Model Risk Manager

About the role

The Model Risk Manager will manage the overall strategic direction for the Bank’s model risk management framework, continuously enhance model risk management policies and procedures, and communicate model risk to senior management and committees.

Responsibilities

• Deliver the Risk Appetite Statement, Risk and Control Self-Assessment (RCSA), process maps, validation templates/checklists, model information/determination forms, inventory certification, and other documents.
• Manage and deliver model validation assignments, including conducting model validity testing, data validation, performance evaluation, issuing findings, and writing validation reports.
• Evaluate model monitoring performance reports and conduct validation testing; create detailed documentation of testing, validation reports, and findings.
• Participate in meetings with business and model teams to communicate status and findings during the model validation process.
• Update model inventory, model validation findings inventory, model risk ranking, and data governance framework.
• Assist with preparing responses to Bank examiners and Internal/External Auditors.
• Support various governance activities and produce model risk-related documents as needed.
• Lead the validation of models independently, including ALLL, ALM, CCAR, PPNR, AML, and CECL models.
• Maintain model risk policies/procedures, risk and control self-assessment, process maps, and other ad-hoc documents.
• Write and present in-depth model validation reports with value-added recommendations to model owners and developers.
• Develop an in-depth understanding of the latest industry research and standards on modeling, statistics, and regulations.
• Lead independent validation efforts, including developing validation scopes and producing clear validation reports for Full-Scope and RR1 models.
• Support the Model Validation or Model Risk Manager in leading the validation team.
• Participate in regulatory and audit meetings.
• Manage the department’s model validation process according to SR11-7 and Bank policies.
• Ensure compliance with established model validation protocols and procedures.
• Develop and mentor validation analysts and associates to enhance performance and skills.
• Support workflow management using the Bank Governance, Risk, and Compliance (GRC) system.
• Improve governance frameworks for data validation and monitor regulatory evolution.
• Provide oversight for large modeling initiatives to align with Bank policies and industry best practices.
• Interact with external regulators and internal auditors to report on model governance progress and respond to requests.
• Collaborate with Enterprise Risk team to prepare documents such as risk appetite, risk assessment, issue tracking, and examination management.
• Facilitate Committee meetings: prepare agendas, produce minutes, organize materials, create presentations, track action items, and summarize information for ERMC and BRC.
• Enforce standard policies and procedures related to ranking findings, model usage, and tracking process controls.
• Manage the GRC system for model inventory, validation findings, and remediations, including backup/archive databases.
• Conduct meetings with model developers, business units, and vendors; produce meeting minutes.
• Create and execute project work plans and collaborate with teams in Finance, Credit Risk, BSA/AML, etc.
• Create periodic analysis and update presentations/reports for senior management and regulatory exams.

Qualifications

• Master’s degree (Ph.D. preferred) in finance/business/economics, mathematics/statistics, or related analytical fields.
• Preferred: Industry certifications such as FRM, PRM, or CFA.
• Knowledge and understanding of regulatory expectations for model risk, financial and operational risk management, and best practices.
• Experience documenting models.
• Effective interpersonal communication and technical writing skills.
• Experience with the banking industry.
• Preferred: At least fifteen years of experience in risk management, audit, consulting, or model-related fields.
• Preferred: At least seven years of supervisory or managerial experience.
• Preferred: Proficient in SAS, R, Python, VBA, SQL programming.
• Preferred: Experience working with large databases.
• Discipline, task focus, self-motivation, and a proven record of delivering high-quality results within strict deadlines.

Pay

The salary range for this full-time position is $200,000 - $210,000 annually, plus bonus and benefits.