Model Risk Consultant
McKinsey’s Risk practice supports clients in many different industries facing challenges of developing and implementing tailored concepts for risk recognition, measurement, and control. McKinsey takes a truly global, cross-sector, cross-functional view of risk issues, combining its deep industry insight and strategic skills with a structured risk-management approach, proven methodologies focused on true transformation, analytical tools, and practical implementation.
Since 2004, Risk Dynamics has been providing independent model validation services to financial services industry seeking an unbiased, technical assessment of their modelling and risk management capabilities. In 2016, Risk Dynamics joined McKinsey and Company and is now a part of McKinsey’s global knowledge network, which includes more than 1,800 knowledge professionals who work alongside consultants and clients to generate distinctive insights and proprietary knowledge.
McKinsey Risk Dynamics (McK/RD) has established a US hub, a UK office and is growing its Indian team in a commitment to becoming a global leader in model validation, model risk management and model advisory support for the financial services sector.
McK/RD’s advisory work spans multiple risk types, markets, operating challenges and modelling techniques. McK/RD strives to advance client’s understanding of both well-established and emerging risk management techniques. As such, team members must be capable of analyzing client-specific needs and generating accurate, effective and pragmatic recommendations. This work is supported by McK/RD’s proprietary knowledge as well as by new approaches co-developed with our knowledge partners in the academic community.
McK/RD is seeking a high quality manager to join our fast-growing Waltham team and is expected to:
- Deliver high quality, timely and cost effective analytics services to clients;
- Manage all stakeholders expectations on a project;
- Serve clients as a project manager and/or a subject matter expert in area(s) of expertise;
- Organize and review the work done by junior consultants;
- Coach, challenge and support the project teams;
- Continuously enhance client offerings and identifying opportunities for business development;
- Help prepare McK/RD’s response to RFI/RFP processes;
- Produce thought leadership in the area of expertise that is relevant for our clients, services to clients;
- Be known in the market for their respective expertise, services to clients;
- Building quantitative tools to improve the quality and efficiency of model validations;
- Collaborating closely with other McK/RD colleagues globally in building solutions across various risk and model types;
- Keeping up with regulatory and technical changes impacting the industry; and
- Lead development of client relevant knowledge/proprietary models and tools
Our team understands the importance of client service, has technical expertise, an interest in ongoing learning and is passionate about risk management. Candidates for this position will ideally have:
- A Master or PhD in quantitative area such as in Financial Engineering, Applied Finance, Applied Statistics, Applied Mathematics, Computational Finance or related field;
- At least 7 years of relevant experience in Risk Management practices (internal or external) for Capital Market activities within FO, MO, RM in banking industry (treasury, investment management, custody or clearing houses). Expertise on pricing models is considered as an asset;
- Experience in development or implementation of risk models and/or pricing models (vendor or “in-house” models);
- Keen interest in testing, development and/or validation processes used in banking risk models;
- Deep knowledge of analytical software packages such as SAS, MATLAB, Python, R;
- Excellent written and oral communication skills with an ability to communicate technical topics to a broad audience,
- Demonstrated effectiveness in project, team and client management; adapt quickly to rapidly changing client contexts while maintaining budget, quality and timeline,
- Strong interpersonal skills, solid people development skills and proven leadership and influencing skills,
- Good understanding of the full range of risks in financial services (both financial and non-financial) and applicable regulations,
- Intellectual curiosity and demonstrated ability to quickly develop and disseminate new knowledge and improve organizational efficiencies and
- An ability to collaborate and work efficiently with a growing global team.
McK/RD serves clients globally from offices in Brussels, London, Waltham and Gurgaon. This role is based out of Waltham, MA with up to 50% travel. A typical assignment will combine in-house work at the consultant’s primary McK/RD office along with some optional on-site work at our clients’ offices.
404 Wyman Street
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