Manager of Model Validation

Role : Manager of Model Validation
Shift : General
Company Overview
Morningstar is a leading financial institution renowned for its innovative quantitative research and data-driven approaches in finance. We specialize in developing cutting-edge models to navigate complex financial markets and provide exceptional services to our clients worldwide.
Position Overview
We are seeking a highly skilled and experienced Manager of Model Validation to join our Analytics group. The successful candidate will be responsible for leading the validation efforts of our data science and finance models, ensuring their accuracy, robustness, and compliance with regulatory standards. This role will play a critical part in safeguarding the integrity of our models and maintaining the trust of our stakeholders.
Key Responsibilities

• Model Validation Leadership: Lead the validation process for a wide range of data science and finance models, including but not limited to risk models, pricing models, machine learning algorithms, and trading strategies.
• Strategy Development: Develop and implement comprehensive validation strategies and methodologies to assess model performance, stability, and predictive power. Stay abreast of industry best practices and regulatory requirements to continually enhance our validation framework.
• Collaboration: Collaborate closely with cross-functional teams including Quantitative Researchers, Data Scientists, Traders, Risk Managers, and Compliance Officers to understand model requirements, design effective validation tests, and interpret validation results.
• Risk Assessment: Identify and evaluate model risks and limitations, highlighting potential issues7 such as data quality issues, overfitting, and model biases. Provide insightful recommendations to mitigate identified risks and enhance model performance.
• Documentation and Reporting: Prepare clear and concise validation reports documenting findings, methodologies, and recommendations. Present validation results and insights to senior management, regulators, and internal audit teams in a coherent and understandable manner.
• Continuous Improvement: Drive continuous improvement initiatives within the Model Validation team, including process enhancements, automation of validation tasks, and adoption of advanced analytics techniques to enhance validation efficiency and effectiveness.

Qualifications:

• Bachelor's or master's degree in a quantitative discipline such as Mathematics, Statistics, Finance, Computer Science, or a related field. CFA or FRM certification is a plus.
• Extensive experience (10+ years) in model validation, quantitative analysis, or a related role within the financial services industry, with a strong understanding of data science and finance models.
• Proficiency in statistical analysis, time series analysis, and machine learning techniques. Experience with at least one of these programming languages : Python, R, Java, C++ is highly desirable. Also experience in SQL and Cloud (AWS, Azure)
• Deep knowledge of financial markets, products, and risk management concepts. Familiarity with regulatory requirements such as Basel III, CCAR, or SR 11-7 is advantageous.
• Excellent communication and stakeholder management skills, with the ability to convey complex technical concepts to diverse audiences effectively.
• Strong analytical mindset, attention to detail, and a demonstrated track record of problem-solving in a fast-paced and dynamic environment.
• Leadership experience, including the ability to mentor and coach junior team members, prioritize tasks effectively, and drive projects to completion.

Morningstar is an equal opportunity employer
Morningstar's hybrid work environment gives you the opportunity to collaborate in-person each week as we've found that we're at our best when we're purposely together on a regular basis. In most of our locations, our hybrid work model is four days in-office each week. A range of other benefits are also available to enhance flexibility as needs change. No matter where you are, you'll have tools and resources to engage meaningfully with your global colleagues.
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