Sr. Model Validator - Model Risk Management Group
ETRADE is a leading financial services company and a pioneer in the online brokerage industry. Having executed the first-ever electronic trade by an individual investor more than 30 years ago, the company has long been at the forefront of the digital revolution, offering easy-to-use solutions for individual investors and stock participants. Founded on the principle of innovation and determined to level the playing field for individual investors, ETRADE delivers digital platforms, tools, and professional assistance to help investors and traders meet their near-and long-term investing goals. The Company provides these services both online and through its network of customer service representatives and financial consultants - over the phone at two national branches and in-person at 30 ETRADE branches.
The Senior Modeling Analyst will have the opportunity to work with leaders in multiple critical business domains and apply analytical skills to assess and enhance model risk management processes across the company. A Senior Model Validator will perform model validations projects on a variety of models employed in the banking, brokerage and wealth management areas. At ETRADE, models are used for managing credit, interest rate, and market risks valuing securities portfolios and financial instruments (options) conducting capital adequacy stress testing exercises monitoring customer activities for fraud and anti-money laundering providing retirement planning advice and analyzing opportunities for marketing campaigns.
Lead and perform end-to-end validations of a variety of models employed at ETRADE. End-to-end validations involve identifying the key risks associated with a model, planning a risk-based validation approach and scope, designing and conducting validation tests, recognizing gaps in model risk management and governance, and drafting a model validation report. Some key requirements for an effective independent model validation are:
o Understanding the business area and function that uses the model, and the impact of the model output on the business decisions
o Testing inputs, implications of assumptions, framework, methodology, outputs, usage, performance, implementation, execution controls and limitations of the model being validated
o Assessing model risk governance through review of model documentation, and business policy and procedure
o Forming conclusions the propriety of the model for its intended use(s) and model governance based on the analysis as outlined above
o Preparing a model validation report that details the validation scope, testing approach, test results, findings and conclusions
o Track the resolution and remediation of validation findings
o Track the ongoing performance of models and report observations to management
o Perform periodic model assessments and classifications
Advanced degree in Econometrics, Finance, Mathematics, or Engineering Sciences
3 to 5+ years of experience in validating or developing credit risk, market risk, derivatives pricing, marketing, or Fraud/Anti-Money Laundering models or in performing statistical, econometric, or quantitative analysis with large datasets
Prior work experience in financial services and banking sector
Advanced skills in one or more of the following statistical software packages: MATLAB, VBA, SAS and text parsing languages: PERL, Python
Understanding of OCC 2011-12 and SR 11-7 guidance on model risk management
Ability to work effectively in a high pressure, fast paced environment with multiple deadlines and competing priorities
Demonstrated ability to produce clear, concise work products (e.g., reports, white papers, published articles, presentations)
We offer a competitive and comprehensive benefits package. Please visit https://etradecareers.com/why-work-at-etrade/employee-benefits to learn more about the opportunities.
ETRADE Financial is an Equal Opportunity Employer who encourages diversity in the workplace. All qualified applicants will receive consideration for employment without regard to race, color, national origin, religion, sex, age, disability, citizenship, marital status, sexual orientation, gender identity, military or protected veteran status, or any other characteristic protected by applicable law.
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