Modeling Jobs in New York


Model Risk Manager

Key Responsibilities

  • Manage and maintain firm wide model inventories (i.e., active models, pending models, decommissioned models) and as well as non-model inventories (e.g., tools, databases, EUCs) and ensure that these inventories are periodically affirmed by the respective Model Owner and/or BURM
  • Ensure change control logs / model release notes are obtained from Model Owners on a periodic basis for review and assessment with MRM Director
  • Remain proactive in keeping abreast of regulatory expectations related to model risk management including but not limited to SR11-7/SR15-18/OCC 2021-39/CECL as well as industry practices that may affect specific models and potentially impact both firmwide and individual model governance and risk, including potential updates to the firmwide Model Risk Management Policies and Procedures
  • Review and obtain support for ongoing performance monitoring activities performed by Model Owners and report observations to MRM Director
  • Assist with the annual model risk assessment process to ensure that the assessment of each model is effectively challenged and formally documented
  • Review model documentation to ensure consistency across business lines and throughout the Firm and that updates are performed at least annually, where applicable
  • Where applicable, support the maintenance and execution of model validation and review processes by scheduling meetings and acting as main contact for interactions between the Model Owner and external Model Validators, including remediation of model validation observations as well as review and maintain support for the closure of observations
  • Assist with preparing the appropriate level of reporting for BURMs, ERM Managing Director, Operational Risk Committee, Risk Management Committee, and other ad-hoc reporting as needed
  • Assist with the remediation of any internal audit and/or regulatory MRM findings prior to due date which may include developing an action plan

Skills/ Experience Required

  • Deep knowledge of regulatory requirements related to model risk management including but not limited
  • Able to perform model validations in accordance with model risk regulations (e.g. FRB SR 11-7, etc.) within established timelines, when applicable.
  • Can effectively challenge the model methodology and/or results based on understanding of the industry and leading practices.
  • Ability to work both independently and in a team-orientated, collaborative environment is essential
  • Strong conceptual and quantitative problem-solving skills and demonstrated curiosity in researching and evaluating issues and potential resolutions
  • Ability to multi-task and execute tasks effectively in a high profile and high-pressure environment is crucial
  • Strong interpersonal and communication skills
  • Education and Experience
  • Minimum Required: Bachelor’s degree in Finance, Accounting, Economics, Statistics, Mathematics, Computer Science, or a Business/Finance related discipline.
  • 7+ years’ experience in the Risk Management/Analytics division in large banks and/or tier 1 consulting organizations, captive finance companies
  • Proficient in Microsoft Excel, Word, PowerPoint, Outlook
  • Expertise is one programming language (i.e., SAS, R, Python)
  • Sound knowledge of various simulation techniques (i.e., Monte Carlo Simulation, discrete event, continuous event, etc.)

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