Rockland Trust Norwood , MA 02062
Posted 2 months ago
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
Qualifications:
Bachelor's Degree (at minimum) in quantitative field, such as: mathematics, finance, engineering, statistics or data analytics; Master's degree or higher preferred
Minimum of two or more years of experience in modeling or validation with quantitative focus
Experience working with large datasets using quantitative tools (such as R, MATLAB, SAS, etc.)
Experience producing high quality written technical documentation
Working knowledge of the financial markets, banking operations, model risk management, model validation and associated regulatory requirements and expectations preferred
Previous experience in risk management at a financial institution preferred
Previous experience with GRC system, such as Archer is preferred
Competencies:
Strong knowledge of model risk management practices and applicable regulatory guidance
Working knowledge of financial instruments and financial risk management principles
Strong analytical skills together with excellent project management and organizational skills
Solid interpersonal relationship building and relationship management skills
Clear and concise written and verbal communication skills
Self-motivated with strong attention to detail and dedication to high quality work
Excellent communicator with a proactive "no surprises" approach in communicating issues
Curiosity and enthusiasm for model risk management
Ability to work independently with minimal supervision
Our goal is to offer our colleagues the most generous benefits package possible. We strive to provide colleagues with a comprehensive benefits package and an environment that supports a healthy work-life balance. Benefits include: Competitive compensation with performance incentive awards, Health Insurance, Dental Insurance, a 401K and DC Plan for your retirement, LTD & Life Insurance, Vacation Time, Day Care Reimbursement, Tuition Assistance for graduate and undergraduate programs, an Award Winning Wellness program and much more!
At Rockland Trust you'll find a respectful and inclusive environment where everyone is given the chance to succeed. We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, marital status, national origin, disability status, protected veteran status, or any other characteristic protected by law.
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions.
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 comprehensive record of each validation project through work papers and other project artifacts
Support model owners in effectively establishing sound, accurate and complete model documentation and ongoing model performance monitoring procedures
Participate in model change management, re-certification, and decommissioning processes
Support model risk aggregation and reporting requirements
Participate in efforts to develop, implement and enhance model risk management practices including developing policies and procedures for model owners and developers
Build strong working relationships with key model stakeholders, in particular model developers and users
Build, maintain and effectively manage the RTC inventory of tools, including ensuring the inventory is accurate, up to date and effectively governed and tracked
Assist the Model Risk Program Manager to effectively implement and manage the inventory of tools and models in accordance with the MRM Program, including change management, ongoing monitoring and model development processes
Assist the Model Risk Program manager to maintain, manage, validate and develop new risk appetite metrics or KRIs
Take accurate and complete meeting minutes for Model Risk Management Committee (MRMC)
Ad hoc duties as assigned
Rockland Trust