Director, Model Risk Oversight - All FINRA Locations

The Director responsible for leading Non-Financial Model Oversight (the “NFMO”) within the Model Risk Oversight function supports Member Supervision in identifying risks posed by member firms’ use of non-financial models, such as those in the operational and business conduct areas. The Director provides subject matter expertise related to model risk management and governance of non-financial models, and operational and technical guidance to relevant internal and external stakeholders, to enhance FINRA’s ability to identify and mitigate risks to investors and the financial markets through the oversight of member firms’ model risk management and governance programs.

Essential Job Functions:

• Works collaboratively with the Model Risk Oversight (MRO) leadership team in the development and implementation of the MRO Unit’s strategic vision and objectives and establishes analytics to measure performance.
• Gathers, analyzes and disseminates intelligence to help monitor the industry’s adoption of new models and associated threats and risks, provides guidance and share best practices with external parties, including member firms and regulatory authorities, on high-level regulatory issues and observations.
• Oversees and assesses the level of non-financial model risk present at member firms and across the industry, as well as directly supporting Member Supervision’s Risk Monitoring, Investigations and Examinations teams. May serve as a key point of accountability for the Unit.
• Enhances FINRA’s existing model risk management oversight scope, guidance, relevant risk reviews, and associated policies and procedures.
• Supports the ability of FINRA’s regulatory programs to understand and mitigate growing model risk exposures across the industry.
• Initiates and/or recommends initiatives related to Unit’s specialization that may include sweeps, thematic reviews, programs to facilitate staff inquiries, and staff educational/informational outreach.
• Serves as a subject matter expert in the area of NFMO and MRO, and provides guidance to FINRA staff and management on high-level issues.
• Works to ensure  Unit’s operations effectively support Member Supervision and other RegOps and FINRA departments as necessary. Contribute to establishment of Unit’s internal policies and procedures.
• Fosters a functional team-oriented culture that supports Unit’s mission.
• Reviews and approves related reports and letters (i.e. strategy, exit, exam, disposition, etc.).
• Represents FINRA at relevant industry events.

Education/Experience Requirements:

• Bachelor's degree in Financial Modeling, Computer Science, Data Analytics, Risk Management, Accounting, Finance, Economics, Business Administration, or related discipline required.
• Master’s degree and past Financial Services industry experience with significant model risk management expertise highly desired.
• Minimum ten (10) years of relevant experience, or equivalent combination of training and/or work experience.

Knowledge Requirements:

• Substantive knowledge of risks, rules, and regulations pertaining to model risk management and governance within financial services.
• Substantive knowledge of model risk regulatory guidance and experience with regulatory interactions on model risk management.
• Substantive knowledge of member firm’s operating models, business lines, customer bases, products, and services.
• Substantive knowledge and experience in the application of model validation governance frameworks and testing of model control environments.
• Substantive knowledge of risk management processes (e.g., methods for assessing and mitigating risk).
• Substantive knowledge of regulatory compliance issues.

Skills Requirements:

• Expert ability to understand model risk management policies and procedures, controls, and design of risk metrics.
• Expert ability in building trust and aligning high performing teams around common objectives.
• Encourages open dialogue and fosters healthy discussions when faced with conflict.
• Fosters culture of accountability at all levels.

Working Conditions:

• Hybrid work environment.

For work that is performed in CA, CO, HI, MN, VT, IL, Jersey City, NJ, NY, NY, MD, Washington DC, and WA the chart below outlines the proposed salary range for the corresponding location. In addition to location, actual compensation is based on various factors, including but not limited to, the candidate’s skill set, level of experience, education, and internal peer compensation comparisons.

CA: Minimum Salary $146,200, Maximum Salary $296,100

CO/HI/MN/VT*: Minimum Salary