Associate - Model Risk Management, Model Validation Team

The Risk & Quantitative Analysis (RQA) group provides independent oversight of BlackRock’s fiduciary and enterprise risks.  RQA’s mission is to advance the firm’s risk management practices and deliver independent risk advice and constructive challenge to drive better business and investment outcomes. RQA’s risk managers play a meaningful role in BlackRock’s investment process, using quantitative analysis and a multi-disciplinary skillset to tackle real-world problems and provide tangible solutions in the investment management process.

RQA is committed to investing in our people to promote both individual accomplishment and a strong collaborative environment. As a global group, our goal is to create a culture of inclusion which encourages teamwork, innovation, diversity and the development of future leaders. We actively engage in discussions on career growth and work with team members to understand how personal passions and strengths connect with our purpose.

Model Validation team in Model Risk Management  

The Model Validation team is an integral part of the global Model Risk Management Team.  The Global Model Risk Management function within the Enterprise Risk team is responsible for developing the firm-wide Model Risk Management framework and the implementation of the framework across BlackRock.

Key responsibility of the Model Validation team is performing independent reviews of models, primarily focusing on the models produced and owned by the Aladdin Financial Engineering (AFE) group. The team works with the model owners and other stakeholders (e.g. model users; governance representatives etc.), design and run independent testing of the models, and provide effective challenge to the model’s methodology and implementation, focusing on the usage cases of the models.

Responsibilities:

• Evaluate conceptual soundness of models by assessing the model theory (incl. model assumptions, limitations), model construction and model testing in relation to the known model use cases.

• Review adequacy of testing performed by model owners and design and execute efficient independent model testing both standardized and tailored to specifics of the model’s type, implementation and usage.

• Document validation approach, observations, findings and conclusions in comprehensive validation reports.

• Communicate results of model validation tests and observations within the team and to relevant stakeholders, where appropriate.

Knowledge/ Experience / Qualifications:

• Advanced Degree (BS, MS) in a quantitative discipline, with strong Mathematics, Statistics and Analytical skills. Experience in quantitative model development or validation is an advantage.

• Strong technical background and practical application of one (or more) of programming languages is required (for example: Python; R; C++; SQL; Hadoop; Linux applications; Advanced Excel modelling / VBA etc.).

• Broad market and finance knowledge in certain asset class areas is an advantage (for example: Equity; FI; Beta; Derivatives; A(M)BS; Credit; Private; LDI; other).

• Strong communication and interpersonal skills, including ability to explain sophisticated technical concepts in clear way is required.

• Detail oriented paying attention to details.  

• 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.