Job Description
Purpose of the role
Model Integrity and Control (MIC) is the front-office, cross-asset quantitative team responsible for:
- Model Governance
- Model Review
- Model Functional Testing
MIC provides independent challenge and oversight across the model lifecycle, supporting trading activities while strengthening model quality, transparency and regulatory compliance. The team partners with model developers, model owners, Model Risk Management (MRM), Audit, Finance, Risk, Controls and regulators to ensure pricing models and model adjustments are fit for purpose and operate within a robust control framework.
The successful candidate will lead MIC's Model Review capability across asset classes and assume primary responsibility for hybrid pricing and adjustment models. The role combines model review, governance oversight, functional testing, methodology development, tooling and automation with strategic leadership, helping to maintain high modelling standards while advancing model analysis, monitoring and control capabilities.
Accountabilities
Hybrid Models Ownership
- Own governance, review and functional testing activities for “hybrid” pricing and adjustment models, i.e. covering instruments spanning multiple asset classes.
- Act as MIC's primary representative for hybrid model submissions, changes, annual assessments and governance reviews.
- Provide technical independent challenge and guidance to hybrid model developers, ensuring compliance with internal standards.
- Support validation, audit and regulatory reviews involving hybrid models.
- Write and analyse functional tests and develop the corresponding automation framework for hybrid models.
- Support hybrid model owners, ensuring compliance with internal policies and regulatory expectations.
Cross-Asset Model Review Leadership
- Lead the Model Review pillar within MIC.
- Oversee model submissions and testing across all asset classes.
- Provide guidance, challenge and feedback to reviewers and developers.
- Maintain consistent review standards across quantitative disciplines including pricing, calibration, marking and sensitivities.
- Drive improvements in review quality, efficiency and methodology.
- Escalate material model, governance or control concerns where necessary.
Shared Review Responsibility
- Support reviews of single-asset models containing significant cross-asset risks.
- Ensure appropriate cross-asset expertise and challenge are applied.
- Promote consistent treatment of cross-asset risks across businesses.
Cross-Asset Methodology Development
- Develop and maintain cross-asset modelling methodologies.
- Lead methodology development for Fair Value Adjustment (FVA) models, Model Risk Prudential Valuation Adjustment (VUMU) models, and other model risk applications.
- Ensure these methodologies remain robust, scalable, transparent and explainable.
Red Team Leadership and Automation
- Lead and evolve the MIC Red Team capability.
- Drive assessment of model limitations, boundaries and failure scenarios.
- Develop methodologies to define and test model envelopes across pricing and adjustment models.
- Partner with AI and technology teams to automate Red Team processes and tooling.
- Deliver practical solutions that help identify model risks earlier and more effectively.
Governance, Procedures and Standards
- Develop and enhance MIC policies, procedures and guidelines for model review and functional testing.
- Represent MIC in engagements with MRM, Audit, Controls, Compliance and regulators.
- Support policy interpretation, implementation and development for Markets.
Leadership and Stakeholder Engagement
- Contribute to MIC strategy, prioritisation and execution as a senior leader.
- Mentor and support reviewers across asset classes.
- Foster a culture of excellence, challenge, collaboration and continuous improvement.
- Build strong partnerships across Front Office, Risk, Finance, Controls and Technology.
Director Expectations
- To manage a business function, providing significant input to function wide strategic initiatives. Contribute to and influence policy and procedures for the function and plan, manage and consult on multiple complex and critical strategic projects, which may be business wide..
- They manage the direction of a large team or sub-function, leading other people managers and embedding a performance culture aligned to the values of the business. Or for an individual contributor, they lead organisation wide projects and act as deep technical expert and thought leader, identifying new ways of working and collaborating cross functionally. They will train, guide and coach less experienced specialists and provide information affecting long term profits, organisational risks and strategic decisions..
- Provide expert advice to senior functional management and committees to influence decisions made outside of own function, offering significant input to function wide strategic initiatives.
- Manage, coordinate and enable resourcing, budgeting and policy creation for a significant sub-function.
- Escalates breaches of policies / procedure appropriately.
- Foster and guide compliance, ensure regulations are observed that relevant processes in place to facilitate adherence.
- Focus on the external environment, regulators, or advocacy groups to both monitor and influence on behalf of Barclays, when appropriate.
- Demonstrate extensive knowledge of how the function integrates with the business division / Group to achieve the overall business objectives.
- Maintain broad and comprehensive knowledge of industry theories and practices within own discipline alongside up-to-date relevant sector / functional knowledge, and insight into external market developments / initiatives.
- Use interpretative thinking and advanced analytical skills to solve problems and design solutions in often complex/ sensitive situations.
- Exercise management authority to make significant decisions and certain strategic decisions or recommendations within own area.
- Negotiate with and influence stakeholders at a senior level both internally and externally.
- Act as principal contact point for key clients and counterparts in other functions/ businesses divisions.
- Mandated as a spokesperson for the function and business division.
All Senior Leaders are expected to demonstrate a clear set of leadership behaviours to create an environment for colleagues to thrive and deliver to a consistently excellent standard. The four LEAD behaviours are: L – Listen and be authentic, E – Energise and inspire, A – Align across the enterprise, D – Develop others.
All colleagues will be expected to demonstrate the Barclays Values of Respect, Integrity, Service, Excellence and Stewardship – our moral compass, helping us do what we believe is right. They will also be expected to demonstrate the Barclays Mindset – to Empower, Challenge and Drive – the operating manual for how we behave.
Requirements
Essential
- Advanced degree in Mathematics, Physics, Mathematical Finance or a related quantitative discipline.
- 10+ years’ experience in quantitative finance: model validation and/or development.
- Strong understanding of pricing models and adjustments, across multiple asset classes: in terms of design, documentation, testing, real-life performance and stress risks.
- Direct experience with hybrid and cross-asset pricing models.
- Working experience with a programming language (e.g. Python, C++).
- Experience working with model validators.
- Ability to write effective, pragmatic guidance for model developers (procedures, guidelines, wiki, etc) and specifications for software developers.
- Strong written and verbal communication skills.
- Ability to operate effectively and collaboratively in a highly visible, cross-functional role.
Desirable
- Experience with FVA, PVA, VUMU or related valuation adjustment methodologies.
- Knowledge of model testing frameworks, automation infrastructure and monitoring solutions.
- Familiarity with Front Office quantitative development environments and model lifecycle tooling.
- Experience applying data science, automation or AI to modelling topics.
- Experience designing governance frameworks and review standards.
- Ability to translate policy requirements into effective, pragmatic governance and processes.
- Experience working with auditors, control functions and regulators.
- People-management or functional leadership experience.