The Model Risk Management Manager will play an active role in performing governance and independent reviews of the Firm???s models and non-models (e.g., EUCs, Tools, etc.) where applicable. The Manager is responsible for multiple aspects of model risk governance applicable to the company??and its subsidiaries. This person is responsible for helping ensure that all aspects of the model???s lifecycle are in compliance with regulations, and internal policies and procedures.
Duties and Responsibilities
Manage and maintain firm wide model inventories (i.e., active models, pending models, decommissioned models) and as well as non-model inventories (e.g., tools, databases, EUCs) and ensure that these inventories are periodically affirmed by the respective Model Owner and/or BURM.
Ensure change control logs / model release notes are obtained from Model Owners on a periodic basis for review andassessment with MRM Director
Remain proactive in keeping abreast of regulatory expectations related to model risk management including but notlimited to SR11-7/SR15-18/OCC 2021-39/CECL as well as industry practices that may affect specific models andpotentially impact both firmwide and individual model governance and risk, including potential updates to the firmwide Model Risk Management Policies.
Review and obtain support for ongoing performance monitoring activities performed by Model Owners and report observations to MRM Director.
Assist with the annual model risk assessment process to ensure that the assessment of each model is effectivelychallenged and formally documented.
Review model documentation to ensure consistency across business lines and throughout the Firm and that updates are performed at least annually, where applicable.
Where applicable, support the maintenance and execution of model validation and review processes by schedulingmeetings and acting as main contact for interactions between the Model Owner and external Model Validators, including remediation of model validation observations, as well as review and maintain support for the closure of observations.
Assist with preparing the appropriate level of reporting for BURMs, ERM Managing Director, Operational Risk Committee,Risk Management Committee, and other ad-hoc reporting as needed.
Assist with the remediation of any internal audit and/or regulatory MRM findings prior to due date.
Strong knowledge of regulatory requirements related to model risk management.
Ability to perform model validations in accordance with model risk regulations (e.g. FRB SR 11-7, etc.
Ability to perform model validations in accordance with model risk regulations (e.g. FRB SR 11-7, etc.) within establishedtimelines, when applicable.
Ability to effectively challenge the model methodology and/or results based on understanding of the industry andleading practices.
Ability to work both independently and in a team-orientated, collaborative environment is essential
Strong conceptual and quantitative problem-solving skills and demonstrated curiosity in researching and evaluatingissues and potential resolutions
Education and Experience???
Minimum Required: Bachelor???s degree in Finance, Accounting, Economics, Statistics, Mathematics, Computer Science, or aBusiness/Finance related discipline.
7+ years' experience in the Risk Management/Analytics division in large banks and/or tier 1consulting organizations, captive finance companies.
Proficient in Microsoft Excel, Word, PowerPoint, Outlook
Expertise is one programming language (i.e., SAS, R, Python)
Sound knowledge of various simulation techniques (i.e., Monte Carlo Simulation, discrete event, continuous event, etc.)
Internal Number: 17635826
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