Model Risk Manager (REMOTE)

Value Proposition

Our values define us and our culture inspires us to change lives for the better. Our employees are the heart and soul of our company, and every success we experience begins with them. Together we are committed to making a positive impact in our local communities. We champion a culture of continuous learning, work-life integration, and inclusion. We promote a digitally enabled work environment to continuously enhance the experience of our employees and customers.

Overview

The primary responsibility of this position is to identify, assess, and mitigate risks associated with the use of quantitative models by reviewing model development, validation, implementation, and monitoring processes to ensure accuracy and reliability, working closely with model owners and stakeholders across different departments to manage potential model risks and maintain compliance with regulatory standards.

Responsibilities

• Oversee the development and implementation of new models or modifications to existing models used for various purposes, such as credit and capital risk assessment, pricing, and forecasting as well as compliance and operational models such as for BSA/AML, fraud and payments monitoring. Assess the potential risks associated with the use of specific models, including model limitations, assumptions, and uncertainties, and implement controls to mitigate these risks.
• Monitor the performance of models over time to identify any issues or changes in model behavior, taking corrective actions as necessary. Perform back-testing as warranted. Perform (or oversee the performance of validations by a third-party) validations and presentation of results to the governance committee of the Bank’s models by applying industry accepted methods around conceptual soundness, methodology, and implementation.
• Oversee monitoring of ongoing model performance to assess model accuracy, reliability, and ensure compliance with regulatory requirements and internal standards. Ensure the maintenance of comprehensive documentation for all models, including specific model documentation, validation reports, and related policies and procedures.
• Continuously review and enhance the model risk management framework and processes to adapt to changing business needs, regulatory requirements, and industry best practices.
• Assist in the development, implementation, and operation of the Bank’s second line responsibilities relating to data controls, oversight, and governance, in particular as it relates to the assessment and use of data in the Bank’s models.
• Report to key stakeholders, including senior executive leadership, risk committees, auditors, and regulators, regarding model risk management activities, findings, and recommendations.

 

Qualifications

Education

Bachelor Degree or the equivalent experience. Specialty: accounting, economics, finance, math, quantitative econometrics, or quantitative finance. (Required)

Master Degree or the equivalent experience. Specialty: accounting, economics, finance, math, quantitative econometrics, or quantitative finance. (Preferred)

Experience

10 or more years compliance, external audit, internal audit, risk management, regulatory supervision, or applicable experience. (Required)

5 or more years model risk management under current regulatory guidance including bank financial reporting and estimation techniques using quantitative analytics, data collection, and documentation techniques. (Required)

2 or more years supervision. (Preferred)

Certifications

Certified Internal Auditor. (Preferred)

Certified Public Accountant. (Preferred)

Certification in Risk Management Assurance. (Preferred)

Financial Risk Manager Certification. (Preferred)

Knowledge, Skills, and Abilities

• Data analysis and modeling (Required)
• Skilled in utilization of model building and monitoring platforms (i.e. Python, SAS, or other applicable) (Required)
• Comprehensive risk analysis (Required)
• Problem-solving and critical thinking (Required)
• Communication and stakeholder management (Required)

 

 Other Duties as Assigned by Manager

This role may perform other job duties as assigned by the manager. Each employee of the Organization, regardless of position, is accountable for reading, understanding and acting on the contents of all Company-assigned and/or job related Compliance Programs, regulations and policies and procedures, as well as ensure that all Compliance Training assignments are completed by established due dates. This includes but is not limited to, understanding and identifying compliance risks impacting their department(s), ensuring compliance with applicable laws or regulations, and escalating compliance risks to the appropr