Vice President, Model Risk Management II

2 weeks ago

Pittsburgh, United States BNY Mellon Full time
Overview

BNY Mellon

Bring your ideas. Make history.

BNY Mellon offers an exciting array of future-forward careers at the intersection of business, finance, and technology. We are one of the world's top asset management and banking firms that manages trillions of dollars in assets, custody and/or administration. Known as the "bank of banks" - 97% of the world's top banks work with us as we lead and serve our customers into the new era of digital.

With over 240 years of rich history and industry firsts, BNY Mellon has been built upon our proven ability to evolve, lead, and drive new ideas at every turn. Today, we're approximately 50,000 employees across 35 countries with a culture that empowers you to grow, take risks, experiment and be yourself. This is what #LifeAtBNYMellon is all about.

Team Description; Role function on team:

Model Risk Management (MRMG) oversees all modeling in the firm with the aim to reduce and understand our firm's exposure to risks. To do so, we set up the process to develop and maintain models and approve all models for use in production. This is accomplished by rigorous review, investigations that question assumptions, test outcomes, and find the limits of methodologies. MRMG operates as a global group, working from three continents. Our highly visible roles come with significant responsibility in the decision-making process.

The Vice President, Model Risk II will contribute to highly visible enterprise-wide model development functions in the organization. The models make estimates that are a key input to management decisions and are reported to Senior Management and the Board of Directors on a regular basis. The role will be to execute enterprise standards for model validation. The incumbent will be responsible for leading work to identify and evaluate model risk as well as proposing controls to manage that risk. This will entail investigating the weaknesses of a framework and setting the scope and designing tests for a validation effort, appropriate to that framework.

This role may work in one of five disciplines, each responsible for a different type of modelling:

1) Credit Risk Modelling, 2) Treasury Modelling, 3) Market Risk Modelling, 4) Pricing Modelling, 5) Forecasting

Responsibilities:
  • Execute enterprise standards for model validation, by setting the scope of a validation effort. This entails designing the tests and review activities necessary to evaluate a model.
  • Responsible for evaluating the strengths and weaknesses of a model's conceptual framework to identify situations where a model may become less useful.
  • Reviews accuracy of reports and calculations performed by less experienced colleagues.
  • The incumbent will be responsible for reviewing the risks identified by more junior analysts and formulating the proposed controls into a plan of action for management.
  • Responsible for the technical direction, accuracy, and soundness of quantitative methods in the assigned area. Decisions and assumptions recommended by the incumbent have significant impact on the financial and risk position of the Bank or legal entity supported.


Required Qualifications:
  • Master's Degree or PhD in a quantitative discipline, including engineering, mathematics, physics, statistics, econometrics. The candidate must have a superb quantitative and analytical background with a solid theoretical foundation coupled with strong programming, documentation, and communications skills.
  • Minimum 2 years (2 - 5 preferred) of modelling experience in financial services. Must have experience with complex quantitative modelling, numerical analysis, and computational methods using programming languages (such as C/C++, C#, Java, FORTRAN, MATLAB, SAS) as well as mathematical/statistical software packages.


Preferred Qualifications:
  • We look for individuals who are extremely focused, detail-oriented, results-oriented and highly productive.
  • A proven track record of being able to efficiently and effectively: conduct independent research, analyse problems, formulate and implement solutions, and produce quality results on time.
  • Our teams must have excellent scientific and technical documentation and presentation skills, assertiveness & influencing skills, and the skills to explain abstract theoretical concepts to a non-expert audience in easy-to-understand language


BNY Mellon assesses market data to ensure a competitive compensation package for our employees. Base salary if hired will be determined on an individualized basis, including as to experience and market location, and is only part of the BNYM total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, short and long-term incentive packages, and Company-sponsored benefit programs.

This position is at-will and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation) at any time, including for reasons related to individual performance, change in geographic location, Company or individual department/team performance, and market factors.

Employer Description:

For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments and safeguards nearly one-fifth of the world's financial assets. BNY Mellon remains one of the safest, most trusted and admired companies. Every day our employees make their mark by helping clients better manage and service their financial assets around the world. Whether providing financial services for institutions, corporations or individual investors, clients count on the people of BNY Mellon across time zones and in 35 countries and more than 100 markets. It's the collective ambition, innovative thinking and exceptionally focused client service paired with a commitment to doing what is right that continues to set us apart. Make your mark: bnymellon.com/careers.

EEO Statement:

BNY Mellon is an Equal Employment Opportunity/Affirmative Action Employer. Minorities/Females/Individuals With Disabilities/Protected Veterans. Our ambition is to build the best global team - one that is representative and inclusive of the diverse talent, clients and communities we work with and serve - and to empower our team to do their best work. We support wellbeing and a balanced life, and offer a range of family-friendly, inclusive employment policies and employee forums.

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