Head of Model Risk Management

1 week ago

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

The Enterprise Risk division at Robinhood plays a crucial role in supporting the Audit and Risk Committees of the Board by safeguarding the organization's assets, reputation, and long-term viability. This division offers independent, objective, and timely evaluations concerning the effectiveness of governance, risk management, and internal controls, aimed at mitigating both existing and emerging risks while enhancing the internal control framework.

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 practice.

Key Responsibilities
  • Implement and operationalize the comprehensive Model Risk Governance framework across the enterprise, collaborating with initial line model risk teams where necessary, and ensuring shared responsibilities at both business and development levels, as well as at the enterprise level;
  • Design and execute model validation strategies and methodologies, clearly defining the scope and approach for validations while adhering to industry best practices and regulatory standards;
  • Engage closely with model owners throughout Robinhood to identify and mitigate risks associated with model usage;
  • Work alongside model developers to pinpoint potential weaknesses or deficiencies in models and recommend enhancements or corrective actions;
  • Acquire extensive knowledge of Robinhood's data, machine learning applications, and model deployment systems to effectively evaluate risks and controls related to model development and application;
  • Draft detailed model validation reports that outline findings, recommendations, and conclusions for senior management, regulatory authorities, and auditors.
  • Stay informed about the latest advancements in risk modeling methodologies, industry standards, and regulatory frameworks, proactively seeking opportunities to refine and improve our model validation processes.
Qualifications
  • Proven expertise in model validation and model risk management.
  • A minimum of 12 years of experience within the financial services sector, specifically in model risk management, development, or validation.
  • Understanding of models in financial markets and associated risks, including counterparty, fraud, market, and liquidity risks.
  • Capability to manage the validation of risk models utilizing contemporary ML/AI technologies.
  • Strong relationship-building skills and the ability to influence stakeholders across both technical and non-technical domains; adept at conveying complex concepts to diverse audiences, with excellent written and verbal communication skills.
  • Familiarity with industry regulations and frameworks pertaining to model risk management, such as SR 11-7.
  • Ability to excel in a dynamic and fast-paced work environment.

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