Model Risk Specialist

The Model Risk Specialist ("Specialist") will support the Model Risk Analyst and Manager of Risk Technology & Operations in the implementation and execution of the Model Risk Management (MRM) framework as part of the 2nd Line of Defense. The MRM framework sets forth the enterprise level programs, governance, policies and practices to proactively identify, assess, mitigate, monitor, and report on model risk exposures in our clients' business and operations at all levels of the organization. This position will assist with the day-to-day management of model risk: providing assurance that models are governed by appropriate policies, standards, and procedures; that they are subject to robust performance monitoring; and that their use is safeguarded by effectively designed operating controls. This teammate will foster internal collaboration, conduct leading industry practices in MRM, and support MRM in alignment to the Bank's strategic plan and compliance with applicable regulations.

Conduct independent model validations from inception (scoping, project planning, etc.) to conclusion (presenting results and recommendations to business partners and senior management). Includes an assessment of and a critical challenge to the following core elements:

o Design and Development

o Input Processing

o Output and Use

o Performance

o Governance

Monitor status of model validation findings and facilitate their resolution

Periodically assess model performance results

Perform periodic reviews

Maintain MRM Policy and Standards by ensuring their operational soundness, effectiveness, and compliance with applicable regulations

Design risk-based, tailored governance processes related to classification of models, findings, etc.

Collaborate with the ERM System Support team (Archer) with a focus on establishing efficient MRM workflows and process automation, including building robust reporting & analytics capabilities (e.g. KPIs, dashboards, reports)

Manage the enterprise-wide model and non-model tool inventory, including the model documentation library

Maintain the Validation, Periodic Review, and other schedules

Create MRM Committee deck and report to the MRM Committee quarterly

Serve as a SME on regulatory guidance as it pertains to MRM (i.e. SR 11-7, OCC 2011-12)

Develop and nurture working relationships with business partners

Consistently promote evidence-based decision-making across the enterprise

Interact with regulators as needed and maintain a working knowledge of Federal and State banking laws and regulations

Develop and pursue a training and development plan that is aligned with company and MRM competencies, including career enhancement objectives

Education & Experience

Graduate or Doctorate degree (completed or in progress) in a quantitative field such as Statistics, Mathematics, Physics, Financial Engineering, Economics, etc.

2 to 5 years of relevant work experience in financial services industry (or in an academic capacity) in the quantitative space (e.g., Model Validator, Model Developer, Quantitative Risk Analyst, Economics Teacher/Professor, Economist or similar).

Knowledge & Skills

Experience in the risk management three lines of defense model

Experience in use of integrated risk management and case management tools

Ability to coordinate action plan documentation and execution with cross-functional teams

Ability to perform multiple tasks in a high change environment and to work both independently as well as a team member

Sound leadership effectiveness including an ability to influence peers and line of business leaders

Advanced understanding of statistical model building, econometric forecasting, machine learning, data validation techniques, and demonstrated ability to apply such methods

Proficiency in statistical programming languages/applications (e.g., SAS, R, SPSS, STATA, Python)

Intellectual curiosity; superior problem-solving and research abilities

Excellent project management and organizational skills

verbal and written communication skills (especially, an ability to explain complex technical ideas to non-technical audience)

Knowledge of regulatory requirements related to MRM (including SR 11-7)

• Experience level: Experienced
• Minimum 4 years of experience
• Education: Doctorate (required)