This position will further expand and manage the framework for model riskreporting and developing controls for all stages of the model risk lifecycle. Key responsibilities include developing the overall model risk governance framework and leading the implementation of the framework through a formal model risk program within the lines of business and enterprise. This position will also include leading the model risk team who is responsible for the independent validation of the models used/offered throughout the organization.
- Develop and manage ongoing the framework for the model risk rating and reporting
- Prepare responses for internal audit and external regulators requests.
- Work closely with the lines of business as well as leaders of various model development and model usage teams to manage the governance framework, policies and procedures.
- Oversee team members who review requests for the introduction of new models to be offered to clients or recommended by registered representatives to clients.
- Guide team members who will coordinate with the appropriate business or support unit(s) to receive information or documentation concerning the following:
- Description of the model, benefits and risks
- Trading or operational capabilities in the proposed product/model;
- Any other information necessary for the Product Risk Committee to properly vet the model, such as financial, regulatory, legal, or compensation matters if applicable.
- Support and train team members in ongoing performance of evaluating new models.
- Be the escalation point for resolving problems or issues as they arise.
- Provide significant insight and influence into the yearly and quarterly model risk strategy and roadmap including plans for functional enhancements.
- Obtain ongoing education to remain a subject matter expert in model risk, applicable regulations, and systems in order to appropriately train and educate team members as needed.
- Provide leadership to team that helps to drive day to day efforts on model risk management best practices.
- Provide guidance, coaching and development opportunities appropriate to each direct report’s individual needs. Perform all necessary management functions, including hiring, evaluations, merit allocations, and disciplinary action as required.
- Act as an escalation point and provide recommendations for team members in resolving personnel and project related issues.
- Communicate decisions, priorities and relevant project information to appropriate levels of staff.
- Lead, mentor, motivate and delegate to team members as necessary to implement the department strategy.
- 10+ years prior work experience in the financial services industry with minimum of three years’ experience in risk management or related fields including public accounting, internal audit, or compliance.
- Expert knowledge of quantitative model risk validation preferred.
- Expert experience in performing mathematical validation of all models used throughout the firm, including those client facing tools (e.g. capital allocation model, credit risk models, marketing models, etc.).
- Expert experience in credit risk, market risk, derivatives pricing, market risk.
- Advanced understanding of reading and interpreting coding languages (e.g. Python, Java Script, etc.)
- Understanding of OCC 2011-12 and SR 11-7 guidance on model risk management
- Expert knowledge of internal control and risk management concepts, financial services industry practices and regulatory requirements.
- Must be able to communicate effectively (orally and written) with professionalism and possess solid presentation skills
- Strong work ethic, initiative, teamwork and flexibility and demonstrate significant autonomy in meeting organizational goals.
- Works autonomously with considerable latitude for initiative and independent judgment in decision making.
- Anticipate work, plan, organize, and carry out responsibilities with professionalism and confidentiality.
- Must possess strong analytical, organizational, and problem-solving and decision-making skills, be self-disciplined and motivated, and be able to handle pressure and stress generated by multiple tasks, deadlines, and interruptions.
- Must be able to prioritize tasks according to importance and be detail oriented and complete work in a timely, accurate and complete manner.
- Collaborative working style with the willingness to listen to all viewpoints.
- Takes initiative and demonstrates creativity, self-motivation, enthusiasm, and intellectual curiosity and is able to lead by example.
- Familiarity with securities industry preferred.
- BA/BS; Information Technology, Managements Information Systems, or Business; Graduate Degreepreferred
- 3-5 years related experience; 8-10 years total experience
- Project Management Professional (PMP) – preferred
- FINRA Series 7 & 63/66 – Preferred
- Certified Risk Manager (CRM) - Preferred
- Certified in Risk and Information Systems Control (CIRSC) – Preferred
- Military education or experience may be considered in lieu of civilian requirements listed.