The Risk division is responsible for credit, market and operational risk, model risk, independent liquidity risk, and insurance throughout the firm.
JOB SUMMARY & RESPONSIBILITIES
The Goldman Sachs Group is a bank holding company and a leading global investment banking, securities and investment management firm. Goldman Sachs provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals.
Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong, Beijing, and other major financial centers around the world.
We are committed to growing our distinctive Culture and holding to our core values which always place our client's interests first. These values are reflected in our Business Principles, which emphasize integrity, commitment to excellence, innovation and teamwork.
Job Summary & Responsibilities
The Risk Validation Group (“RVG”) is an independent review group within the Risk Division, reporting to the Chief Risk Officer, that aims to provide assurance over the design and operating effectiveness of the firm’s second line risk functions. The scope of validation work does not include model validation, but focuses on the following three areas:
Operational risk validation: RVG validates operational risk management and risk measurement methodologies, calculations and results to test adherence of the firm’s operational risk management framework (ORMF) with the Advanced Measurement Approach per the Basel Committee’s capital requirements regulation. RVG also validates the qualitative approaches supporting the firm’s operational risk losses projections as part of the annual Comprehensive Capital Analysis and Review (CCAR) submission.
Risk data validation: RVG validates the adherence of the second line risk functions to the requirements of the Basel Committee’s Principles for Effective Risk Data Aggregation and Reporting (“BCBS 239”), which covers governance and infrastructure, risk data aggregation capabilities and risk reporting practices.
Credit risk validation: Responsible for independently challenging and validating the ratings and designations assigned by the Credit Risk Management (CRM) department used for risk management and capital determinations. RVG also assesses CRM’s compliance with its processes and procedures.
RVG is a global function based across multiple locations, and as part of its regional expansion is looking to hire headcount to focus primarily on operational risk and risk data validation.
- Plan, scope and execute internal validation reviews to assess adherence of the operational risk management
framework (ORMF) and applicable risk data frameworks to Basel regulatory requirements
- Provide effective challenge of stakeholder processes and outcomes
- Communicate results of testing through formal reports
- Develop and maintain effective and constructive stakeholder relationships
- Track progress and validate the completion of remediation plans for findings raised through RVG reviews
- Prepare metrics and reporting to Risk Division senior management and governance committees
- Remain current on business, regulatory and industry changes that may impact the ORMF and risk data frameworks, as well as RVG’s requirements
- Assist in ongoing initiatives to enhance the validation program
- Minimum of 1 year of experience within a regulated banking entity or in consulting capacity with a focus on financial institutions (experience within an internal audit / validation / governance function strongly preferred)
- Minimum of Bachelor’s degree required
- Excellent analytical skills and detail oriented
- Strong verbal and written communication skills (including formal business writing skills)
- Experience working with teams across multiple locations and jurisdictions
- Ability to work in a fast paced environment, with a strong delivery focus
- Strong computing and Excel skills
- Experience with data manipulation and data analytics
- Familiarity with fundamental statistical concepts
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
© The Goldman Sachs Group, Inc., 2018. All rights reserved Goldman Sachs is an equal employment/affirmative action employer Female/Minority/Disability/Vet.