JOB PURPOSE:
Compliance Systems Governance and Model Validation Unit
The unit is responsible for managing the Group Compliance system monitoring and validation programme (as the second line of defence) to provide assurance that the Group is operating in line with regulatory requirements and internal compliance policies and procedures. This entails planning, development and implementation of a risk-based Group Compliance system Validation plan, working with other Compliance units to undertake reviews and issuing reports that provide assurance as well as highlighting deficiencies so that they can be corrected. The function also aids in the development of compliance reports to support the EXCO, Compliance Operating Committee, GCC and MRMC.
The Sanctions Model Validation Specialist will be responsible for validating and ensuring the accuracy, reliability, and performance of sanctions screening models. This role involves rigorous testing, analysis, and documentation to ensure compliance with regulatory requirements and internal standards.
KEY ACCOUNTABILITIES:
Job Specific Accountabilities
Policies, Systems, Process & Procedures
- Follow all relevant departmental policies, processes, standard operating procedures, and instructions so that the work is carried out in a controlled and consistent manner.
Key Responsibilities:
- Conduct comprehensive validation of sanctions screening models, including data integrity, model performance, and output accuracy.
- Develop and implement validation methodologies and frameworks in line with industry best practices and regulatory guidelines.
- Perform quantitative and qualitative analysis to assess model risk and performance.
- Collaborate with model developers, compliance teams, and other stakeholders to address validation findings and improve model robustness.
- Prepare detailed validation reports and documentation for internal and regulatory review.
- Stay updated with the latest regulatory requirements, industry trends, and advancements in sanctions screening technologies.
- Provide recommendations for model improvements and enhancements based on validation results.
Reporting
- Collaborate with Compliance SMEs, work closely with Subject Matter Experts (SMEs) in Compliance to develop Management Information (MI) dashboards related to compliance systems validation.
- Create periodic review plans and regularly report the status of these reviews to senior management.
- Track and ensure timely closure of any pending issues identified in previous reviews.
Contribute to the development of the annual review plan in accordance with regulatory requirements, internal audit (GIA) guidelines, and any ad hoc requirements.
QUALIFICATIONS & EXPERIENCE:
Minimum Qualification
- Bachelor’s or master’s degree in finance, Economics, Statistics, Mathematics, Computer Science, or a related field.
- Proven experience in model validation, risk management, or a similar role within the financial services industry.
- In-depth understanding of sanctions regulations and compliance standards, including OFAC, EU sanctions, and other international sanctions regimes. Understanding of CBUAE regulations is desirable.
Minimum Experience
- 7 to 10 years of experience with financial institutions, regulators, and/or professional services firms, focusing on Financial Crime Technology and Analytics work streams/services.
- Strong understanding of sanctions screening processes, regulatory requirements, and compliance standards.
- Proficiency in data modeling, and programming languages such as Java/Python.
- Good knowledge of Fircosoft products such as Firco Continuity, Firco Trust, and Firco Screen and Keep (FSK) along with good understanding of Firco rules, lists, and filter settings.
- Experience with Firco backend components and a good understanding of various component rules (decision reapplication, pairing, stripping, etc.).
- Good knowledge in data governance framework, including data quality, data lineage, and data stewardship etc.
- Experience in creating SQL queries and good knowledge in database management concepts.
- Understanding of data warehouse, master data management, and data lake concepts is added advantage.
- Excellent understanding of IT service management (ITSM) frameworks such as ITIL and other system performance monitoring controls.
- Good understanding of Disaster Recovery (DR) and Business Continuity Planning (BCP) concepts to validate system resilience and high availability.
- Ability to conduct comprehensive quantitative and qualitative analysis to assess model performance and risk. Additionally, proficiency in back testing, stress testing, and sensitivity analysis to evaluate model robustness.
- Ability to work independently and as part of a team, collaborating with model developers, compliance teams, and other stakeholders.
- Strong technical report writing skills for preparing detailed validation reports and documentation.
- Attention to detail and a commitment to maintaining high standards of accuracy and integrity.
- Certification in ACAMS, CGSS, ICA, etc., is an added advantage.
