Job description
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JOB FUNCTION / SUMMARY:
Senior Model Risk Analyst’s primary function is to perform independent validation of various models in the enterprise-wide inventory and execute methodologies, model risk management, and model validation related tasks and activities including quantitative analysis and analysis to be conducted throughout the model lifecycle for models used by lines of business, in accordance with the Company’s Model Risk Management and Model Validation policies and procedures and regulatory guidelines (e.g., FED SR 11- 07).
ESSENTIAL DUTIES & RESPONSIBILITIES:
- Maintains model inventory of all models utilized by company across multiple lines of business including credit, interest rate, risk ratings, economic capital, capital market valuation, credit risk parameters, pricing & profitability, loan loss reserves, and measurement of other risk types including operational and market risk.
- Coordinates and conducts model validation processes and monitors adherence to internal policies, procedures and regulatory guidelines.
- Collaborates and interacts with management, model owners/users throughout the company and with third-party model validation providers.
- Understands how models are used in the business decision making process and material impacts to financial statements and risk measurement.
- Implements model development and validation methodologies, policies, procedures & processes.
- Recommends model documentation revisions as needed to model risk program documentation.
- Coordinates team of model validations and performs the following tasks: Review model documentation & governance; Analyze and challenge data used in model development to ensure relevance & appropriateness for model use; Understand model development and validation methodologies; Develop and execute model test plans; Write/modify validation scripts.; Analyze model weaknesses; Benchmark models to external vendor models; Assesses model risks, model limitations, validation issues, etc. to make model validation recommendations; Document and report model validation results, issues, problems to manager of Model Validation Group.
- Interacts with model owners/users to address model issues and remediation actions.
- Reviews model validations performed by junior analysts and provides coaching/mentoring.
- Performs all other duties/special projects as assigned.
- Attends Model Governance Committee meetings.
- Supports Model Risk manager in reporting to Board and senior management and responding to Federal Reserve, FDIC, and other pertinent regulatory bodies pertaining to enterprise risk management audits and related activities.
- Assists unit manager in reviewing contracts and making recommendations related to engagement of model validation vendors for professional services.
- Conducts periodic model risk assessments and takes appropriate action(s) as required.
- Acts as a consultant to affiliates on matters pertaining to model risk management.
- Performs other related job duties and special projects as assigned.
- Incumbent is required to comply with all applicable federal, state and local banking and industry related laws and regulations.
SUPERVISORY RESPONSIBILITIES:
None
MINIMUM REQUIRED EDUCATION, EXPERIENCE & KNOWLEDGE:
- Master’s Degree is required in finance, economics, statistics or other quantitative fields; Ph. D. preferred
- At least 4- of experience is required; 6-10 years preferred
- Specific technical experience with model development/analytical experience including at least 4 years of ‘hands-on’ experience in developing, testing, implementing, and validating financial, econometric, and statistical models in commercial or financial institutions
- Demonstrated experience using SAS and Multivariate Statistics, Logistic Regression, and Time-Series Analysis methods and modeling techniques
- Demonstrated project management skills
- Knowledge of risk models, capital models, stress-testing models, and asset and options pricing models
- Designations not required but preferred: Professional Risk Managers International Association (PRM); Certified Risk & Compliance Management Professional (CRCMP); Certified Financial Analyst (CFA).
- Experienced user of Microsoft Office applications, including Excel, Power Point, and Office
ESSENTIAL MENTAL & PHYSICAL REQUIREMENTS:
- Ability to travel if required to perform the essential job functions
- Ability to work under stress and meet deadlines
- Ability to operate related equipment to perform the essential job functions
- Ability to read and interpret a document if required to perform the essential job functions
- Ability to lift/move/carry approximately 10 pounds if required to perform the essential job functions. If the employee is unable to lift/move/carry this weight and can be accommodated without causing the department/division an “undue hardship” then the employee must be accommodated; hence omitting lifting/moving/carrying as a physical requirement.
Equal Opportunity/Affirmative Action Employers. All qualified applicants will receive consideration for employment without regard to race, color, religious beliefs, national origin, ancestry, citizenship, sex, gender, sexual orientation, gender identity, marital status, age, physical or mental disability or history of disability, genetic information, status as a protected veteran, disabled veteran, or other protected characteristics as required by federal, state and local laws.
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