AdressAt Nordea, we're committed to be a partner our customers and society can count on. Risk management and integrity go hand in hand.
Joining us means you'll have an impact on how we do banking - today and tomorrow. So bring your ideas, skills and unique background. With us, you'll be in good company with plenty of opportunities to collaborate, grow and make your mark on something bigger.
About this opportunity
Welcome to Model Risk and Validation. As part of Group Risk, we are an independent second line of defense unit for Model Risk Management, model validation and independent risk oversight across the Nordea Group. We carry out independent validation activities of over 400 models used across Nordea.
In addition, we safeguard and support prudent Risk Management including risk appetite framework, rule setting in the form of policies and controls and risk reporting.
You will join the Model Risk & Validation Leadership Team as the Head of Model Risk Management.
We are looking for an experienced person with an in-depth knowledge and interest in Model Risk Management, regulatory requirements and industry best practices for model governance and risk control, as well as for risk oversight and reporting. You are knowledgeable of the modelling and validation methods of the unit's model areas.
Model Risk Management unit is responsible for developing and maintaining Nordea's Model Risk Management framework, including risk appetite framework for Model Risk, requirements and controls for model governance, independent reporting of Model Risk, and the application and process for managing the model inventory of the Group. In addition to the Model Risk Management duties, the unit is responsible for validation of Life Insurance, banking book market risk and liquidity risk models, as well as models used in the areas of operational risk, compliance, financial crime prevention and other non-financial risk models.
You will get to join a dynamic and inclusive team of experienced Model Risk experts. We work in a cross-border team with team members in Copenhagen, Helsinki and Stockholm. We provide a working environment with a balanced hybrid approach combining both collaboration in the office and remote work.
What you'll be doing:
- Contribute to the Unit leadership together with other leaders in Model Risk and Validation
- Lead your team in delivering it's duties in Model Risk Management and validation of the team's model areas
- Lead your team in providing advice and training for Model Risk Management and governance to all levels of the organisation, including the Board of Directors
- Lead your team in managing and mitigating issues in Model Risk Management identified by the authorities or the Group Internal Audit
- Communicate effectively and accurately, representing the unit and the Group with all stakeholders, including authorities and internal and external auditors,
- Support and collaborate with relevant model owners and effectively liaise with leaders throughout the Group
- Ensure that the independent model validations and Model Risk assessments in the team's area meet the internal and external requirements
- Have a drive for impact and results
The role is based either in Denmark, Finland or Sweden.
Welcome to a unit of highly qualified, innovative and high performing passionate colleagues that have a strong drive for Model Risk Management!
Who you are
Collaboration. Ownership. Passion. Courage. These are the four key values that guide us in being at our best. We imagine that you enjoy learning and are excited about bringing your ideas to the table. You're dependable, willing to speak up - even when it's difficult - and committed to empowering others.
You are a dynamic leader with passion for continuous improvement who can inspire, coach and develop a group of high performing employees. You are able to bring knowledge, clarity and structure to your area.
To succeed in this role, we believe you have:
- 10+ years of experience with Risk Management and model design and/or validation
- A Master's degree or PhD in Finance, Mathematics, Economics, Statistics, Actuarial Science, Engineering or a relevant related field
- Strong knowledge of Model Risk Management frameworks and governance, risk appetite frameworks, risk controls and risk reporting. Experience with Model Risk Management applications and model inventory is an advantage
- Solid understanding of regulatory requirements for Model Risk Management
- Excellent stakeholder management and networking skills with an ability to drive the agenda of the unit in a large complex financial institution
- Solid planning, project and process management skills with a strong track record of concrete deliveries
- Leadership experience with an ability to attract, develop and retain talents as well as provide guidance in the daily work, including supporting the team in challenging the model owners and leveraging the team's technical skills to address business issues and fulfil financial objectives. Experience in leading technical experts is an advantage
- Developed understanding of mathematical modelling and use of Models in the financial sector. Working experience within models used in the areas of Wealth Management, banking book market risk and liquidity risk, operational risk, compliance and financial crime prevention is an advantage. Python or SAS programming is an advantage
- Excellent communication skills, both in written and spoken English, with an ability to tailor wording depending on the audience
- High ethical standards with demonstrated integrity, tact and diplomacy
If this sounds like you, get in touch!
Next Steps
Please submit your application no later than 14/02/2024. For more information, you're welcome to contact the Head of Model Risk & Validation Elina Aartola-Mäkelä, elina.aartola-makela@nordea.com.
At Nordea, we know that an inclusive workplace is a sustainable workplace. We deeply believe that our diverse backgrounds, experiences, characteristics and traits make us better at serving customers and communities. So please come as you are.
Please be aware that any applications or CVs coming through email or direct messages will not be accepted or considered.
Only for candidates in Sweden: For union information, please contact finansforbundet@nordea.se or SACONordea@nordea.com.
Department: Leadership Roles
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