Model Risk Analyst

3 weeks ago

Chicago, United States Old National Bank Full time
Overview

Old National Bank has been serving clients and communities since 1834. With $48 billion in total assets, we are a regional powerhouse deeply rooted in the communities we serve. As a trusted partner, we thrive on helping our clients achieve their goals and dreams, and we are committed to social responsibility and investing in our communities through volunteering and charitable giving.

Our team members are our greatest asset, and we continually invest in their growth and development. We offer a variety of Impact Network Groups led by team members who are passionate about driving engagement, creating awareness of diverse backgrounds and experiences, and building inclusion across the organization.

Old National Bank is seeking to fill the role of Model Risk Analyst. The Model Validation Quantitative Analyst will assist with enterprise-wide oversight responsibility for all aspects of model risk including model governance, model validation and model performance monitoring. This position validates and approves qualifying models used across different areas of the enterprise and is responsible for model risk ratings, model inventory management, model disclosures, model usage tracking and controls. The Model Validation Quantitative Analyst will assist in implementing and maintaining high quality standardized model validation documentation, and keep up to date with regulations, regulatory exam requirements and regulatory guidance. Interact with external regulators and internal auditors to demonstrate the operational soundness and effectiveness of the model validation process. The role will work closely Executives and Senior Management with all lines of business for independent validation projects, other ongoing monitoring/effective challenge processes and provide recommendations for continuous model enhancements across the enterprise.

Key Accountabilities

Assist in Maintaining the Model Validation Program
  • Independent Validation of all corporate risk models, including credit risk (PD, LGD), forecasting, compliance and operational risk models, and other model types. Including performance of model validations and oversight of any independent internal or external model validations.
  • Effective challenge of the model conceptual soundness, assumptions, and appropriateness of model methodology.
  • Model development data integrity verification.
  • Replication of the model estimates.
  • Model testing including back-testing, sensitivity analysis, stress testing, and benchmarking.
  • Review of the model implementation, verification of user acceptance testing.
  • Preparation of comprehensive independent validation documentation.
  • Coordination of independent validation projects and processes among multiple stakeholders. Participation in peer review processes for model development and validation.
  • Participation in improvement of model validation procedures and supporting methods.
  • Participation in model monitoring and maintenance review.
  • Ongoing improvement of business acumen including knowledge of regulatory guidance, relevant research, risk technology, and financial services industry.
  • Development of strong business relationships with key business partners.
  • Perform independent model validations and effective challenge for models across all lines of business
  • Maintain and follow independent model validation standards and procedures.
    Interpret model validation test results and establish required action plans with model owners/developers and provide value-added recommendations to model owners/developers.
  • Proactively identify emerging model risk issues impacting the Company in relation to the Bank's risk appetite and communicate to model developers, senior management and Committees as needed.
  • Maintain current/develop new analytical reports and presentations for senior management, executive committees and regulatory exams.
  • Collaboration with (future) data warehouse and/or model development departments.
  • Identify and maintain the inventory of the Bank's critical non-model tools. Develop and maintain a risk-based program to provide oversight of the Bank's tools.
Key Competencies for Position

Culture Leadership:
  • Communication: Effectively shares information and ideas with individuals and groups; displays self-awareness and self-management, tailors the delivery to the audience, and selects suitable delivery method(s).
  • Collaboration: Actively seeks, develops, and maintains trusted relationships with others to achieve business goals and objectives.
Execution Leadership:
  • Drive and Execution- Committed to achieving established goals, overcoming obstacles, and continuously learning to improve performance.
  • Problem Solving/ Decision Making- Seeks to identify what caused the issue; incorporates input from multiple sources (e.g., lines of business, subject matter experts, data, policies, procedures, etc.) to ensure effective action and shared ownership; decisions are sound based on what was known at the time and are based on a blend of analysis, wisdom, experience, and judgement.
  • Technical Knowledge- Possesses the required technical knowledge to perform the role effectively; continuous learning to adopt new trends or expertise.
Qualifications and Education Requirements
  • Master's or PhD. in Business, Economics, Engineering, Statistics, Mathematics or an equivalent combination of education and work related experience. At least 2 years of experience in financial industry, audit, or functional equivalent.
  • Statistical and econometric theory, logistic regression, linear regression, time series modeling, operations research, and scenario based simulations.
  • Model development and implementation procedures.
  • Capabilities and knowledge of SAS statistical software.
  • Capabilities and knowledge of SQL.
  • Project management and strong communication skills.
  • Capacity to cope with a high degree of ambiguity and change.
  • Ability to work both independently and as part of cross-functional teams Capable of preparing and presenting reports to all audiences, including executives and boards.
  • Demonstrated leadership abilities in a fast-paced work environment.
  • Track record of being highly engaged with a hands-on management approach and lead-by-example style.
  • Outstanding business acumen and analytical, problem solving, written and verbal communication skills.
  • Possess strong interpersonal skills, customer- and team-oriented.

Old National is proud to be an equal opportunity employer focused on fostering an inclusive workplace and committed to hiring a workforce comprised of diverse backgrounds, cultures and thinking styles.

As such, all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, protected veteran status, status as a qualified individual with disability, sexual orientation, gender identity or any other characteristic protected by law.

We do not accept resumes from external staffing agencies or independent recruiters for any of our openings unless we have an agreement signed by the Director of Talent Acquisition, SVP, to fill a specific position.

Our culture is firmly rooted in our core values. We are optimistic. We are collaborative. We are inclusive. We are agile. We are ethical.

We are Old National Bank. Join our team

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