Model Risk Management Officer

The Model Risk Management Officer is responsible for administering and managing the Model Risk Management program within the Company and driving the evolution of the program commensurate with best practices and Company growth.  

The incumbent will work with the first line of defense to identify models existing throughout the Company and ensuring the proper governance of models in accordance to the Model Risk Management Policy and applicable laws, regulations and guidance. Model Risk Management Officer is a key position in achieving the Company’s objective of properly managing the risk and maintaining high quality of models used across the enterprise in critical decision making. The Model Risk Management Officer is expected to conduct independent validation of models utilized by the Company in partnership with model owners, developers and third party service providers.  The Model Risk Management Officer will report and discuss findings with internal and external stakeholders, collaborate with model owners, developers, and third-party model validators to address the findings, and document validation activities and results. In addition to these core duties, the Model Risk Management Officer supports other aspects within the Company’s Enterprise Risk Management (ERM) program as needed. Supports the development, maturity, and governance of other risks  under the umbrella of Enterprise Risk as needed/required 

Essential Job Responsibilities__________________________________

1. Maintains a comprehensive and centralized model inventory consistent with the Model Risk Management Policy and Program.

2. Enhances the company’s Model Risk Management Program consistent with best practices, regulatory guidance and Company growth.

3. Maintains a consistent approach to risk rating assignment and identifies and reports on the aggregate model risk level and direction/trend of existing and emerging models. 

4. support the development, maturity, and governance of other risks  under the umbrella of Enterprise Risk as needed/required

5. Develops partnerships with model owners, developers, third-party model validators.

6. Interacts with senior leadership and collaborates with line of business partners across the company.

7. Identifies and manages model risk across the model lifecycle, including model development, implementation, and utilization.

8. Stays abreast of macroeconomic, regulatory and industry landscape and bring this to bear in benchmarking analysis.

9. Ensures internal and external model validations are completed as scheduled and prescribed validation requirements are documented and supported.

10. Performs validation and provides creditable challenge to model components throughout the model lifecycle, including modelling data and input model methodology and performance, model implementation and ongoing monitoring, model assumptions and limitations and model governance and documentation.  

11. Presents model validation results, including findings and model ratings to model owners, senior management, Model Risk Committee (MRC) and, when requested, regulators, internal audit, and Board/Board Committees.

12. Reviews and monitors remedial actions taken by model owners and developers to ensure the findings are properly and timely addressed.

13. Supports the execution of various reporting projects in compliance to model risk and concerns

14. Serves as a resource for the business for model related questions and concerns.

15. Contributes to other initiatives within Enterprise Risk Management (ERM).

Bona Fide Occupational Qualifications___________________________

1. Five (5)+ years of experience in model development, model risk, data science, or a related role (Quantitative Model Operator).

2. Undergraduate or Graduate degree in Statistics, Mathematics, Computer Science, Economics, or a related technical field.  Alternative degrees will be accepted with financial analysis and statistical modeling experience.

3. Experience with the following modeling techniques:  linear and non-linear regression, maximum likelihood estimation and time series estimation and forecasting.

4. Solid comprehension of financial theory for credit, market and asset liability management.

5. Experience with SQL, Python SAS, QRM, R, Matlab or similar statistical analysis and modeling tools.

6. Proficient in communication of technical information, both verbally and in writing to both technical and non-technical audiences.

7. Ability to multitask and manage concurrent delivery of multiple projects.

8. Proven ability to use Microsoft Office suite (Outlook, Excel and Word)

9. May be eligible for telecommuting.