VP, Model Risk Management (L13)

Job Description:

Role Title: VP, Model Risk Management (L13)

Company Overview:

Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry’s most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoors, pet and more.

• We have recently been ranked #2 among India’s Best Companies to Work for by Great Place to Work. We were among the Top 50 India’s Best Workplaces in Building a Culture of Innovation by All by GPTW and Top 25 among Best Workplaces in BFSI by GPTW. We have also been recognized by AmbitionBox Employee Choice Awards among the Top 20 Mid-Sized Companies, ranked #3 among Top Rated Companies for Women, and Top-Rated Financial Services Companies.

• Synchrony celebrates ~51% women diversity, 105+ people with disabilities, and ~50 veterans and veteran family members.

• We offer Flexibility and Choice for all employees and provide best-in-class employee benefits and programs that cater to work-life integration and overall well-being.

• We provide career advancement and upskilling opportunities, focusing on Advancing Diverse Talent to take up leadership roles.

Organizational Overview:

Synchrony's Risk Team provides independent oversight of Synchrony’s risk-taking activities to ensure safety and soundness, meet regulatory and legal requirements, and manage risks to the risk-appetite of the Board. Risk is responsible for independently assessing, quantifying, and overseeing risks & providing effective challenge. Risk serves as Synchrony’s Second Line of Defense.   

Overall, Risk Team oversees and manages the Risk Program to support the business in anticipating and addressing risks, issues and challenges. Results are consistent with the respective strategic uses and complying with related overall risk, risk testing policies, standards, procedures as well as regulations. Our Risk organization consists of 4 pillars: Compliance, Credit & Financial Risk, Enterprise Risk and Operational Risk. Each of the pillars play a vital role in managing Risk and supports the business in anticipating and addressing risks, issues, and challenges.
 

Role Summary/Purpose:

• The VP, Model Risk Management is responsible for managing the MRM India team, to act like a consultant/project manager to the team, to provide real time guidance on the validation work, also to oversee quality control of their deliverables and to reduce iteration between their US managers to speed up the review completion. The VP will help enhance efficiencies across all pillars, and ensure they are meeting the related Model Risk Management policies, standards, procedures as well as applicable regulations. This role requires deep subject matter expertise to lead the team and be accountable for validation results delivered by MRM India team across a wide range of model categories under adequate technical supervision. The VP will also work closely within the Risk organization on model related risks to ensure such risks are well covered and have appropriate controls. This is a team lead role.

Key Responsibilities:

• Serve as a team lead, manage ~20 MRM India team members, provide real time guidance, smoothen the workflow, reduce iteration between their US managers to speed up review timelines. Lead and supervise team’s full scope validation and other reviewers, ensuring timely completion of the validation projects with high quality, requiring minimal supervision from the review manager/supervisors.

• Quality Enhancement- the MRM India team lead is expected to enhance the quality of model reviews delivered by the team- help reduce the feedback time and enhance efficiencies across all types of models including acquisition and account management credit risk models, TNF and transactional fraud models, marketing models, collections models, finance models and loss forecast models, etc.

• Ownership of Validation Process- team lead is expected to assist the MRM India team members to conduct an effective challenge to the first line of defense, independently validate the assigned validation- taking ownership of the end-to-end validation process.

• Enhanced Contribution & Team upskilling- team lead’s responsibilities includes upskilling the team, ensuring effective and timely incorporation of feedback, and collaborating closely with US leadership to enhance the contributions to the MRM team overall.

• Lead the maintenance of team’s relevant model and model validation documentation, review team’s analysis, quality check reports to support discussions on key analytics and identification of model risks with remediation plan.

• Keep pace with the latest developments in academia, regulatory changes, risk technology (vendor and in-house) and financial services industries in order to provide expert guidance to the Synchrony business functions.

• Continuously improve model risk management practices and add value to the business by enhancing efficiency, strengthening controls, streamlining process, and building strong partnership with model stakeholders. Collaborate and engage with teams across Synchrony to identify, highlight, and address model risks.

• Provide or oversee the standardized but tailored training to ensure new validation hires are brought up to speed within a set timeframe. Formalize career development and training programs to support the career goals of existing team members.

• Provide support during regulatory examinations and internal audits of the model validation process by preparing necessary documentation, addressing inquiries and assisting in remediation of observations, etc.

• Support model governance initiatives and perform other duties and/or special projects as assigned.

Required Skills/Knowledge:

• Minimum Master's degree (or foreign equivalent) in Statistics, Mathematics, Economics or related quantitative field and 13+ years' experience in model development / model validation experience in financial services, banking, or retail; in lieu of a Master’s degree, 15+ years’ experience in model development / model validation experience in the retail section of a U.S. financial service/banking.

• Extensive Model Validation Experience (strong machine learning, and forecast) from a peer size retail bank.

• Demonstrated track record in stepping up a large size model team.

• Solid knowledge and experience of acquisition and account management credit risk models, TNF and transactional fraud models, marketing models, collections models, finance models and, loss models such as Loss forecasting (PD/LGD/EAD. CECL, Roll rate, vintage, etc), Stress testing, Allowance

• Strong programing skills with 13+ years’ hands-on and proven experience utilizing Python, Spark , SAS, SQL, Data Lake to perform statistical analysis and manage complex or large amounts of data

• 13 years’ experience with the application of US regulatory requirements for Model Risk Management.

• Advanced knowledge of regulatory requirements for Model Risk Management like SR 11-7, OCC 2011-12, etc.

Desired Skills/Knowledge:

• Ensure effective and seamless collaboration, real-time communication, and alignment with U.S business hours if needed.

• Solid knowledge in statistical and machine learning model development or validation.

• Experience in project management, including demonstrated ability to develop actionable plan to meet high level objectives, strong execution, and timeline sensitive deliverables.

• Sharp focus on accuracy with extreme attention to detail.

• Excellent written and oral communication and presentation skills.

Eligibility Criteria:

Minimum Master's degree (or foreign equivalent) in Statistics, Mathematics, Economics or related quantitative field and 13+ years' experience in model development / model validation experience in financial services, banking, or retail; in lieu of a Master’s degree, 15+ years’ experience in model development / model validation experience in the retail section of a U.S. financial service/banking.

Work timings: This role qualifies for Enhanced Flexibility and Choice offered in Synchrony India and will require the incumbent to be available between 06:00 AM Eastern Time – 11:30 AM Eastern Time (timings are anchored to US Eastern hours and will adjust twice a year locally). This window is for meetings with India and US teams. The remaining hours will be flexible for the employee to choose. Exceptions may apply periodically due to business needs. Please discuss this with the hiring manager for more details. 

For Internal Applicants:

• Understand the criteria or mandatory skills required for the role, before applying

• Inform your manager and HRM before applying for any role on Workday

• Ensure that your professional profile is updated (fields such as education, prior experience, other skills) and it is mandatory to upload your updated resume (Word or PDF format)

• Must not be any corrective action plan (First Formal/Final Formal/LPP)

• L11+ Employees who have completed 18 months in the organization and 12 months in current role and level are only eligible.

• L11+ Employees can apply

Grade/Level: 13

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