Senior Risk Management Specialist - Market and Model Risk

Job description / Role

Job purpose

The purpose of the job is to manage the implementation and execution of the bank's model risk management framework. This includes participating in the implementation of model risk management policies and procedures, performing ongoing model risk monitoring, undertaking model validation, identifying and reporting on model risk, and maintaining a model inventory.

Key accountabilities

• Formulate and quantify model risk appetite.
• Develop and maintain the Model Risk Management policy, management directives, procedures, and guidelines.
• Maintain and update the model risk monitoring tools, systems, and methodologies to ensure ongoing quality of model risk management processes.
• Independently review financial and risk models in use by the bank and periodically perform independent model validation of these models.
• Perform independent model risk assessment and model performance monitoring in accordance with the defined model risk appetite and the predefined model performance targets.
• Review model development and redevelopment/recalibration proposals from model owners.
• Perform periodic procedural compliance on model development and management process within the bank along with review of adequacy and comprehensiveness of model documentation with the approved policy, directives, and guidelines and highlight deviations with recommendations to achieve compliance.
• Undertake ongoing management of model tiering, perform model risk assessments, and maintain model inventory, model documentation, model performance reports, and model validation reports.

Operational excellence & knowledge share

• Provide technical guidance and review the work delivered by less experienced team members.
• Monitor the effective implementation and adherence to respective risk management policies, procedures, and controls so that all relevant procedural and legislative requirements are fulfilled.
• Keep abreast of the latest developments, regulations, and leading practices in the field and propose any necessary actions.
• Propose and implement process improvements to increase efficiency, effectiveness, and compliance of the related operations.

Academic and professional qualifications

• Bachelor's degree in a quantitative science (Finance, Economics, Mathematics, Statistics, Actuarial Science, Financial Engineering or similar).
• Professional certifications like CFA, PRM, FRM, CQF would be preferred.
• Advanced programming skills using statistical and mathematical software.
• Proficiency in SAS, MATLAB, R, Python, VB or other statistical modeling software and database management languages such as SQL database.
• Minimum 8 years of relevant experience in a financial modelling or risk management function, of which at least 3 years in model risk, preferably in a multilateral development bank.
• Languages: English (mandatory), Arabic (preferred), French (preferred).

Skills & necessary knowledge

• Risk assessment and risk quantification skills
• Quantitative analytical skills
• Asset valuation techniques
• Familiarity with external rating methodologies
• Governance, risk and control
• Islamic finance
• Stress testing
• Analytical thinking
• Problem solving
• Attention to detail
• Stakeholder management
• MS Office

About application process

If you meet the criteria and you are enthusiastic about the role, we would welcome your application. To complete the application you would need the following documents:

• Resume or CV
• Copy of passport
• Academic certificate

If you are currently an IsDB regular staff applying for this role and get selected through the competitive selection process, your current contract type and other terms and conditions will remain unchanged.

The Islamic Development Bank (IsDB) does not ask for payments of any kind from applicants throughout the recruitment process (job application, CV review, interview meeting, and final processing of applications). In addition, the IsDB does not request information on applicants' bank accounts. The IsDB declines all responsibility for the fraudulent publications of job posts or job offers in its name or, in general, for the fraudulent use of its name in any way whatsoever.