Investors Bancorp, Inc. Short Hills , NJ 07078
This position will be responsible for performing independent model validations as part of the Model Risk Management framework. Requires a skilled and motivated professional who can effectively assess strengths and weaknesses of statistically based and other analytical models used within the Bank for models such anti-money laundering monitoring, fraud detection, credit risk, financial disclosure, etc. Responsible to support Model Risk Validator and any external vendors used in validation activities and assessing completeness and accuracy of model documentation.
Perform independent model validations for model inventory as per policy. Replicate models in order to assess conceptual soundness, evaluate model assumptions and data integrity, test model numerical, statistical, and/or computational accuracy, performing outcomes analysis, and review model governance and control process. Assess the mathematical, statistical, theoretical and conceptual soundness of each model. Verify model performance, i.e. correct implementation, limiting behaving, and response to stress/extreme input condition-stress testing.
Prepare model validation reports and share with Model Risk Management. Prepare model risk management reports and materials for Model Risk Management Committee, Management Risk Committee and the Risk Oversight Committee and other Senior management periodically and ad hoc as required. Manage the validation process end to end working with model owners, vendors and other stakeholders.
Support relationship with regulators and internal audit. Work with Model Owners to ensure remediation of any findings has an appropriate plan.
Contribute to the development and promotion of effective model development, use and validation practices within the Bank. Develop automated solutions to routine validations in order to gain efficiencies in the validation process.
Bachelor's Degree in Quantitative field required.
2 or more years in a directly related model development or validation role or equivalent combination of education and experience.
Experience with loss forecasting, stress testing, credit score cards, Basel II.
Strong quantitative skills in such areas as econometrics, statistics, hazard modeling, and time series analysis.
Knowledge of bank products, processes and business practices preferred.
Familiarity with model risk management practices and applicable regulatory guidance.
Ability to effectively summarize and present validation findings in report format.
Experience in Model Risk Management.
Knowledgeable of Model Development Lifecycle and controls.
Ability to work collaboratively with model owners as a governing second line of defense.
Experience in Kanban and/or agile methodologies.
AML system validation experience is a plus.