Model Risk Analyst/Validator

The Model Risk Management (MRM) Analyst/Validator reports to the Model Risk Program Manager and serves as a technical authority in the Model Risk Management Group to help manage the risk of potential adverse consequences resulting from model error or misuse of a model.

To manage model risk effectively, the Bank needs to monitor, review, and validate the RTC bank-wide inventory of models, including models that significantly impact: credit decisions, credit loss estimates, risk forecasting and stress testing, operations, asset/liability management, liquidity and market risk management, and transaction monitoring for anti-fraud and anti-money laundering compliance.

This position is responsible for validating or validation report review and challenge, reviewing and effectively challenging models including underlying model assumptions and limitations, theory, and empirical evidence.

The MRM Analyst/Validator conducts testing, provides critical review of conceptual soundness and model performance, writes validation reports describing the results of validation testing, reviews validation reports prepared by other independent parties, reviews model owners’ responses to validation findings and recommendations, and interfaces with internal stakeholders and regulators to communicate findings in model risk, including management or governance committees, as appropriate

Responsibilities:


* Work independently and collaboratively with business and model owners/users throughout the organization to review and validate models and tools


* Proper identification, measurement, monitoring and reporting of sources of model risk, review model components, developmental evidence and conduct quantitative analytics to validate model efficacy


* Perform model review and validation in a timely manner according to a project plan adhering to corporate policies, programs, frameworks and procedures, and meeting regulatory standards


* Provide qualitative and quantitative feedback with support for validation activities to a variety of audiences


* Present work through formal validation reports, as well as thorough presentation to model owners, users and senior management


* Develop and prioritize constructive recommendations for model changes or enhancements


* Liaise with business units to identify, inventory, and risk assess models


* Provide critical analysis and effective challenge of models reviewed by and/or validations performed by other internal or external independent parties


* Communicate to quantitative and business audiences through verbal and written presentations describing the results of the reviews and validation analyses and recommend remediation strategy to address the findings


* Maintain and review inventory of issues and validation findings and challenge adequacy of remediation plans


* Track remediation progress and resolution status for identified model deficiencies


* Maintain a detailed and comprehens...