Job Description

Department      Model Risk, which is part of larger Enterprise Risk team

Location          Gurugram/Bengaluru

Reports To       Associate Director, Model Risk

Level                5

We’re proud to have been helping our clients build better financial futures for over 50 years. How have we achieved this? By working together - and supporting each other - all over the world. So, join our team and feel like you’re part of something bigger.

About the team

Global Risk:

The risk team in Fidelity covers the management oversight of Fidelity’s risk profile including key risk frameworks, policies and procedures and oversight and challenge processes. The team partner with the businesses to ensure Fidelity manages its risk profile within defined risk appetite.

The team is circa 120-strong, and growing, covering all facets of risk management including investment, operational, enterprise, and technology risk.

Enterprise Risk Management (ERM) Function:

The ERM function is lead from Singapore and the primary purpose of the ERM team is to ensure that the business is managing risk within its agreed risk appetite, and in accordance with ERM Framework in place. The ERM function is also responsible for capital management, key risk regulatory reporting, policy governance and the ERM framework. It also acts as the oversight function for model risk, strategic risk, financial risk, ESG risk and strategic ventures. The ERM team size is currently 35, and the Model Risk team size is 12.

About the role
 

A model validation professional for conducting validation of investment management models and other financial models including AI and ML models and advanced language models like GPT and broader Generative AI (GAI) systems.

Your role will lead or support model validations. You'll undertake theoretical analysis and review of material models across asset classes, understanding the mathematical models and AI/ML models used and their implementation methods. You will also help with the continual development and maintenance of the model inventory and a model risk assessment process. Naturally, you'll actively engage and manage relationships with various stakeholders.

As Model Validation Quant, this role focuses on engaging with business, i.e. model owner and developers in a model validation exercise, conducting in-depth validation analyses, identifying potential issues and communicate effectively to relevant stakeholders. Facilitate knowledge sharing and effective risk management to benefit the team and the wider business. while maintaining strict adherence to FIL's Model Risk Policy and procedures.

About you
 

Key Responsibilities

• To develop a strong understanding of FIL's Model Risk Policy and procedures and support education efforts with internal and external stakeholders
• Independently lead model validation exercises, applying rigorous analysis to assess model accuracy, robustness, and compliance with FIL's Model Risk Policy or other relevant regulations.
• Identify potential issues and discrepancies and engage in open discussions with stakeholders to reach consensus on appropriate remediation actions.
• Translate complex technical findings into clear and actionable recommendations for both technical and non-technical stakeholders.
• Act as a subject matter expert, providing guidance and insights to model owners and developers, ensuring compliance with FIL's Policy and procedures.
• Stay abreast of current trends in AI and ML model usage and controls, especially within asset management, and apply this knowledge to model validation processes.
• Stay informed about evolving regulatory requirements related to AI and ML model usage in various geographies and ensure compliance in model validation.
• Identify and address challenges associated with large and complex AI and ML models and develop innovative solutions for effective model risk control.
• Implement validation frameworks for emerging technologies like Retrieval Augmented Generation (RAG) and agent-based systems.
• Foster a collaborative environment within the Model Risk Team, promoting knowledge sharing and teamwork.
• Establish and maintain highly effective working relationships with all key internal stakeholders
• Support model governance activities

Experience and Qualifications Required

• Solid understanding of all model types (investment, pricing, risk & capital) including AI and ML models - natural language processing (NLP), deep learning, and advanced language models.
• Good understanding on fine-tuning and deploying large language models (e.g., GPT, LLaMA) for domain-specific tasks such as test case generation, summarisation, and anomaly detection would be advantageous.
• 5-7 years of experience in quantitative modelling and model validation and risk related roles within the financial industry - investment banking or asset management is preferable.
• Advanced degree (Ph.D. or Master's) in a quantitative field such as Mathematics, Statistics, Computer Science, or a related discipline preferred.
• Proficiency in programming languages commonly used in AI and ML, such as Python, TensorFlow, or PyTorch.
• Strong MS Excel & expertise with VBA, model library programming (C++, Java, Python &/or other).
• Contribute to the quality of the inventory data, incl. reporting data, materiality assessments, etc
• Support the development of modelling standards
• To provide SME advisory and assurance that models meet policy and regulatory requirements.
• Ability to demonstrate project delivery across model validation, model documentation will be highly advantageous.
• Hands-on mentality
• Excellent analytical, problem-solving and written skills.
• Strong people management skills and experience
• Excellent at providing innovative ideas and comfortable working under pressure
• Dedicated to maintaining high quality standards and client satisfaction
• Hands on experience building, enhancing and running model validation processes is essential.
• CFA/FRM/CQF and/or strong expertise in AI and ML models, would be advantageous

Feel rewarded

For starters, we’ll offer you a comprehensive benefits package. We’ll value your wellbeing and support your development. And we’ll be as flexible as we can about where and when you work – finding a balance that works for all of us. It’s all part of our commitment to making you feel motivated by the work you do and happy to be part of our team. For more about our work, our approach to dynamic working and how you could build your future here, visit careers.fidelityinternational.com.

For more about our work, our approach to dynamic working and how you could build your future here, visit careers.fidelityinternational.com.