New York, NY
Industry: Professional, Scientific & Technical Services•
Less than 5 years
Posted 67 days ago
Internal Audit Services at CIT is looking for a quantitative analyst /AVP to join the Corporate Audit Function focusing on quantitative models at our New York Office and / or Livingston, NJ Office. In this important and highly visible position, the individual will be responsible for performing internal audit engagements to review Model Risk Management (MRM), Independent Model Validation (IMV), and Model Development team’s policies, modeling frameworks, and the end-to-end conceptual and technical soundness of various CIT’s quantitative models. • Minimum 3+ years of relevant work experience, with a strong preference for experience in within Model Validation(IMV), and/or Model Development team focusing on financial models (e.g., Liquidity Stress, Credit Loss models, CECL, Compliance, etc.)
• Review CIT's quantitative model’s conceptual and technical soundness of model implementation ensuring review of model performance, weakness, assumptions, limitations and model usage to ensure fit for purpose.
• Review and analyze Model Validation results, back testing, benchmark testing results, and Input data to ensure the validations adhere to IMV standards established to adhere to CIT Policy, regulatory guidance, and industry best practices.
• As appropriate, present summaries of model evaluations to management groups, regulators, IMV, Model development team and other constituents; and assist those constituents regarding matters related to model performance and reliability.
• Assist in reviewing and challenging of IMV findings as defined in CIT Policy, ensuring timely and complete performance of those assigned actions.
• Knowledge of time series analysis, Monte-Carlo simulations and regression analysis along with data manipulation.
• Graduate degree in a quantitative field such as statistics, economics, financial engineering, with 3-5 years of experience in banking and capital markets.
• Strong communication skills both written and verbal and ability to explain technical matters to non-technical audience.
• Strong working knowledge and proficiency with analytical/quantitative software and programming language such as SAS, Matlab, R, or Python.
• Prior experience within internal audit’s model review team is preferred.
• Limited travel may be required.