Model Validator
| Locatie: | Randstad |
|---|---|
| Vakgebied: | Model Validation |
| Branche: | Vermogensbeheer |
Functie omschrijving
Model Validation is responsible for providing of a set of binding principles and guidelines whose purpose is to ensure model integrity for models used within our clients company, and to independently validate that the models meet these principles and guidelines. Model integrity implies that the models are robust, fit for purpose and produce reliable, and – where relevant – regulatory compliant results and hence can be used by management to manage the business. Model integrity furthermore implies that the model is based on approved methodology, well developed and tested and that sufficiently detailed documentation is available to ensure both maintainability and proper use of the model.
Taken
More specifics on the role of Model Validator:
This colleague will conduct model validation reviews, mostly as the review team leader, and prepare reports (in English) with findings and assessments. These reports are first assessed by the Head of Model Validation, and after his review submitted to the Model Validation Committee for approval. The review team leader is invited to the MVC meeting to answer questions and challenges to the report.
Functie eisen
Competencies:
- Insurance field experience in model development and model testing, followed by experience in model reviewing and being the (co-)lead in reporting on this type of reviews.
- Appropriate balance between being theoretically right and being pragmatic in judging models and the results of models.
- Capable of judging quality of results even if documentation is not (yet) complete and capable to judge to what extent non-final model versions already meet Business as Usual requirements.
- Understanding that a validation is tougher than a review, but not an audit.
- Preferably, experience in market consistent valuation techniques for insurance liabilities and with Economic Required Capital calculations.
- Capable of training other members of the model review teams as well as local staff involved in the validation process.
- Pro would be to have experience in (liability) data modeling – including model point creation.
- Good reporting skills in English, both verbal and in writing.
The ideal profile they have in mind is an actuary or equivalent expert currently working in the actuarial consultancy or similar position with particular involvement in reviewing risk reporting, embedded values and other key financial / risk reports. For this they expect a high degree of familiarity with cash flow projection systems (like MoSes, Prophet, VIPitech) and the processes how to effectively and efficiently use these systems.
It would definitely be a pro if in an earlier stage in his/her career the candidate has been involved in designing models / applications using these systems, including all aspects of testing.
The ideal candidate is not a so-called quant, but a person who has sufficient authority to both lead a review team of about three persons in which he/she plays an active content role (not just managing) and to be acceptable to senior staff being interviewed. He/she must be comfortable in an environment where model validation might require some selling as well.
An important skill they are looking for is identifying positive findings and best practices, in addition to pointing out the negative findings, and cleanly report about these.