Job DescriptionThe 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 and Regulator guidance (SR 11-7), Model Validation is the set of processes and activities intended to verify that models are performing as expected, in line with their design objectives and business uses. Effective validation helps to ensure that models are sound, identifying potential limitations and assumptions and assessing their possible impact. All model components, inputs, processing, outputs, and reports, are subject to validation and applies equally to models developed in-house and to those purchased from or developed by vendors or consultants. The Model Validation team is also responsible for evaluating the Model Performance Monitoring Plan for each model, and continuously assessing the results to ensure that models are performing as expected.
Your Primary Responsibilities:
- Perform hands-on validations and reviews, and write quality model validation reports.
- Collaborate with the Project Management Office (PMO) to maintain a viable model validation schedule, coordinate and oversee model validation, and review performed by the model validators to ensure timeliness, quality, and effective challenge.
- Work with the model owner, model developer, and model user on all aspects of model validation and issue resolution.
- Collaborate with the Operations & Management Assurance (OM&A) team to ensure the highest quality of validation, annual review, and Model Performance Monitoring (MPM) reports.
- Prepare model validation and review presentations to the Model Risk Governance Council (MRGC) meetings for model approval, model issue tracking, and resolution.
- Present model validation, review results, and finding resolutions to the Model Risk Governance Council (MRGC).
- Challenge model performance and methodologies at Model Risk Governance Council (MRGC) review meeting.
- Knowledge of the financial market and products. Experience in model validation and or model development. Familiarity with regulatory requirements on Model Risk Management(SR 11-7 and CCAS rules).
- Proficiency in programming languages (For example, SQL,Python, R, SAS, C/C++).
- Aligns risk and control processes into day-to-day responsibilities to monitor and mitigate risk; escalates appropriately
**NOTE: The Primary Responsibilities of this role are not limited to the details above. **
Qualifications: - Minimum of 6 years of related experience
- Bachelor's degree preferred or equivalent experience
Talents Needed for Success: - Fosters a culture where honesty and transparency are expected.
- Stays current on changes in his/her own specialist area and seeks out learning opportunities to ensure knowledge is up-to-date.
- Invests effort to individually coach others.
- Builds collaborative teams across 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.
About the TeamOur Risk Management teams work to protect the safety and soundness of our systems and are responsible for identifying, managing, measuring and mitigating a spectrum of key risk types including credit, market, liquidity, systemic, operational and technology in all existing and new products, activities, processes and systems.
