Model Risk Management, Model Validation Team, Associate

About this role

Business Overview

The Risk & Quantitative Analysis (RQA) group provides independent oversight of BlackRock’s fiduciary and enterprise risks.  RQA’s mission is to advance the firm’s risk management practices and deliver independent risk advice and constructive challenge to drive better business and investment outcomes. RQA’s risk managers play a meaningful role in BlackRock’s investment process, using quantitative analysis and a multi-disciplinary skillset to tackle real-world problems and provide tangible solutions in the investment management process.

RQA is committed to investing in our people to promote both individual accomplishment and a strong collaborative environment. As a global group, our goal is to create a culture of inclusion which encourages teamwork, innovation, diversity and the development of future leaders. We actively engage in discussions on career growth and work with team members to understand how personal passions and strengths connect with our purpose.

Model Validation team in Model Risk Management  

The Model Validation team is an integral part of the global Model Risk Management Team.  The Global Model Risk Management function within the Enterprise Risk team is responsible for developing the firm-wide Model Risk Management framework and the implementation of the framework across BlackRock.

Key responsibility of the Model Validation team is performing independent reviews of models, primarily focusing on the models produced and owned by the Aladdin Financial Engineering (AFE) group. The team works with the model owners and other stakeholders (e.g. model users; governance representatives etc.), design and run independent testing of the models, and provide effective challenge to the model’s methodology and implementation, focusing on the usage cases of the models.

Responsibilities:

• Evaluate conceptual soundness of models by assessing the model theory (incl. model assumptions, limitations), model construction and model testing in relation to the known model use cases.

• Review adequacy of testing performed by model owners and design and execute efficient independent model testing both standardized and tailored to specifics of the model’s type, implementation and usage.

• Document validation approach, observations, findings and conclusions in comprehensive validation reports.

• Communicate results of model validation tests and observations within the team and to relevant stakeholders, where appropriate.

Knowledge/ Experience / Qualifications:

• Advanced Degree (BS, MS) in a quantitative discipline, with strong Mathematics, Statistics and Analytical skills.

• 4-7 years of experience in quantitative model development or validation in the areas is an advantage, in particular, practical knowledge in one of following types of models: derivatives analytics; structured products analytics; portfolio risk factor models; private/alt asset class modelling; liquidity modelling.  

• Strong technical background and practical application of one (or more) of programming languages is required (for example: Python; R; C++; Java; SQL; Hadoop; Linux applications; Advanced Excel modelling / VBA etc.). Experience in using AI for analytical work is an advantage.

• Broad market and finance knowledge in certain asset class areas is an advantage (for example: Equity; FI; Beta; Derivatives; A(M)BS; Credit; Private; LDI; other).

• Strong communication and interpersonal skills, including ability to explain sophisticated technical concepts in clear way is required.

• Detail oriented paying attention to details.  

• Enthusiasm and energy combined with a clear sense of how to “make it happen” through teamwork, engagement and commitment.

• Fluent in spoken and written English.

Our benefits

To help you stay energized, engaged and inspired, we offer a wide range of benefits including a strong retirement plan, tuition reimbursement, comprehensive healthcare, support for working parents and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about.

Our hybrid work model

BlackRock’s hybrid work model is designed to enable a culture of collaboration and apprenticeship that enriches the experience of our employees, while supporting flexibility for all. Employees are currently required to work at least 4 days in the office per week, with the flexibility to work from home 1 day a week. Some business groups may require more time in the office due to their roles and responsibilities. We remain focused on increasing the impactful moments that arise when we work together in person – aligned with our commitment to performance and innovation. As a new joiner, you can count on this hybrid model to accelerate your learning and onboarding experience here at BlackRock.

About BlackRock

At BlackRock, we are all connected by one mission: to help more and more people experience financial well-being.  Our clients, and the people they serve, are saving for retirement, paying for their children’s educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.

This mission would not be possible without our smartest investment – the one we make in our employees. It’s why we’re dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.

For additional information on BlackRock, please visit @blackrock | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock

BlackRock is proud to be an Equal Opportunity Employer.  We evaluate qualified applicants without regard to age, disability, family status, gender identity, race, religion, sex, sexual orientation and other protected attributes at law.