FAQs
What is the primary focus of the Model Risk Management (MRM) group at Goldman Sachs?
The primary focus of the MRM group is to manage risks that arise from model use across the firm's various businesses, ensuring compliance with the Model Control Policy, and providing independent oversight of model development, documentation, implementation, and usage.
What are the key responsibilities of the Associate role in Model Risk?
Key responsibilities include driving efficiency in model risk management workflows, maintaining the MRM framework, developing automation and analytics tools, coordinating regulatory requests, overseeing model performance monitoring, and managing the firmwide model inventory.
What technical skills are required for this position?
Strong development skills in Java and Python are required. Experience in web applications using frameworks like Spring Boot, Fast API, or Dash is preferred but not mandatory.
What level of experience is preferred for applicants?
A minimum of 2-3 years of industry experience is preferred.
Is a background in finance necessary for this position?
While a background in finance or financial industry experience is preferred, it is not a mandatory requirement.
What educational qualifications are considered for this role?
A Bachelor’s degree in computer science, electrical engineering, mathematics, financial engineering, or finance is preferred but not strictly required.
How important is communication in this role?
Excellent verbal and written communication skills are crucial, as the role requires communicating deliverables across various seniority levels and to both internal and external stakeholders, including regulators.
Will there be opportunities for collaboration with other departments?
Yes, the Associate will liaise with Technology and coordinate with stakeholders to translate requirements into development tasks, emphasizing teamwork and collaboration.
What kind of modeling experience is preferred for candidates?
Experience in model development and/or validation within the financial industry is preferred.
How does this role contribute to the firm's risk management program?
This role contributes by ensuring effective model governance, oversight, and compliance, thereby aiding the firm in managing both expected and unexpected risks effectively.