Specialist, Risk Analytics – Model Validation

About Northern Trust:

Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.

Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service.

SUMMARY

The Specialist for Model Validation is responsible for acting as the main contributor in the discovery, diagnostic, and critical analysis of model related risks including input data, assumptions, limitations, conceptual soundness, methodology, outcomes analysis, benchmarking, monitoring and model implementation. This primarily includes reviews of bank-wide quantitative AI/ML algorithms such as DNNs, clustering and NLP methodologies as well as reviews of models using classical statistical techniques such as time-series regression, logistic regression, decision trees, financial models such as valuation models, interest rate risk or asset management models. The application of models can span across different business units including uses for CECL, CCAR/DFAST, stress testing,  regulatory, management, or client reporting related to interest rate risk, liquidity risk, or portfolio management.

MAJOR DUTIES

• Validates models that are typically developed in Python or SAS. Able to analyze critically the conceptual soundness of machine learning models or those using statistical, financial, or economic theories, identify weaknesses, evaluate controls and changes as well as assure that appropriate and good quality data was used for development.
• Develops and maintains an understanding of many algorithms across supervised learning, unsupervised learning and time series analysis.
• Utilizes expertise in machine learning algorithms and statistics to challenge how algorithms are selected, trained and tested.
• Has solid understanding of risks that are posed by AI/ML models such as fairness, transparency, explainability and privacy.
• Has good understanding of stress testing, CCAR, CECL.
• Solves complex quantitative problems and takes a new perspective on existing solutions.
• Analyzes possible solutions using technical experience and judgment and precedents.
• Ensures model development, monitoring, and validation approaches meet regulatory expectations such as SR 11-7 and internal risk management needs.
• Explains difficult or sensitive information; works to build consensus.
• Works within guidelines and policies.

KNOWLEDGE/SKILLS

• Experience in a programming language such as (in order of importance) Python, SAS, SQL, or R is required.
• Experience with Pandas and Numpy is desired.
• Familiarity with source control tools such as GIT, Azure DevOps, or Azure Repos is desired.
• Familiarity with visualization tools such as Matplotlib, Plotly, Power BI is desired.
• Excellent communication skills.
• Excellent technical writing skills.
• Knowledge about model risk management and associated regulatory requirements such as SR 11-7, SR 15-18/19 is preferred.
• Advanced distributed machine learning frameworks (e.g. Keras, TF, etc.) and Azure cloud experience a big plus.
• Neural Network and Deep Learning experience is desired.
• Experience in office technology such as Outlook, PowerPoint, Word, and Excel is required.

EXPERIENCE

• Graduate degree in STEM degree or Computer Science with a strong statistical background.
• At least three years of experience working in a quantitative function.

Working with Us:

As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.

Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.

We’d love to learn more about how your interests and experience could be a fit with one of the world’s most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater

Reasonable accommodation

Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at [email protected].

We hope you’re excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.

Apply today and talk to us about your flexible working requirements and together we can achieve greater.