Model Validation Manager

Location Durham/London/Remote
Contract Type Permanent
Hours Full time

We’re Atom

We’re an app-based bank, so we don’t have any branches on the high street. Traditional we are not.

  • Featured in London Stock Exchange’s 1,000 Companies to Inspire Britain 2019.
  • Ranked 12th in Business Cloud’s 100 FinTech disruptors list which looks at the UK’s most exciting financial technology companies.
  • Named in the Chronicle’s top 50 best places to work in the North East (listed in the top 20).

Atom is the UK’s first app-based bank built exclusively for mobile. It’s redefining what a bank should be, making things easier, transparent and better value in the world of finance.

We’re on a mission to disrupt banking, and with exciting and challenging work and outstanding perks, it means we work in an environment in which you can personally grow. That’s why, when we’re recruiting, we’re looking for individuals who are as enthusiastic and passionate as we are about changing banking for the better.

Want to join us?

The Model Validation Manager assists the Head of Financial Risk in the shaping and delivery of the model governance framework. Atom aims to use data, insight and technology to provide superior products and services to customers and this role is essential in ensuring that the use of models and data allows Atom to fulfil that objective.

The Model Validation Manager plays an essential role in ensuring that model and data oversight is robust as Atom pursues one of the most highly coveted designation, an A-IRB waiver. In doing so, Atom aspires to demonstrate that it implements standards suitable for a bank of its size and complexity to all aspects of data and model driven decision making.

The role holder manages relationships with stakeholders inside the bank, such as model owners and developers, as well as outside, mainly through engaging our external model validation partner in the review of certain critical models, such as A-IRB and IFRS9. Through this the Model Validation manager oversees the allocation of the budget.

The role has a wide remit over the area:

  • Shape risk appetite and policy
  • Engagement with stakeholders: model owners, model developers, a group of internal model validators
  • Reporting on current and forecast state of model validation status
  • Act as lead oversight over the Insight and Intelligence, Credit Modelling and Data Governance teams
  • Report to all governance bodies up to the Board Risk Committee
  • Carry out model validation
  • Commission external model validation and hold such partners accountable for delivery
  • Opportunity to feed into the A-IRB programme

What will your ‘typical’ day look like…. (there’s no 2 days the same in Atom):

Reporting to the Head of Financial Risk, the Model Validation Manager will:

  • Maintain and improve policies and standards in model validation, feed into data governance, where relevant
  • Make recommendations on risk appetite metrics, limits and KRIs feeding into management and governance reporting
  • Assess model validation and performance status of each model on at least monthly basis by building effective working engagement with stakeholders
  • Encourage active participation and proactive management of model performance, ongoing model improvements and periodic validation
  • Act as the lead second line SME in challenging model owners and developers
  • Report to various governance committees, up to and including the Board Risk Committee on the status of models and the embedding of the governance framework
  • Carry out independent validation of some models
  • Commission the validation of models internally and with external partners, holding each accountable for the quality of the work performed and its summary and presentation; manage vendor(s) and a ~£300k annual budget
  • Project manage more complex validation tasks to ensure timely delivery
  • Act as an arbiter between internal and external model validators on severity of findings
  • Opportunity to coach capable internal candidates on how to conduct model validation
  • Ensure model governance is embedded in model owners’ and model developers’ RCSA.
  • Opportunity to learn and back fill for the Prudential Risk Manager and the Market and Liquidity Risk Manager within the Financial Risk team

All roles within Atom must adhere to the Conduct Rules as set out by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

As part of our journey in building and running a bank we’ll encounter many risks along the way. In order to make sure the road doesn’t become too bumpy we expect everyone to make a conscious effort to proactively tackle and highlight any risks that we might face.

What do we need from you?

  • Model validation experience in the UK financial services sector
  • Sound understanding of one or more of the following modelling techniques – collaborative filtering, support vector machines, neural networks, linear and logistic regression, decision trees, random forests
  • Experience of data analysis tools, such as SQL, R, Python, SAS or similar
  • Good working knowledge of MS Excel
  • An understanding of relevant financial services regulation with particular focus on model and data governance
  • Ability to translate technical details into business speak: explain and quantify impact and materiality of issues in meaningful terms to audiences.
  • Good interpersonal, communication and influencing skills and confidence to deal with/challenge senior management.
  • Proactive, flexible and able to work under own initiative
  • Confident, assertive and pragmatic approach with ability to exercise judgement and discretion where appropriate
  • Ability, willingness and desire to work in a dynamic and fast paced environment

What would we ideally like from you?

  • Experience of delivering or validating predictive models to support application or behavioural credit risk scoring, IRB, IFRS9, scorecards, pricing and price elasticity, or product propensity models.
  • Experience with A-IRB firms or those subject to regulatory oversight of any other advanced models
  • Experience with scaling the model risk management frameworks to firms of multiple sizes
  • Regulatory or consulting experience

What you’ll get from us:

  • Competitive Salary
  • Annual share option bonus
  • Incredibly generous company pension scheme (13% Atom contribution)
  • 25 days holiday + 8 statutory days – rising by half a day with every year in the company
  • Private medical insurance for you and immediate family
  • ‘All About Me’ fund – £200 per year to spend on learning a new skill (but it can’t be anything to do with your job). Recently people have done upholstery courses, had driving lessons and a rowing membership.
  • Health cash plan – expenses paid on optical/dental/other appointments/treatments
  • Life insurance – four times annual salary
  • Critical illness cover – 1 x lump sum annual salary
  • Cycle to Work Scheme
  • Continuous development – professional qualifications.

PLEASE NOTE: You must have the legal right to work in the UK to apply for this role. Atom bank are unable to support Visa Applications/Sponsorship.

Atom bank is an equal opportunities employer. We value you as an individual and therefore disregard race, religion/belief, gender, sexual orientation, maternity/pregnancy, age, gender reassignment, marriage/civil partnership and disability in any hiring decisions we make. Atom bank will always adhere to the Equality Act 2010.