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Business Support
19000123 Requisition #
Job Purpose

The Model Risk Specialist is a member of the Model Risk Management team in the Risk Oversight Department.

The role requires both in-depth technical expertise in particular areas of risk management and derivatives, and a broad understanding of the business of a complex, systemically important clearing and central counterparty. It offers an opportunity to be part of a small team gaining experience across derivative pricing models, market, credit, margin, and liquidity risk models, stress testing, as well as model performance and policy issues. Asset classes covered include interest rates, equities, energy, agriculture and CDS, and funding products such as repo. As a senior position, it is entailed direct exposure to executives of the company.

ICE Clear Europe is a wholly-owned subsidiary of Intercontinental Exchange. With approximately 4 million contacts cleared every day across multiple asset classes, ICE Clear Europe is one of the world’s most diverse and leading clearing houses. It provides central counterparty clearing and risk management services for interest rate, equity index, energy and agricultural derivatives, as well as European credit default swaps.

The Risk Oversight Department of ICE Clear Europe is the independent, second line of defense risk function that develops and manages the framework for identifying, assessing and reporting risks, performing independent model validations. The department comprises an Enterprise Risk Management and a Model Risk Management team, and covers all risks faced by the clearing house, including model risk, conditional market risk, credit, liquidity, investment and operational risks.


  • Overseeing the risk management practices of first line departments;
  • Reviewing, peer-reviewing, validating and assessing models, including documentation, model usage, data integrity, regulatory compliance, performance, reporting and governance;
  • Provide quality assurance of model validations and risk models;
  • Soliciting, collating and reviewing feedback from other departments and committees as part of the validation process;
  • Ensuring a sound model governance framework is in place;
  • Research and guidance on industry best practice risk governance and models
  • Presenting findings to model owners and senior management;
  • Acting as an expert sounding board on risk matters, providing support to other team members;
  • Contributing content in production of reports and dashboards;
  • As required, undertake ad hoc projects which may extend beyond a strict validation categorisation.

Knowledge and Experience


  • A degree in a numerical discipline (i.e., mathematics, statistics, physics, etc.);
  • Post-grad degree in a numerical discipline (i.e., mathematics, statistics, physics, etc.);
  • Extensive professional experience with risk modelling or risk validation;
  • Strong analytical skills, both qualitative and quantitative;
  • Sound technical understanding of financial risks (i.e., market risk, counterparty risk, liquidity risk, etc.);
  • Experience with time series statistical models (e.g., GARCH, EWMA, Seasonality, etc.), market risk models (e.g., Value at Risk, Historical Simulation, Filtered Historical Simulation, etc.) and derivatives pricing models (e.g., Black and Scholes, Binomial, SABR, etc.);
  • Data Science experience with Python, R and SQL Skills;
  • Teamwork and a collaborative attitude;
  • Ability to present complex issues in a clear and concise manner;
  • Confidence and the ability to provide challenge if required;
  • Excellent written and spoken English.

  • Familiarity with the three lines of defense model;
  • Professional experience with CCPs and CCP regulation;
  • Expertise of reproducible research tools (for example: Latex, Markdown, Jupyter notebooks).

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