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Please help me understand job position "Algorithmic Trading Models validation"

Hello everyone, I want to apply for an Algorithmic Trading Models validation position.
There are two points of description of the responsibilities are not clear to me :

1.Model assessments, highlighting risks and limitations of the model

2.Validation of the mathematical model used by the algo-trading models

can someone give me an exemple to help me understand these? i want to know the framwork

the relevant knowledge required for this position are : Time series analysis, optimisation, probability theory, statistics

thank you very much!
Ce