Model Risk Gov Associate Director

Are you ready to make an impact at DTCC?

Do you want to work on innovative projects, collaborate with a dynamic and supportive team, and receive investment in your professional development? At DTCC, we are at the forefront of innovation in the financial markets. We are committed to helping our employees grow and succeed. We believe that you have the skills and drive to make a real impact. We foster a thriving internal community and are committed to creating a workplace that looks like the world that we serve.

 

 

Pay and Benefits:
 

• Competitive compensation, including base pay and annual incentive
• Comprehensive health and life insurance and well-being benefits, based on location
• Pension / Retirement benefits
• Paid Time Off and Personal/Family Care, and other leaves of absence when needed to support your physical, financial, and emotional well-being.
• DTCC offers a flexible/hybrid model of 3 days onsite and 2 days remote (onsite Tuesdays, Wednesdays and a third day unique to each team or employee).

 

The Impact you will have in this role:

 

Model Risk Management, MRM is responsible for overseeing enterprise-wide model risk management and supporting front-line units in managing model risk. MRM provides oversight of day-to-day model risk management activities to identify, measure, monitor, and manage risk related to the design, development, and implementation and use of models. Per the Federal Reserve Supervision & Regulation guidance (SR 11-7), Model Risk Governance (MRG) provides explicit support and structure to risk management functions through policies defining relevant risk management activities, procedures that implement those policies, allocation of resources, and mechanisms for testing that policies and procedures are being carried out as specified. MRG requires evaluation of model development and validation documentation to ensure that they are sufficiently detailed and allow parties unfamiliar with a model to understand how the model operates, as well as its limitations and key assumptions. MRG manages the operational and regulatory risks throughout a model's lifecycle. As part of the overall Model Risk Management function, MRG is a second line of defense under the Group Chief Risk Office.

 

Your Primary Responsibilities:
 

• Perform hands-on model assessments and reviews, and document quality model review and assessment reports. 
• Formulate model review and assessment review summary and present finding(s) to the Model Risk Governance Council ("MRGC") meetings to resolve model approval, model issue tracking, and resolution.  
• Manage MRM system of record and ensure accuracy of records.
• Collaborate with model owners, developers, users, and other Risk Families (including Technology and Cybersecurity Risk, Third Party Risk Management, etc., to facilitate risk review of AI/ML models.   
• Standardize and implement enterprise model determination criteria and consult with model owners, as needed.
• Manage MRM issues and findings management processes and escalate up the chain of command if needed.
• Help develop and implement programs, processes, and frameworks to provide independent assessment to mitigate risk related to the company's AI/ML management practices.  
• Contribute to efforts in support of scope and priorities for key documentation, communication, training, and business requirements in support of the Model Risk Management framework.
• Advise on governance, risks, and controls related to Generative AI policies, standards, and procedures.   
• Produce and maintain project reports for stakeholders, including senior management and Board members, to provide transparency and to facilitate decision-making.
• Collaborate with the Regulatory Relation team to respond to ad hoc regulatory requests.
• Develop and implement automation tools for enhanced reporting and team efficiency.
• Write and maintain procedures and job aids, identify procedure gaps, update procedures to fill gaps as needed.
• Proficient understanding of quantitative models and the financial market.
• Sufficient knowledge of the regulatory environment surrounding model risk management (SR11-7 and Security Exchange Commission Covered Clearing Agency Standards).
• Mitigates risk by following established procedures and monitoring controls, spotting key errors, and demonstrating strong ethical behavior.

Qualifications:

• Minimum of 8 years of related experience, ideally in financial risk model validation, risk analytics, and/or AI/ML architecture, model risk, data management, and responsible AI practices.   
• Master's degree in quantitative finance, mathematics, economics, financial engineering, or other quantitative fields. 
• Broad expertise in Artificial Intelligence and Machine Learning (AI/ML) models, particularly the evolving field of Large Language Models (LLM) and Generative AI (Gen AI) models.     
• Experience and authority knowledge on model performance methodologies, including performance metrics specific to AI/ML and Gen AI models.   
• High level of digital literacy, ability to work efficiently with programming languages such as R and Python is an advantage.  
• Excellent written and verbal communication and presentation skills, ability to communicate quantitative concepts to financial professionals.

Talents Needed for Success:

• Ability to manage multiple high-visibility and cross-functional risk review efforts and collaborate well within and across teams.   
• Serves as a trusted coach or mentor within the organization.
• Communicates openly keeping everyone across the organization informed.

 

The salary range is indicative for roles at the same level within DTCC across all US locations. Actual salary is determined based on the role, location, individual experience, skills, and other considerations. We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.

DTCC safeguards the financial markets and helps them run efficiently, in times of prosperity and crisis. We are uniquely positioned at the center of global trading activity, processing over 100 million financial transactions every day, pioneering industry-wide, post-trade solutions and maintaining multiple data and operating centers worldwide. From where we stand, we can anticipate the industry’s needs and we’re working to continually improve the world’s most resilient, secure and efficient market infrastructure. Our employees are driven to deliver innovative technologies that improve efficiency, lower cost and bring stability and certainty to the post-trade lifecycle.
DTCC proudly supports Flexible Work Arrangements favoring openness and gives people freedom to do their jobs well, by encouraging diverse opinions and emphasizing teamwork.  When you join our team, you’ll have an opportunity to make meaningful contributions at a company that is recognized as a thought leader in both the financial services and technology industries. A DTCC career is more than a good way to earn a living. It’s the chance to make a difference at a company that’s truly one of a kind.

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