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Contract Model Risk Governance Jobs in Pennsylvania

Guardianlife

Model Risk & Validation Lead

Bethlehem, PA · Hybrid

$103K - $169K/yr

Support the Head of Model Risk Governance through independent assessment and challenge of model assumptions within the Model Risk Management framework, including reasonableness, limitations ...

Customers Bank

AI Strategy & Risk Manager

Malvern, PA · On-site

Familiarity with banking regulations, model risk management, technology risk, operational risk, or emerging technology governance. * Experience working within or alongside a BSA/AML or Financial ...

Lincoln Financial

Analyst, AI Risk Management

Radnor, PA · Hybrid

$72K - $131K/yr

Collaborates with Legal, InfoSec, Privacy, Model Risk Management, and AI/ML Engineering teams to align governance activities with enterprise risk management expectations. What we're looking for Must ...

Lincoln Financial

Analyst, AI Risk Management

Radnor, PA · On-site

$72K - $131K/yr

Collaborates with Legal, InfoSec, Privacy, Model Risk Management, and AI/ML Engineering teams to align governance activities with enterprise risk management expectations. What we're looking for Must ...

Lincoln Financial

Analyst, AI Risk Management

Radnor, PA · Hybrid

$72K - $131K/yr

Collaborates with Legal, InfoSec, Privacy, Model Risk Management, and AI/ML Engineering teams to align governance activities with enterprise risk management expectations. What we're looking for Must ...

Pwc

AI Governance Manager

Philadelphia, PA

$99K - $297K/yr

... risk frameworks such as NIST and ISO - Supporting the design and assessment of AI governance models, policies, standards, and control programs, while translating technical concepts for non-technical ...

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Contract Model Risk Governance information

What are some common challenges faced by professionals in Contract Model Risk Governance roles, and how can they be addressed?

Professionals in Contract Model Risk Governance often encounter challenges such as keeping up with evolving regulatory requirements, ensuring thorough model documentation, and effectively communicating risk findings to both technical and non-technical stakeholders. Balancing the need for detailed model validation with tight project timelines can also be demanding. To address these challenges, it's important to foster strong cross-functional collaboration, stay updated on industry best practices, and develop clear communication strategies for reporting risk and compliance issues.

What is the difference between Contract Model Risk Governance vs Contract Model Validation?

AspectContract Model Risk GovernanceContract Model Validation
Primary FocusOverseeing and managing risks associated with contract models, ensuring compliance and risk mitigationAssessing and testing contract models to ensure accuracy and reliability
ResponsibilitiesEstablishing policies, monitoring risk exposure, and implementing controlsPerforming independent reviews, testing model assumptions, and validating outputs
Work EnvironmentRisk management teams, compliance departments, regulatory interactionsQuantitative teams, model validation units, audit functions

While Contract Model Risk Governance focuses on managing and overseeing risks related to contract models, Contract Model Validation involves the technical assessment and testing of those models to ensure their accuracy and reliability. Both roles are essential in a comprehensive risk management framework within financial institutions and industries relying on contract models.

What are the key skills and qualifications needed to thrive in Contract Model Risk Governance, and why are they important?

To excel in Contract Model Risk Governance, you need a strong background in risk management, quantitative analysis, and familiarity with regulatory requirements, often supported by a degree in finance, mathematics, or a related field. Proficiency with risk management software, model validation tools, and knowledge of frameworks such as SR 11-7 is typically required. Attention to detail, critical thinking, and effective communication are crucial soft skills for evaluating model risk and collaborating with stakeholders. These skills ensure robust oversight of model risk, regulatory compliance, and support sound decision-making within financial institutions.

What is Contract Model Risk Governance?

