure that all concerns are communicated as early as possible and that these concerns are relevant and material.
- Provide sufficient and constructive challenges to proposed concepts and ideas.
Requirements
- Required to proactively increase technical skills through active research and independent implementation of challenger models.
- Exposure to a diverse range of models across different business areas.
- Engage with new developments and initiatives within the bank.
- Actively manage soft skills development.
- Involved in regular knowledge share sessions facilitated by the Model Risk Team.
- Assist with research projects conducted by students from different universities.
- Bachelor`s Degrees and Advanced Diplomas: Physical, Mathematical, Computer, and Life Sciences (Required).
Skills
- Proficiency in statistical analysis and modeling techniques.
- Knowledge of financial markets, risk management principles, and regulatory requirements.
- Ability to assess model performance and identify limitations or biases.
- Excellent communication and collaboration skills to work effectively with stakeholders.
- Attention to detail and ability to document validation processes thoroughly.
- Adaptability to evolving industry best practices and regulatory standards.
- Proficiency in programming languages such as Python, R, or SAS for data analysis and model validation.
