Excellent opportunity to work side-by-side with the Director of Model Risk Governance in developing and maintaining strong governance, policies, and controls within the model risk management framework. This position provides explicit support and structure to risk management functions through policies defining relevant risk management activities, procedures that implement those policies, allocation of resources, and mechanisms for evaluating whether policies and procedures are being carried out as specified.
It defines models and model risk; assesses model risk and acceptable practices for model development, implementation, and use; appropriate model validation activities; and governance and controls over the model risk management process. It provides for testing and analysis, and promotes the development of targets for model accuracy, standards for acceptable levels of discrepancies, and procedures for review of and response to unacceptable discrepancies. The requisite quantitative background will be to analyze and aggregate enterprise-wide trends in model risk culled from validation work performed. Specific responsibilities include:
Work closely with Director of Model Risk Governance as the point person leading governance efforts surrounding the development and validation of RBS Americas models and providing a management framework for the associated risk within those models;
Integrate model risk within the larger RBS Americas risk governance structure and develop insight and guidance for senior management;
Work with business unit risk managers to synthesize and analyze the interaction of the individual and aggregate model risks, and developing insights and recommendations on possible actions to manage and mitigate those risk exposures;
Assess and advise management on model risk exposure and the impact on business decisions, including the development of appropriate reporting methods and mechanisms;
Identify emerging model risks that may impact RBS Americas;
Prepare and set standards of practice/policies for model development, use and validation, including refinements and parameter changes, facilitate the Director’s ownership responsibilities under the Group Policy Framework for the Model Risk Management and Validation Policy Standard;
Manage policy standard non-compliance, issues and deficiencies in models, parameters etc., and track remediation;
Ensure business lines understand and cooperate with their requirements regarding the model inventory of all models and their status;
Interact with Group Internal Audit and the external regulators or rating agencies as required;
Manage and coordinate the model approval authorities (e.g. various model risk committees in the Division and any needed coordination with the Group authorities) to insure consistent application of model risk management and validation guidelines and the model lifecycle processes across the Division;
Work closely with the CRO’s Chief Operating Officer’s Office to ensure model risks are incorporated and monitored at an enterprise level;
Performs other related duties as assigned.
The ideal candidate will have a modeling background and who is looking to expand their experience to encompass a broader risk management role. The Director is looking for someone who desires a position that can assist in keeping day-to-day model risk controlled while looking to expand the field of applied model risk management particularly as this pertains to measuring model risk, model risk appetite and capital allocation. Diplomacy and negotiating skills within an enterprise context must be demonstrated – both orally and in written form. Some regulatory background in this high-profile position could prove useful.
Ideal candidates will have 10+ years of Risk Management experience with a heavy concentration in the areas of governance and reporting; Bachelor’s degree in technical or quantitative discipline at a minimum; advanced degree preferred.
Able to interact with highly technical and less-technical management audiences;
Familiarity with financial modeling disciplines, such as term structure modeling, econometric techniques, Monte Carlo analysis, score card development.
Some technical skills/familiarity in database, such as MS Access, and collaboration tools, such as SharePoint. Knowledge of one or more programming languages and analytical tools, such as VBA, C++, SAS, and Matlab.
Balance of both domestic and international risk management experiences a plus;
Experience as or interacting with internal audit as well as external regulators on technical scoring & modeling topics.
This role is conducted within the context of a global firm operating environment, requiring the ability to establish effective working relationships across all levels of the firm, an ability to work with people from a variety of backgrounds and cultures, and a commitment to identify and implement integrated solutions across organizational boundaries;
Bias for action. Strong track record in executing against objectives;
Demonstrated ability to manage/maneuver through a complex organization requiring the aptitude in balancing financial and strategic judgment to achieve operational efficiencies.
Proactive, results oriented and willing to be held accountable.
Demonstrate the ability to deal with multiple issues simultaneously and to handle ambiguity and accountability while not always being in direct control of all areas involved.
A strong financial/business sense as well as the ability to put operational plans into place and to execute with a strong focus on results.
Strong understanding of the role and functioning of governance mechanisms (e.g., policies and procedures, risk committees, issue management and remediation, regulatory processes).
Strong analytical, written and oral communication skills with experience in communicating with senior management (writing sample required).
Some project management and issue mitigation experience.
Strong organizational skills, the ability to work in a highly dynamic, demanding and deadline driven environment.
Equal Employment Opportunity
It is the policy of RBS Citizens, N.A. to provide equal employment and advancement opportunities to all colleagues and applicants for employment without regard to race, color, ethnicity, religion, gender, pregnancy/childbirth, age, national origin, sexual orientation, gender identity or expression, disability or perceived disability, genetic information, citizenship, veteran or military status, marital or domestic partner status, or any other factor protected by federal, state and/or local laws.
Hours and Work Schedule
Hours per Week: 40
Work Schedule: Monday-Friday 8:00AM-5:00PM
Citizens Financial Group - 18 months ago
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