Climate Risk Modeling Senior Director - Investments & Capital Markets (Hybrid - 3 Days in Office - VA) at myGwork McLean, VA

The Climate Risk Modeling Senior Director at Freddie Mac in McLean, VA, will lead the development of a climate risk modeling framework for the mortgage finance industry. Responsibilities include creating models for underwriting and risk management, analyzing portfolio vulnerabilities, and collaborating with various stakeholders. This is a hybrid position requiring three days in the office, focusing on integrating climate science into financial decision-making.
Climate Risk Modeling Senior Director - Investments & Capital Markets (Hybrid - 3 Days in Office - VA) job at myGwork. McLean, VA.

At Freddie Mac, you will do important work to build a better housing finance system and you’ll be part of a team helping to make homeownership and rental housing more accessible and affordable across the nation.
Position Overview

At Freddie Mac, we are pushing the boundaries of applying modern climate science to evaluating risks to the mortgage finance industry and our portfolio. As a result, we are seeking a Senior Director of Climate Risk Modeling who will lead the development, implementation, and operations of a robust and responsive climate risk modeling framework, influence senior management in decision-making, and provide support in achieving the climate risk strategy. This person will be technically minded and highly quantitative with expertise in all aspects of climate and catastrophe modeling, including event / hazard generation for all climate-related perils such as wind, flood and wildfire, vulnerability measurement for diversified housing portfolios and financial forecasts of the resulting impacts. The candidate should be proficient on major meteorology, hydrology and hydraulic modeling frameworks, and on the engineering aspects of the damage function development processes that support the natural catastrophe insurance industry in pricing risks. They must have a comprehensive understanding of related policies and regulatory guidelines, and a keen awareness of the direction being pursued by the broader financial / insurance industry on climate change matters. The candidate must have the experience and skills to influence a wide range of stakeholders across the firm and positively impact Freddie Mac’s mission. Apply now and learn why there’s #MoreAtFreddieMac!
Our Impact:

Advancing the model-driven climate risk strategy for both the Single-family and Multifamily businesses, including:
• Developing models to incorporate climate risk in underwriting, portfolio risk management and decision-making.
• Generating a modeling framework that supports evaluation of potential impacts on the Freddie Mac’s loan portfolio from both current climate conditions as well as those anticipated from future climate change.
• Implementing the best-in-class climate-adjusted natural catastrophe models in a well-controlled modeling environment.
• Analyzing the vulnerability of Freddie Mac’s portfolio of real estate loans to current and future climate risks.
• Crafting plausible future scenarios tied to climate change factors for evaluating physical risk from climate perils such as hurricanes, tornadoes, storm surge, inland flooding, wind, wildfire and drought.
• Developing models to evaluate impact on borrowers’ cash flows, such as insurance premium models that use output from cat models.
• Partnering with different groups on the translation of the impact of climate factors on affordability, cost of ownership, impact on MF property expenses and value, and development of climate-adjusted credit metrics.
• Evaluating and vetting climate change-related data and data gaps within the enterprise
• Remaining compliant with all applicable governance frameworks
Your Impact:
• Responsible for selecting and onboarding external cat models and using cat models to build appropriate risk views for different applications at Freddie Mac.
• Ensure the appropriateness and resilience of the modeling and analytical approaches adopted at various stages in the climate risk landscape that fit the needs of the business.
• Responsible for development strategy to push forward the state-of-art and effectively support Freddie Mac lines of business.
• Build and empower a team that manages the climate risk modeling framework across the enterprise.
• Responsible for translating the sophisticated technical outputs of climate models, including its uncertainties, into specific and actionable communication for business.
• Effectively engage with the regulators and partner with the internal oversight and audit on climate matters.
• Ensure effective issue resolution and compliance with all applicable policy and standards pertaining to climate modeling risk.
Qualifications:
• Advanced Degree in Climate Science, Statistics, Engineering, Mathematics, Actuarial Science, or related field is required.
• 12+ years of climate and catastrophe modeling and senior management experience at a (re)insurance broker or catastrophe / climate model vendor or National Research Laboratory
• In depth experience with all phases of natural catastrophe modeling, including event / hazard generation, vulnerability measurement and financial impact analysis for pricing risks.
• Knowledge of the meteorology, extreme value theory and other statistical models used for event / hazard generation.
• Knowledge of the hydrology, hydraulic, wind and wildfire models deployed for event / hazard generation.
• Proficient on the engineering aspects pertaining to damage function development.
• Experience validating all components of the catastrophe modeling landscape and measurement / attribution the associated uncertainties.
• Scientific and statistical knowledge of natural catastrophe perils and historical data.
• Knowledge of scenarios / pathways from Intergovernmental Panel on Climate Change (IPCC) or Network for Greening the Financial System (NGFS), and its translation for catastrophe modeling.
• Expert in multiple vendor natural catastrophe modeling systems, including knowledge of the respective strengths and weaknesses.
• Experience in pricing of natural catastrophe insurance, and capital management for associated portfolios.
• Experience with inclusion of model uncertainty on scenario analysis and model blending methodologies.
• Experience in model risk management compliance with regulatory guidance of at least one of the following guidance: any state’s Department of Insurance, ASOP56, FRB SR11-7/OCC 2012, FHFA AB 2013-07.
• Experience interacting with federal or state insurance regulators including remediation of regulatory findings.
• Cat Risk Analyst certification preferred, such as Verisk Certified Extreme Event Modeler or RMS/Moody’s Certified Catastrophe Risk Analyst (CCRA) training.
• Experience building and motivating highly technical teams and managing direct reports.
Keys to Success in this Role:
• Ability to set the vision and objectives and motivate team to achieve goals.
• Building positive relationship across business lines and lines of defense.
• Effectively translate and communicate highly technical output to senior management in business language.
• Staying current on the latest developments in climate science and catastrophe risk modeling.
• Keenly aware of the latest policies and regulations that affect the assessment of climate risk in the mortgage or insurance industry.
• Being proactive in problem solving and demonstrate ownership.

Current Freddie Mac employees please apply through the internal career site.

Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you’ll do important work for the housing finance system and make a difference in the lives of others.

We are an equal opportunity employer and value diversity and inclusion at our company. We do not discriminate on the basis of race, religion, color, national origin, gender, sexual orientation, age, marital status, veteran status, disability status or any other characteristic protected by applicable law. We will ensure that individuals with differing abilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.

Notice to External Search Firms: Freddie Mac partners with BountyJobs for contingency search business through outside firms. Resumes received outside the BountyJobs system will be considered unsolicited and Freddie Mac will not be obligated to pay a placement fee. If interested in learning more, please visit and register with our referral code: MAC.
Time-type:Full timeFLSA Status:Exempt

Freddie Mac offers a comprehensive total rewards package to include competitive compensation and market-leading benefit programs. Information on these benefit programs is available on our Careers site.
This position has an annualized market-based salary range of $252,000 - $378,000 and is eligible to participate in the annual incentive program. The final salary offered will generally fall within this range and is dependent on various factors including but not limited to the responsibilities of the position, experience, skill set, internal pay equity and other relevant qualifications of the applicant.

This employer is a corporate member of
myGwork - LGBTQ+ professionals, the business community for LGBTQ+ professionals,
students, inclusive employers & anyone who believes in workplace equality.