The posting
Function Title: Manager - Model Governance & Model Validation
Grade: AVP / VP
Location: Dubai
Department: Risk & Credit Policy
Job Purpose
Manager – Model Governance & Model Validation is responsible for end to end model management across the Bank, covering model governance, independent validation, third-party / consultant-developed model oversight, and full model implementation.
While model development is primarily performed by external consultants or vendors, this role retains full internal ownership of the models. The incumbent must possess deep technical understanding of model design, assumptions, methodologies, data, and limitations, and is accountable for ensuring models are fully understood, correctly implemented, appropriately validated, and effectively embedded into the Banks systems, processes, and risk management framework.
The role ensures compliance with CBUAE Model Management Standards, Basel II/III, IFRS 9, and internal policies, and acts as a key point of contact for regulators, auditors, and senior management on all model-related matters.
Key Responsibilities
1. End-to-End Model Management & Ownership
- Act as the internal owner for all models developed by external consultants, vendors, or internal teams.
- Ensure complete knowledge transfer and handover from consultants, including:
- Model theory and methodology
- Data requirements and transformations
- Assumptions, limitations, and use cases
- Implementation logic and system integration
- Oversee the full model lifecycle, including:
- Model inception and design approval
- Development oversight
- Independent validation
- Implementation and testing
- Ongoing monitoring, review, and recalibration
- Model change management and retirement
- Ensure models are fit for purpose, correctly implemented, and aligned with business, risk, and regulatory objectives.
2. Model Governance
- Implement, monitor, and maintain the Model Risk Management Framework, including related policies, procedures, and standards, ensuring ongoing compliance with CBUAE Model Management Standards and internal requirements.
- Oversee end-to-end model risk management activities, including:
- Model identification, classification, and tiering/materiality assessment
- Model inventory management
- Definition, monitoring, and effectiveness of model risk controls
- Tracking, escalation, and closure of model findings and issues
- Oversee the entire model life cycle, from model initiation and development through validation, implementation, usage, ongoing monitoring, change management, and retirement.
- Lead the Model Governance Committees, including preparation of papers, analysis, and recommendations.
3. Data Management
- Active involvement in the development and maintenance of Data Management Framework (DMF).
- Ability to manage large structured and non-structured historical data for use in model development and validation.
- Systematic identification of sources, regular and frequent collection, rigorous data quality review and control, secure storage and controlled access with robust system infrastructure.
4. Model Development Oversight
- Ensure that the model development framework, standards, and processes are appropriate for the Bank and fully compliant with regulatory expectations.
- Oversee model development activities performed by external consultants or vendors, ensuring:
- Full transparency of methodologies and assumptions
- Adequate knowledge transfer to internal teams
- Alignment with approved model scope and intended use
- Ensure that model development documentation is comprehensive, accurate, and meets industry best practices and regulatory requirements.
5. Model Implementation & Testing
- Oversee and actively participate in model implementation, including:
- Translation of model specifications into systems and tools
- Implementation testing and parallel runs
- Reconciliation between development output and production results
- Ensure appropriate controls, documentation, and sign-offs are in place prior to model use.
- Validate that implemented models accurately reflect the approved methodology and validation conclusions.
6. Independent Model Validation & Quantitative Analysis
- Lead the independent model validation framework, validating risk and non-risk models including credit, market, liquidity, capital, IFRS 9, stress testing, pricing, macroeconomic, and business models.
- Independently challenge model methodologies, assumptions, data quality, performance, sensitivity, and implementation accuracy to ensure fitness for purpose.
- Ensure validation outcomes, limitations, and findings are documented, approved, and remediated in line with model life-cycle standards.
- Develop and apply quantitative validation tools using Python, SAS, R, VBA, and Excel to support back-testing, benchmarking, sensitivity, and performance monitoring.
- Review model documentation to ensure clarity on model purpose, methodology, assumptions, limitations, risks, and controls.
7. Stakeholder Engagement & Strategic Advisory
- Act as a key point of contact for CBUAE supervisory reviews, external and internal audits, and model-related assessments.
- Provide expert guidance and constructive challenge to internal stakeholders, consultants, and vendors, and ensure timely remediation of model weaknesses, audit findings, and external auditor observations.
- Ensure adherence to model development standards and quantitative best practices, contributing to bank-wide initiatives such as ICAAP, Stress Testing, and Recovery & Resolution Planning.
- Monitor regulatory developments and emerging trends in model risk management.
Required Qualifications & Experience
Education
- Bachelors or Masters degree in a quantitative discipline (Mathematics, Statistics, Economics, Engineering, Finance, or similar).
Experience
- Minimum 7 years of experience in quantitative risk, model governance, or model validation with strong experience across:
- Model governance and independent validation
- Credit risk, market risk, liquidity risk, capital, pricing, and financial risk models
- Oversight of consultant/vendor-developed models and their implementation
Certifications (Preferred)
- FRM, PRM, CQF, CFA, or equivalent.
