What are the responsibilities and job description for the Model Risk Management Analyst position at Raymond James Financial, Inc.?
Model Risk Management Analyst-2400617
Description
Job Summary:
Job Summary:
Assists management with the design, development, implementation, and maintenance of the firm’s model risk management program. Maintains the model inventory, develops and/or updates model risk management policies and procedures, ensures compliance with ongoing governance responsibilities, and conduct model validations. Validation activities include, but are not limited to: assessing model conceptual soundness, evaluating model assumptions and data integrity, testing model numerical, statistical, and computational accuracy, performing outcomes analysis, reviewing model governance and control processes, developing validation work papers, and documenting model validation results in a final report. Works with various model owners to identify model risk issues, follows through on model risk issue resolutions, and presents these issues to Senior Management as well as external stakeholders such as regulators and external auditors.
Essential Duties and Responsibilities:
- Work with management to implement the model risk management program across the organization.
- Ensure consistency and transparency of the MRM program’s direction, vision, strategy and governance controls.
- Conduct initial interviews with model owners and develop a validation plan specific to the model under review.
- Perform independent model validations and tests of investment, finance, risk, and other models. This will include review, effective challenge, and written documentation analyzing conceptual soundness, model performance/outcomes analysis, and appropriateness of model assumptions, data sources, mathematical formulas, and business applications as well as communication of key model weaknesses and data limitations.
- Communicate the results of model validations to key model stakeholders both written and verbally.
- Present complicated concepts and analyses performed in a way that effectively communicates the validation findings to audiences with varying degrees of expertise in the domain.
- Identify new models, perform risk assessments, and maintain the model inventory.
- Track model validation issues and associated management action plans on an ongoing basis.
- Identify noncompliance with MRM standards and offer appropriate remediation steps for resolution.
- Develop and maintain the annual validation schedule.
- Develop and/or support the preparation of key model risk management reporting.
- Present validation results, key issues, and noncompliance with the MRM policy to the Model Risk Management Committee (MRMC), as needed.
- Ensure timely updates to the MRMC charter and MRM policy and manual in accordance with firm standards.
- Establish and maintain effective partnerships with model owners, business unit risk managers, regulatory agencies, and internal and external auditors.
- Oversee the management of outsourced model validation engagements.
- Coach junior staff to ensure compliance with MRM program standards and timely completion of model validations.
- Interface with regulatory agencies and Senior Management to prepare and present model validation results and remediate internal audit or regulatory matters requiring attention in regards to model validation.
- Perform other duties and responsibilites as assigned.
Qualifications
Knowledge, Skills, and Abilities:
Knowledge of:
Advanced concepts, practices, and procedures of model validation and risk assessment.
- Banking, finance, and securities industry operations from the perspective of banks as well as broker/dealers.
- Financial markets, with advanced understanding of fixed income derivatives and structured mortgage products.
- Federal Reserve System’s model risk management guidance SR 11-07 and related requirements.
Skill in:
Developing, planning, conducting, and documenting model validations.
- Critical thinking, problem solving, and creativity.
- Written and oral communication, including the ability to communicate complex issues to nontechnical persons.
- Presentation capabilities.
Ability to:
Manage, coordinate, and facilitate multiple initiatives in a fast paced and dynamic environment.
- Assess, organize, and prioritize multiple tasks and meet deadlines.
- Interpret, analyze, and apply technical information in order to perform job responsibilities.
- Stay abreast of industry best practices, procedures, and techniques.
- Remain adaptable and resilient while working in a sometimes high-stress environment.
- Demonstrate attention to detail while maintaining a big picture orientation.
- Work independently as well as collaboratively within a team environment.
- Establish and maintain effective working relationships at all levels within the organization.
Educational/Previous Experience Requirements:
Bachelor’s degree (B.A.) in Business Administration, Finance, and/or Accounting with a minimum of five (5) years of related work experience.
- Master’s degree in a related discipline with experience in validating models preferred.
~or~
- An equivalent combination of education, training and/or experience as approved by Human Resources.
Licenses/Certifications:
None required.
Raymond James Guiding Behaviors
We expect our associates at all levels to:
At Raymond James our associates use five guiding behaviors (Develop, Collaborate, Decide, Deliver, Improve) to deliver on the firm's core values of client-first, integrity, independence and a conservative, long-term view.
We expect our associates at all levels to:
- Grow professionally and inspire others to do the same
- Work with and through others to achieve desired outcomes
- Make prompt, pragmatic choices and act with the client in mind
- Take ownership and hold themselves and others accountable for delivering results that matter
- Contribute to the continuous evolution of the firm
Job Risk
Primary Location US-FL-St. Petersburg-Saint Petersburg
Organization RJF Risk Management
Schedule Full-time
Shift Day Job
Travel Yes, 10 % of the Time
Eligible for Discretionary Bonus Yes
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