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Head of Model Risk Management

2 months ago


Menlo Park, California, United States Robinhood Full time
Overview of the Role

The Enterprise Risk division at Robinhood plays a crucial role in safeguarding the organization's assets, reputation, and long-term viability. This team provides independent and objective evaluations regarding the effectiveness of governance, risk management, and internal controls, which are essential for mitigating both current and emerging risks.

As the Director of Model Risk, your primary responsibility will be to identify and oversee the risks associated with the models utilized within Robinhood, including the establishment of a robust model validation framework.

Key Responsibilities
  • Implement and operationalize the comprehensive Model Risk Governance framework across the enterprise, collaborating with first-line model risk teams where necessary, and ensuring shared responsibilities at both the business and development levels.
  • Design and execute model validation strategies and methodologies, outlining the scope and approach for validations while adhering to industry best practices and regulatory standards.
  • Engage with model owners throughout Robinhood to pinpoint and manage risks linked to model usage.
  • Work alongside model developers to detect potential weaknesses or deficiencies in models and recommend enhancements or corrective measures.
  • Acquire deep knowledge of Robinhood's data, machine learning applications, and model deployment systems to effectively evaluate risks and controls associated with model development and usage.
  • Draft detailed model validation reports that encapsulate findings, recommendations, and conclusions for senior management, regulatory entities, and auditors.
  • Stay informed about the latest advancements in risk modeling methodologies, industry benchmarks, and regulatory frameworks, proactively seeking opportunities to refine and improve model validation processes.
Qualifications
  • Extensive expertise in model validation and management of model risk.
  • A minimum of 12 years of experience within the financial services sector, focusing on model risk management, development, or validation.
  • Proficient understanding of models in financial markets and associated risks, including counterparty, fraud, market, and liquidity risks.
  • Capability to oversee the validation of risk models utilizing contemporary ML/AI technologies.
  • Strong relationship-building skills with the ability to influence stakeholders across both technical and non-technical domains; adept at articulating complex concepts to diverse audiences, complemented by excellent written and verbal communication skills.
  • Familiarity with industry regulations and frameworks governing model risk management, such as SR 11-7.
  • Adeptness in thriving within a dynamic and fast-paced work environment.