Dubai Islamic Bank
Manager - Model Risk Management & Validation
- Permanent
- Dubai, United Arab Emirates
- Experience 5 - 10 yrs
Job expiry date: 03/12/2025
Job overview
Date posted
19/10/2025
Location
Dubai, United Arab Emirates
Salary
AED 20,000 - 30,000 per month
Compensation
Job description
The Manager - Model Risk Management & Validation at Dubai Islamic Bank (DIB) is responsible for the development and implementation of Model Risk Management governance and the validation of credit risk, market risk, liquidity, finance and business models in accordance with internal policies and regulatory requirements. The role conducts robust and comprehensive qualitative and quantitative validation of IFRS 9, PD Ratings/Scorecards, Stress Testing, statistical and deterministic models used in ICAAP/Pillar II and Market and Liquidity Risk models, as well as finance and other business models, ensuring alignment with the Bank Model Validation Guidelines and the Model Governance Framework and compliance with regulatory requirements including those from the CBUAE. Core activities include performing data due diligence and data preparation for validation; validating models within pre-defined validation frequency; discussing validation results and findings with stakeholders; agreeing remediation processes; and tracking timeliness and progress of remediation actions. The position ensures accuracy and completeness of archived validation information (data, codes, working files and related documentation) to enable independent third-party review; provides technical review of quantitative solutions proposed by model developers to model owners; coordinates with other quantitative analysts to ensure consistency of models and solutions with bank practices; supports development and maintenance of the Model Risk Management framework covering the Model Governance Framework and related policies (including risk appetite, tiering and other risk policies and processes regarding models) in line with applicable regulations and industry best practices; supports development and maintenance of the Model Validation Guidelines; ensures strict governance for adoption and ongoing use of models across the bank including compliance with approved policies, procedures, SLAs and regulatory requirements; escalates exceptions promptly; develops and maintains a comprehensive Model Inventory consistent with the Model Governance Framework; develops and maintains a Validation Findings Tracker covering model-related findings from internal/external model validation, internal/external audit exercises and from the CBUAE; and undertakes training and self-learning to upgrade technical skills to remain aligned with best market practices. The role requires expertise in model development and automation using SAS, R, and Python environments and a background in quantitative disciplines such as engineering, statistics, or econometrics.
Required skills
Key responsibilities
- Conduct robust and comprehensive qualitative and quantitative validation of IFRS 9, PD Ratings/Scorecards, Stress Testing, statistical and deterministic models used in ICAAP/Pillar II and Market and Liquidity Risk models, as well as finance and other business models, in line with the Bank Model Validation Guidelines, the Model Governance Framework, and regulatory requirements.
- Perform data due diligence and data preparation required for the validation of models.
- Validate models within the pre-defined validation frequency, discuss validation results and findings with stakeholders, agree on remediation actions, and track the timeliness and progress of such actions.
- Ensure accuracy and completeness of archived validation information, including data, codes, working files, and documentation, to allow independent third-party review of validation work.
- Provide timely technical review of quantitative solutions proposed by model developers to model owners.
- Coordinate with other quantitative analysts to ensure models and solutions are consistent and aligned with bank practices.
- Support the development and maintenance of the Model Risk Management framework, including the Model Governance Framework, risk appetite, tiering, and other model-related policies and processes in line with applicable regulations and industry best practices.
- Support the development and maintenance of the Model Validation Guidelines.
- Ensure strict governance for the adoption and ongoing use of models across the bank, ensuring compliance with approved policies, procedures, SLAs, and regulatory requirements.
- Escalate process exceptions promptly in accordance with governance requirements.
- Develop and maintain a comprehensive Model Inventory, ensuring completeness, accuracy, and consistency with the Model Governance Framework.
- Develop and maintain a Validation Findings Tracker covering model-related findings from internal/external model validation, internal/external audit exercises, and from the CBUAE.
- Train, develop, and upgrade technical skills through self-learning to stay up to date with best market practices.
Experience & skills
- Minimum bachelor's degree (preferred Master's degree) in a quantitative field such as engineering, statistics, or econometrics; FRM/CFA will be a plus.
- Minimum of 6–8 years of relevant work experience in risk model development or model validation within the banking industry.
- Expertise in model development and automation using SAS, R, and Python environments.
- Demonstrated ability to perform data due diligence, data preparation, and comprehensive validation documentation and archiving.
- Knowledge of IFRS 9, PD ratings/scorecards, stress testing, ICAAP/Pillar II, market risk models, liquidity risk models, and related regulatory requirements including CBUAE expectations.
- Ability to support Model Risk Management framework components including Model Governance Framework, risk appetite, tiering, policies, SLAs, model inventory management, and validation findings tracking.
