Associate Principal, Internal Audit, Financial Risk and Modeling

What You’ll Do

This role is responsible for leading and executing audits and validations focused on Financial Risk & Modeling, with an emphasis on the activities and processes supporting quantitative analysis and risk-related implementations. Key responsibilities include delivering multiple, concurrent assessments of models, risk applications, and other risk items, while supporting strategic objectives of the Internal Audit function. This role provides assurance on OCC’s model lifecycle activities and model governance.

Primary Duties and Responsibilities:

To perform this job successfully, an individual must be able to perform each primary duty satisfactorily.

Responsibilities will be aligned to two pillars:

Delivery

• Lead or execute quantitative reviews/audits/validations (conceptual soundness, documentation, data, methodology, development code, testing, and implementation for accuracy) of models or financial risk tools used for credit risk, market risk, liquidity risk, and stress testing.

• Support Financial Risk Management audits and validations as required.

• Effectively communicate complex technical concepts (based on data and models), principles, methods, and approach to relevant stakeholders.

• Support audit activities including model risk assessments, audit planning, audit testing, control evaluation, and complete work paper documentation in accordance with Internal Audit requirements and industry best practices (e.g., IIA GIA, SR 11-7).

• Communicate identified findings and enhancements to audit management and key stakeholders.

• Draft audit reports clearly communicate overall conclusions, key risks, findings and their root cause, and impact on OCC’s overall risk exposure.

• Perform continuous monitoring of model risk identifying patterns and trends to understand their impact on OCC’s overall risk level and controls.

• Effectively challenge risk management (first and second lines of defense) to adopt appropriate policies, procedures, and effective controls designed to mitigate financial risk.

• Support the development or enhancement of audit procedures and templates for auditing financial risk management.

• Support in developing and implementing data analytics and automated testing.

• Confirm audit quality, accuracy of results, and delivery in a timely manner.

• Proactively identify regulatory, operational, and/or strategic risks to the organization and present them to IA leadership.

• Develop and maintain a thorough understanding of the roles and responsibilities of the various groups relevant to model risk, the commonly used model development approaches (e.g., prototyping, stress testing, back testing, sensitivity analysis), monitoring thresholds, and regulatory requirements.

• Coach and develop other Internal Audit teams and supporting staff in specialized financial risk management practices as part of their on-going engagement and development.

• Establish and maintain healthy relationships with key stakeholders across the other financial risk teams (e.g., Quantitative Risk Management, Model Risk Management).

• Perform other duties as assigned.

Quality

• Maintaining an understanding of policies, procedures, standards, and supporting technologies, and educating staff accordingly, to effectively identify potential risks and alternatives to mitigate risk exposure leveraging leading practices.

• Ability to understand and apply professional principles and standards (e.g., AICPA, IIA GIA, COSO) and the relevancy to risk management and impact on policies and procedures. In addition, leveraging these principles and standards to test and evaluate corporate risk management processes and controls.

• Keeping current on best practices and emerging risks within the financial services industry and making recommendations for improvements, as necessary.

Supervisory Responsibilities:

• None.

Qualifications:

The requirements listed are representative of the knowledge, skill, and/or ability required. Reasonable accommodations may be made to enable individuals with disabilities to perform the primary functions.

Qualifications & Experience will be required, but not limited to:

• Ability to communicate clearly and effectively, both orally and in writing, including the ability to handle potentially sensitive situations and discussions.

• Strong problem solving and analytical capabilities.

• Demonstrated ability to gather information, analyze, evaluate facts, prepare reports, and verbally present the inf