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Requisition Number: 8953
Job Title: Director Model Risk & Validation
Area of Interest: Risk Management
Department: Risk Governance - 618
Location: U-Building
Position Type: Full Time
Job Description:

The Director, Model Risk & Validation is responsible for the ongoing assessment of the model risk management framework with respect to regulatory guidelines and expectations.  This includes enterprise-wide oversight responsibility for all aspects of model risk including model governance, model validation and model performance monitoring. Direct the validation and approval of all qualifying models used across different areas of the enterprise. The scope of this position includes leading a team responsible for model validation, risk assessment, model inventory management, model disclosures, model usage tracking and controls. 

  • Direct and lead the execution of model validation and governance programs that include:
  • o Independent testing of model inputs and assumptions, framework, methodology, performance, implementation and limitations of the model being validated
  • o Developing model prototypes and simple replications to ensure model's accuracy and soundness
  • o Documenting the results of the model validation, including observations and findings, to model owners and users, and recommending remedial action plans
  • o Tracking the resolution of findings with model owners and users
  • o Supporting development of comprehensive documentation of financial models to achieve compliance with regulatory standards
  • o Produce reports to track validation status and results for management and regulators
  • o Employ technical expertise and analytic acumen to provide high quality deliverables in a fast paced risk management environment
  • o Work with all business units across the enterprise to develop and maintain an inventory of models

                - Essential

  • Interpret model validation test results and establish required action plans with model owners and developers to remediate findings. Provide value-added recommendations to model owners and developers.- Essential
  • Interface with business partners in Credit Risk, Finance & Treasury, Marketing, Banking, Consumer Loans and Business Technology - Essential
  • Interact with Executive Management, the Board of Directors, the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York with respect to the model risk validation and governance program - Essential
  • Manage the relationship with the model validation co-sourced provider - Essential
  • Develop and Maintain Budgets, Expenditures and Allocations - Essential
  • Masters or equivalent in economics, statistics, finance, operation research or other quantitative fields.
  • PhD preferred
  • At least 8-10 years of experience in developing, testing, implementing and validating complex and sophisticated financial, econometric and statistical models in credit card, consumer lending or payments industry.
  • Background in mathematical finance and experience in model review and validation in the financial industry is strongly preferred.
  • Detail oriented, strong organizational skills and self-motivator
  • Leadership skills
  • Excellent written and verbal communication skills
  • Superior customer service skills
  • Ability to work effectively in a high pressure, fast paced environment with multiple deadlines and competing priorities
  • Knowledge of current regulations and guidelines. Experience working with regulators, auditors, and compliance including familiarity with OCC 2011-12
  • Demonstrated ability to produce clear, concise written work products
  • In depth experience and understanding of statistical modeling concepts (logistic and GLM, decision tree, and neural network) or financial modeling concepts (e.g., multi-factor regression models, time series analysis, VaR, Markov chains, Monte-Carlo analysis, etc.)
  • Track record of technical model development, model management and/or model oversight; model validation leadership required.
  • Negotiation skills


State: New York
City: Buffalo
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