Wat ga je doen?
Wat je gaat doen
As Senior Model Validation Officer, you have an impact on the models that are used within NN for the Insurance and Banking business. Together with your colleagues of Model Validation, you are in charge for independently validating risk-, cash flow-, valuation-, pricing- and hedging-models/method with a primary focus on the Solvency II related regulation. As part of the overall model risk management process, MV provides model risk qualification as input for model risk management decisions, whilst ensuring adherence to the model risk standards from an internal and regulatory perspective.
MV issues detailed validation reports with qualifications of the identified model risk, thereby highlighting the main weaknesses and limitations of a model. Validation reports contribute to an on-going model development by issuing recommendations and improving the model risk management cycle. A few of your responsibilities;
- Independent technical review of applied quantitative methods and calculation tools having a material impact on figures that are used as management- / steering information to run the business or figures that are published externally. This includes all underlying models, like data processing models, assumption models and aggregation models. You are responsible for an effective technical review of a number of moderate and complex models, work according to planning, check progress versus planning and report when this deviates, thereby showing a self-reliant attitude.
- High quality validation reports; These reports encompass both a quantitative and a qualitative assessment of a model, containing a mix of conceptual soundness & developmental evidence, outcome, data quality, model governance, implementation and performance analysis. You are responsible for the delivery and guarding of high quality validation reports in an effective manner.
- Advice; The validation report includes an advice to various stakeholders and committees whether a particular model is (not) fit-for-use for a given intended use with specific recommendations for further improvements, that are concrete/practical for model owners and developers to follow up on. You are able to present MV’s independent advice to committees and in meetings with stakeholders: i.e. Model Committees, the Management Board, the external accountant and the supervisor.
- Model Validation Framework; All standards and policies are compliant and consistent with relevant regulatory requirements. Whilst fostering the internal model risk management attitude you contribute and are responsible for the delivery and validity of the Model Validation Standard. You are able to present any part of this framework to our main internal and external stakeholders.
- Management; You are able to contribute to the optimal functioning of the MV team.