Job Summary

Traded Risk Model Validation is a group that performs in depth technical model validations of models covering pricing, market and counterparty credit risk of derivatives spanning all asset classes.  This opportunity is for a validator to perform independent model validations of valuation models used for the books and records of the Group, for official risk reporting and uses in regulatory stress testing. This role will primarily focus on the validation of FX derivative valuation models, assessing the associated model risk, building benchmark models, and conducting testing and developing standardised model testing frameworks.

The role sits within the valuation models validation team which encompasses, interest rates (IR), FX, credit, commodities, inflation and equity. This role will primarily focus on the validation of FX derivatives valuation models, assessing the associated model risk, building benchmark models, and conducting testing and developing standardised model testing frameworks. The role requires collaborative working both across the different asset classes as well as different locations in UK, Poland, Singapore, HK and the US.

Key Responsibilities

• Work with stakeholders across business to ensure that FX valuation models are properly reviewed and validated.
• Liaise with key stakeholders, including trading, front office quantitative analysts and developers, market risk management, and valuation control throughout the model risk model lifecycle.
• Contribute to the implementation of independent benchmark/alternative models and development of standardized testing suites to enable exploration and quantification of model risk.
• Delivery of validations of a high quality and according to agreed timelines.
• Collaborate actively with Traded Risk Model Validation colleagues in across the different locations.
• Perform model validations in the FX valuation model space in the context of both internal and external (vendor) models to ensure they are fit for their intended use cases and that key risks are identified and communicated to stakeholders.
• Ensure sound judgement in the assessment of the strengths and weaknesses of modelling approaches.
• Raise model issues when identified model limitations are not adequately mitigated, and assess the proposed mitigation plans when they are submitted.
• Contribute to maintaining sound and comprehensive data in GAME, our central Model Risk Inventory and model Lifecycle Management reporting tool
• Actively participate in the governance processes that oversee the performance of the valuation models.
• Ensure compliance with the Group Model Risk Policy and Standards, as well as with the FM Model Family standards.
• Ensure compliance with any Operational Risk controls processes that relate to validation activities.
• Awareness and understanding of the regulatory framework in which the Group operates, existing and emerging regulatory requirements, and the expectations relevant to the role.

Skills and Experience

• Advanced Degree (Masters, PhD or equivalent) in a quantitative or engineering field e.g. mathematics, physics, quantitative finance, computer science.
• Demonstrable knowledge and ability to apply mathematical techniques in modelling problems including stochastic calculus.
• Ideally some experience in either a model validation or model development role covering pricing, or risk modelling for derivatives although newly graduated PhD candidates who demonstrate knowledge of, and an ability to learn mathematical finance will be considered.
• Some practical experience of coding, ideally including C++ but other languages would be considered.
• Strong communication skills to facilitate the ability to work effectively as part of a Global Team and liaise with key stakeholders. Fluency in written and spoken English.
• Strong writing skills with ability to present conclusions and recommendations from technical projects to a less technical audience

About Standard Chartered

We're an international bank, nimble enough to act, big enough for impact. For more than 170 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents and we can't wait to see the talents you can bring us.

Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion.

Together we:

• Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
• Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
• Are better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term

What we offer

In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.

• Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
• Time-off volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
• Flexible working options based around home and office locations, with flexible working patterns.
• Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
• A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
• Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.