OM Bank: Lead Model Validation

About the role

Let's Write Africa's Story Together! Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this. Job Description OM Bank seeks an experienced Model Validation Lead to join its newly established Model Risk Management (MRM) function as a senior member of the second line of assurance. This is a foundational appointment: OM Bank is a start-up bank, and the MRM function is being built out from inception. The successful candidate will play a leading role in shaping how independent model validation is performed across the Bank, embedding the validation cadence under the Bank's Model Risk Policy and its supporting Standards, and contributing directly to the maturity of model governance as the Bank grows. The Model Validation Lead is responsible for delivering and overseeing the independent validation of all models within OM Bank's model inventory, in line with the Model Risk Validation Standard and broader Model Risk Policy framework. The role provides senior technical challenge across the full spectrum of models the Bank relies on - credit, IFRS 9 / impairment, capital, stress testing and ICAAP, pricing, treasury and balance sheet (including IRRBB), financial crime, and AI/ML-based decisioning - and ensures that validation outcomes meaningfully inform the Bank's model risk profile, risk appetite position, and capital adequacy assessment. Beyond the validation work itself, the role carries a clear build-out mandate. The Lead will help shape the validation methodology, templates and governance cadence used by the function; mentor junior team members; and represent the MRM function in technical engagements with model owners, model developers, internal audit, and external stakeholders including the Prudential Authority. The role reports to the Head of Model Risk. KEY RESULT AREAS Independent model validation Plan, execute and document inception and periodic validations across all model families in scope, with particular emphasis in the early period on credit-related models (application scorecards, behavioural scorecards, IFRS 9 ECL components, affordability and pricing models). Deliver Model Validation Reports that meet the requirements of the Model Risk Validation Standard, including assessment of conceptual soundness, data quality, methodology, calibration, performance, stability, and intended-use suitability. Model risk measurement Apply relevant frameworks to assign model risk ratings, and recommend appropriate residual risk treatment and remediation plans in line with the materiality-and-risk approval matrix. Governance build-out Contribute substantively to the maturation of OM Bank's MRM framework - including validation methodology, challenger model approaches, KPI libraries, validation templates, and the operationalisation of the supporting Model Risk Standards. Support the development of the Bank's governance hub and associated lifecycle documentation. Externally developed and AI/ML models Lead the validation approach for vendor and externally developed, and apply the additional requirements for AI and ML models, including explainability, bias and fairness assessment, performance drift monitoring, and the treatment of model changes. Stress testing and ICAAP Lead the independent validation of models used in the Bank's stress testing programme and Internal Capital Adequacy Assessment Process (ICAAP), including credit risk stress overlays, IRRBB sensitivity models, capital projection models, and any models supporting the assessment of risks under Pillar 2. Provide independent challenge to the conceptual soundness, calibration, and conservatism of stress scenarios where these are model-driven, and ensure that the model risk profile is appropriately reflected in the ICAAP submission. Engage with the CFO function, Asset and Liability Committee (ALCO) and the Executive Risk Committee (ERC) to ensure model coverage in stress testing and ICAAP is comprehensive and that limitations are transparently disclosed. Stakeholder engagement and challenge Provide effective challenge to model owners and developers in the first line, and present validation findings and conclusions credibly to forums including the ERC, the Risk and Capital Management Committee (RCMC), and where required, internal audit and the Prudential Authority. Mentorship Provide technical guidance and day-to-day oversight to junior team members, supporting skills development and contributing to the build-out of validation capability within the function. Continuous improvement Contribute to the ongoing review of validation methodologies, regulatory developments, and emerging practice in model risk management, ensuring OM Bank's approach remains aligned to regulatory expectations and industry best practice. ROLE REQUIREMENTS Educational Requirements Minimum: Degree in a quantitative discipline - including Statistics, Mathematics, Financial Mathematics, Actuarial Science, Quantitative Finance, Econometrics, Data S