About the Role
The Compliance Systems Governance and Model Validation Unit is responsible for managing the Group Compliance system monitoring and validation programme. This programme serves as the second line of defence, ensuring the Group operates in compliance with regulatory requirements and internal policies. The Sanctions Model Validation Specialist will validate and ensure the accuracy, reliability, and performance of sanctions screening models through rigorous testing, analysis, and documentation. The role supports compliance with regulatory standards and contributes to the development of compliance reports for various committees.
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Key Accountabilities
Policies, Systems, Processes & Procedures
- Follow all relevant departmental policies, processes, standard operating procedures, and instructions to ensure work is carried out in a controlled and consistent manner.
Key Responsibilities:
- Conduct comprehensive validation of sanctions screening models, including ensuring 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 analyses to assess model risk and performance.
- Collaborate with model developers, compliance teams, and other stakeholders to address validation findings and enhance 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 Subject Matter Experts (SMEs) to develop Management Information (MI) dashboards related to compliance systems validation.
- Create periodic review plans and regularly report on the status of these reviews to senior management.
- Track and ensure the timely closure of any identified issues from previous reviews.
- Contribute to the development of the annual review plan in accordance with regulatory requirements, internal audit guidelines, and any ad hoc needs.
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 related roles within the financial services industry.
- In-depth understanding of sanctions regulations and compliance standards (e.g., OFAC, EU sanctions), with an understanding of CBUAE regulations being 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 services.
- Strong understanding of sanctions screening processes, regulatory requirements, and compliance standards.
- Proficient in data modeling and programming languages such as Java/Python.
- Knowledge of Fircosoft products (Firco Continuity, Firco Trust, Firco Screen and Keep) and an understanding of Firco rules, lists, and filter settings.
- Experience with Firco backend components and understanding of various component rules (e.g., decision reapplication, pairing).
- Understanding of data governance frameworks, including data quality, lineage, and stewardship.
- Experience in creating SQL queries, alongside a good understanding of database management concepts.
- Understanding of data warehouse, master data management, and data lake concepts is a plus.
- Excellent understanding of IT service management frameworks (e.g., ITIL) and system performance monitoring controls.
- Good understanding of Disaster Recovery (DR) and Business Continuity Planning (BCP) concepts to ensure system resilience.
- Ability to conduct comprehensive quantitative and qualitative analysis, back testing, stress testing, and sensitivity analysis to evaluate model robustness.
- Ability to work independently and as part of a team, collaborating effectively with model developers and compliance teams.
- Strong technical report writing skills for preparing validation reports and documentation.
- Attention to detail and commitment to maintaining high standards of accuracy and integrity.
- Certification in ACAMS, CGSS, ICA, etc., is an added advantage.
