Location
London

Hours
Full-time, hybrid work style requiring team members to spend at least two days per week, or 40% of their time, at our London office.

Salary
£63,000 - £67,000

About the Role
Join a dynamic team at Lloyds Banking Group where your quantitative expertise will drive model validation excellence in a fast-evolving financial landscape. This exciting opportunity within the Model Risk Office offers considerable scope for personal development in a changing and challenging environment.

You will be part of the Markets & AI Modelling team, which covers pricing models, counterparty risk models, and AI technology. The team provides independent review and challenge of derivatives pricing models used for valuation and risk management, helping to ensure the Group maintains rigorous standards and robust practices across its operations.

Day to day, you will:
- Deliver in-depth theoretical assessments of pricing models across various asset classes.
- Independently benchmark Front Office pricing models using C++ and Python.
- Perform qualitative analyses and stress tests to evaluate model performance.
- Compile comprehensive validation reports that clearly document your findings and recommendations.
- Develop, enhance, and maintain internal tools that support and streamline the model validation process, contributing to the team's overall efficiency and impact.

Why Lloyds Banking Group
We're on an exciting journey to transform our Group and the way we're shaping finance for good. We're focusing on the future, investing in our technologies, workplaces, and colleagues to make our Group a great place for everyone, including you.

Experience
- Prior experience in a Model Validation or Front Office Quant role is highly desirable.
- Programming experience in C++ and/or Python including library architecture design.
- Strong understanding of financial derivatives and risk modelling.
- Ability to critically evaluate model performance and identify limitations.
- Familiarity with regulatory expectations related to model risk.

About you
You have excellent problem-solving and time management skills, with the ability to work independently, meet deadlines, and perform well under time pressure. You possess strong written and verbal communication skills, capable of articulating complex mathematical concepts clearly and concisely.

Qualifications
A Master's degree or higher in a quantitative discipline (e.g., Mathematics, Physics, Quantitative Finance) or equivalent experience in a quantitative role.
A solid theoretical understanding of, and familiarity with, derivative pricing models, stochastic calculus, partial differential equations, and Monte Carlo methods.