Director, Risk Model Validation

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Overview

Voya Financial is on a mission to empower individuals and communities to achieve a better financial future. They invite candidates for the role of Director, Risk Model Validation to help in fulfilling their purpose. This position falls within the Voya Enterprise Risk Management organization and is crucial for enhancing the company's model governance framework.

Job Responsibilities

The Director of Risk Model Validation reports directly to the Head of Corporate Risk and holds the responsibility for the independent validation of various models across the organization including actuarial, asset management, and AI/ML models. Key contributions associated with the role include:

• Model Validation Oversight: Leading the enterprise-wide model validation program to ensure that all models are validated in accordance with risk tier and regulatory requirements.

• AI/ML Model Review: Establishing protocols for the validation of AI/ML models, ensuring adaptations remain compliant with evolving regulations.

• Governance & Frameworks: Development of formal policies and procedures around model validation that are risk-based and compliant with internal and external standards.

• Team Leadership: Managing a team of validation analysts, particularly those focused on AI/ML models, ensuring effective collaboration across the organization.

• Stakeholder Engagement: Collaborating with internal audit, compliance, IT, and model owners to ensure all validations occur timely and effectively.

• Regulatory Interface: Acting as a point of contact for regulatory exams by providing validation evidence, schedules, and governance documents.

• Platform Integration: Overseeing centralized validation platforms to enhance workflow and documentation tracking, contributing to a culture of audit readiness.

• Cross-functional Collaboration: Building strong relationships within teams to execute validations thoroughly across all business units.

Required Skills & Qualifications

Candidates interested in applying for the Director of Risk Model Validation position should meet the following requirements:

• A Bachelor’s degree with actuarial credentials or an advanced degree in mathematics, statistics, actuarial science, finance, data science, or a related field.

• 10+ years of experience in model risk management specifically within the insurance or financial services domains.

• Proficiency with programming languages such as Python and R, along with strong familiarity with statistical modeling software.

• In-depth understanding of regulatory expectations for model governance, such as NAIC Model Risk Guidance and SR 11-7.

  

• Expertise in model documentation tools like Riskonnect or Archer is highly desirable.

• Demonstrable problem-solving and attention-to-detail abilities, along with strong communication and stakeholder management skills.

• Experience in team leadership and the capacity to handle ambiguous situations while managing multiple issues simultaneously.

Compensation

The salary range for this full-time position is between $166,310 and $207,890 USD annually. This compensation aligns with the geographical location of the candidate. Not only does Voya provide a competitive salary, but they also offer various incentive opportunities based on role performance. Specifically, they offer:

• Health, dental, vision, and life insurance plans.
• A 401(k) savings plan with a matching contribution of up to 6%.
• An employer-paid retirement plan, which includes a cash balance retirement plan at 4%.
• Tuition reimbursement of up to $5,250 annually.
• Time off that includes 20 paid days, 9 paid company holidays, and a Diversity Celebration Day.
• Paid volunteer time, totaling 40 hours per calendar year.

Company Culture and Values

Voya Financial emphasizes a workplace that values diversity, promotes inclusion, and encourages team collaboration. They focus on the following critical skills:

• Customer Focused: Prioritizing customer satisfaction and solutions.

• Critical Thinking: Analyzing problems critically to reach informed decisions.

• Team Mentality: Collaboration to drive success toward common organizational goals.

• Business Acumen: Understanding the financial services industry at large.

• Learning Agility: Openness to new ideas and continuous skill acquisition.

Equal Employment Opportunity

Voya Financial is committed to being an equal-opportunity employer. They ensure a fair hiring process for all qualified individuals, adhering to inclusivity regardless of race, gender identity, age, or disability status. The company also provides reasonable accommodations to applicants needing assistance.

Conclusion

The Director, Risk Model Validation role at Voya Financial is an exceptional opportunity for individuals with considerable experience in model risk management and a desire to work in an organization focused on delivering a better financial future for individuals and communities. Candidates who meet the qualifications and are ready to bring their skills to a company that values diversity and collaboration are encouraged to apply.

This job offer was originally published on himalayas.app