Risk – Model Risk Governance

RISK

Our Risk teams develop comprehensive processes to monitor, assess, and manage the risk of expected and unexpected events that may have an adverse impact on the firm. Risk professionals execute critical day-to-day risk management activities, lead projects, and contribute to the ongoing advancement of a robust risk management program. Effective coordination with executive management, business units, control departments and technology is critical for success. 

MODEL RISK MANAGEMENT (MRM)

The Model Risk Management (MRM) group is a multidisciplinary group of quantitative experts at Goldman Sachs with presence in New York, Dallas, London, Warsaw, Hong Kong, and Bangalore. The MRM group is responsible for independent oversight of Model Risk at the firm, ensuring compliance with Firmwide Policy on Model Control and related standards, including documentation to evidence effective challenge over the Model development, implementation, and usage of Models.

The group’s primary mandate is to manage risk that arises from models used in the firm through its range of businesses– from models used for derivatives valuation to models used for risk management, liquidity and capital computations, and more.

RESPONSIBILITIES

• Establish, maintain and enforce the MRM framework and governance structure
• Engage with regulators on model risk management topics, respond to analysis and documentation requests, and support advocacy discussions
• Evaluate compliance with key regulatory rules, engage in new activity impact assessments and approvals, engage with key committees and governing bodies, and maintain key policies and procedures
• Develop and maintain firmwide requirements supporting the MRM framework
• Oversee ongoing Model performance monitoring jointly with Model Validation and enforce change control procedures
• Manage Model validation findings, including tracking and escalation of findings
• Communicate and coordinate with Compliance to train key stakeholders on Model Control Policy and related requirements, including any significant changes
• Maintain model inventory data integrity by resolving exceptions from automated checks on inventory changes 
• Help process new model classifications, changes, deactivations
• Provide ad-hoc analysis on model inventory
• Liaise with Technology to maintain systems that support model risk management workflows
• Resolve inquiries from model stakeholders and owners on model inventory
• Drive efforts to increase efficiency and automation of model risk management workflows
• Work closely with model validators to understand and communicate the results of model validation activities and model limitations to internal and external stakeholders, including senior management 

REQUIRED EXPERIENCE & QUALIFICATIONS

• A minimum of 7-10 years of Model Risk experience, including model governance, development, or validation
• Strong verbal and written communication, able to communicate deliverables across various seniority levels and to both internal and external stakeholders including regulators.
• Strong leadership skills with experience managing a team.
• Excellent analytical, quantitative, interpersonal, and organizational skills. Team oriented.
• Programming skills, including object-oriented languages and scripts (e.g., SQL, Access, VBA) beneficial but not required.
• Bachelor’s degree in mathematics, computer science, hard sciences, financial engineering, or finance preferred but not required
   

ABOUT GOLDMAN SACHS

At Goldman Sachs, we commit our people, capital and ideas to help our clients, shareholders and the communities we serve to grow. Founded in 1869, we are a leading global investment banking, securities and investment management firm. Headquartered in New York, we maintain offices around the world.

We believe who you are makes you better at what you do. We're committed to fostering and advancing diversity and inclusion in our own workplace and beyond by ensuring every individual within our firm has a number of opportunities to grow professionally and personally, from our training and development opportunities and firmwide networks to benefits, wellness and personal finance offerings and mindfulness programs. Learn more about our culture, benefits, and people at GS.com/careers.

We’re committed to finding reasonable accommodations for candidates with special needs or disabilities during our recruiting process. Learn more: https://www.goldmansachs.com/careers/footer/disability-statement.html

© The Goldman Sachs Group, Inc., 2022. All rights reserved.
Goldman Sachs is an equal employment/affirmative action employer Female/Minority/Disability/Veteran/Sexual Orientation/Gender Identity

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