Chief Model Risk Officer

4 weeks ago

Chicago, United States U.S. Bank National Association Full time

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.

Job Description

The Chief Model Risk Officer is responsible for developing and maintaining the bank’s model risk governance framework and policies, performing model review and validation activities, monitoring model quality and performance, ensuring compliance with risk management requirements and regulatory standards, as well as overseeing the validation and monitoring of all models across the organization. This role requires strong quantitative expertise, extensive experience in model development/validation and risk management, strong leadership ability, and the capability to challenge and influence while maintaining strong business partnerships.

SPECIFICALLY

Model Risk Governance and Framework

  • Develop and maintain the bank’s model risk management framework/approaches aligned with regulatory guidance (SR11-7) including policies, procedures, standards, templates, guidelines, etc.

  • Establish and maintain a comprehensive model identification and risk tiering process, aligning to ensure a complete and up-to-date model inventory with complete and accurate records.

  • Constantly identify and manage emerging model risks arising from the changing economic environment, expanded use of models, and increasing application of more complex methodologies.

Model Validation and Monitoring

  • Perform high quality and rigorous model reviews and validations to ensure all models, particularly high-risk and high impact ones, are conceptually sound, correctly specified, sufficiently tested, and fully documented before implementation.

  • Monitor model performance and matrices to ensure models continuously function as intended and are accurate/robust over time.

  • Identify and manage model risk across all business units, ensuring effective risk aggregation and mitigation strategies are in place.

Regulatory Compliance and Engagement

  • Interact with regulators regularly, maintain strong relationships and ongoing communications to ensure transparency and compliance.

  • Participate in regulatory model-related exams and respond to regulator inquiries by delivering accurate data and documentation and demonstrating effective model risk management practices and impacts.

  • Stay current with evolving regulatory and industry standards in model risk management, and proactively adapt changes to meet new requirements.

Support businesses

  • Support the Bank’s core business initiatives by forming strong partnerships and providing technical directions and effective risk controls. Collaborate closely with business partners to ensure models are fit for purpose and aligned with business strategies.

  • Promote a strong model risk culture across the organization and maintain proactive engagement with business lines to promote sound modeling approaches, streamline/simplify processes, identify model limitations, and mitigate risks.

Technological Innovation and AI/ML Models

  • Stay informed on advancements in modeling methodologies, specifically AI/ML, and assess their implications for model risk.

  • Oversee the governance of AI/ML models, ensuring adequate transparency, explainability, and ethical considerations are embedded in the model lifecycle.

QUALIFICATIONS

  • Master’s degree in a quantitative discipline such as Financial Engineering, Economics, Statistics, Mathematics, Physics, or related field. PhD preferred.

  • 10+ years of experience in model development, validation, risk management, or quantitative analytics, with a proven track record of successfully leading model development or model risk in a large financial institution or regulatory environment.

  • Deep knowledge of a broad range of models used in the banking industry, including credit loss forecast, PPNR, market risk, scoring, fraud, AML, and AI/ML models.

  • In-depth understanding of model risk regulatory requirements, such as SR 11-7, Basel guidelines, CCAR, and other relevant regulations.

  • Proven experience leading in a fast-paced, highly regulated environment while maintaining focus on both the business and risk priorities.

  • Demonstrated communication skills to convey complex technical concepts to senior management, regulators, and non-technical stakeholders.

  • Proven influencing and collaboration skills, able to effectively challenge while supporting business units in achieving their goals.

If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.

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