Contract Model Risk Governance refers to the framework and processes used by organizations to identify, assess, monitor, and mitigate risks associated with the use of models in contracts or contractual obligations. This role ensures that the use of quantitative models in financial and business contracts complies with regulatory standards and internal policies, reducing the likelihood of errors, misinterpretations, or financial losses. Professionals in this field often oversee model validation, implementation, and documentation, and work closely with compliance, risk, and legal teams. Effective governance helps maintain model integrity and supports sound decision-making across the organization.
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Contract Model Risk Governance jobs near you

Model Risk - Investment Management

Nomura International

Philadelphia, PA • On-site

$160K - $190K/yr

Full-time

Medical, Retirement, PTO

Posted 19 hours ago

Job description

Job Title: Model Risk - Investment Management
Corporate Title: Vice President
Department:Risk Management
Location:Philadelphia
The pay range for this position at commencement of employment is expected to be between $160,000 and $190,000 annually.
* (see below footnote for additional compensation and benefits information).
Company overview
Nomura is a global financial services group with an integrated network spanning approximately 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Wealth Management, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.
Aon's Benefit Index®, Nomura's benefits rank #1 amongst our competitors
Division Overview:
Nomura's Risk department plays a crucial role in identifying, assessing, and mitigating risks across our business. We strive to protect the firm's assets, reputation, and financial stability by implementing robust risk management practices. Join our team and contribute to our proactive approach in managing risks, allowing us to make informed decisions and thrive in an ever-changing market environment.
Role Description:
The Model Validation Group (MVG) is part of the Risk department and globally responsible for establishing Model Risk Management framework, independently validating the integrity and comprehensiveness of Models in the firm. MVG also develops measures of Model Risk; monitoring Model Risk vs. the firm's Model Risk Appetite and escalates model approval breaches.
We are seeking an experienced Vice President to join our Model Validation Group (MVG) with primary responsibility for reviewing and validating models utilized across the Investment Management Division (IMD), including Nomura Asset Management International. In this role, you will provide independent validation oversight for sophisticated quantitative models that are critical to our global investment management operations.
  • Conduct independent validation of complex models used in IMD covering quantitative investment strategies, index calculation including Quantitative Investment Strategies (QIS), automated execution, as well as models used in risk management and performance reporting.
  • Evaluate model conceptual soundness, ongoing monitoring framework, and model outcomes and appropriateness for intended use.
  • Document validation findings including risk-based assessment of model limitations and assumptions in detailed reports.
  • Present validation results and risk assessments to senior management, model risk governance committees, and business stakeholders.
  • Contribute to the establishment and promotion of model governance standards and best practices in IMD under Nomura Group's Model Risk Management framework.
  • Build collaborative partnerships with stakeholders while maintaining independent, principled challenge.

Skills, experience, qualifications and knowledge required:
  • 3+ years of experience at VP or equivalent level in model validation, quantitative analysis, portfolio management, or risk management; demonstrated expertise in investment management strongly preferred.
  • Master's degree or higher in Math, Statistics, Economics, or related quantitative discipline.
  • Expertise in at least one of the following areas:
    • Risk Models related to Var or Counterparty exposure
    • Pricing Models from one of the asset classes: Interest Rate/FX/Equity Derivatives/Credit
    • Quantitative investment management, asset allocation, and portfolio optimization
    • Risk management within asset management companies
    • Corporate valuation methods
    • Index calculation methodologies, including Quantitative Investment Strategies (QIS)
  • Advanced proficiency in Python, R, and/or VBA for quantitative modeling and analysis.
  • A team player with strong verbal and written communication skills.

Nomura Competencies
Explore Insights & Vision
  • Identify the underlying causes of problems faced by you or your team and define a clear vision and direction for the future.

Making Strategic Decisions
  • Evaluate all the options for resolving the problems and effectively prioritize actions or recommendations.

Inspire Entrepreneurship in People
  • Inspire team members through effective communication of ideas and motivate them to actively enhance productivity.

Elevate Organizational Capability
  • Engage proactively in professional development and enhance team productivity through the promotion of knowledge sharing.

Inclusion
  • Foster a culture of inclusion and psychological safety in the workplace and cultivate a "Risk Culture" (Challenge, Escalate and Respect).

*base pay offered may vary depending on multiple individualized factors, including market location, corporate and functional title and duties, job-related knowledge and advanced degrees, skills, and experience. The total compensation package for this position may also include other elements, including a sign-on bonus, restricted stock units, discretionary awards and eligibility for commissions for applicable sales roles in addition to a full range of medical, financial, and/or other benefits (including 401(k) eligibility and various paid time off benefits, such as vacation, sick time, and parental leave), dependent on the position offered. Details of participation in these benefit plans will be provided if an employee receives an offer of employment.
If hired in the U.S., employee will be in an "at-will position" and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors".
Nomura is an Equal Opportunity Employer

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