Model Risk Management Lead

4 weeks ago


Boston, Massachusetts, United States City National Bank Full time
Job Summary

We are seeking a highly skilled Model Risk Management Lead to join our team at City National Bank. As a key member of our Enterprise Risk Management group, you will be responsible for supporting the development and operation of our Model Risk Management program.

Key Responsibilities
  • Establish and maintain the appropriate level of controls to mitigate model risk at City National Bank.
  • Support the implementation of the RBC CUSO model risk management framework and ensure consistency across CNB units.
  • Ensure appropriate resources are assigned for validation work, and guide the scope and prioritization of validation work for CNB models.
  • Establish and maintain ongoing analysis of CNB's model risk profile and trends, inclusive of metrics regarding the status of model risk management at CNB and provide periodic updates to senior and executive management, and relevant risk committees.
  • Represent CNB's interests during internal and external regulatory examinations on model risk management.
  • Accountable for maintaining a comprehensive inventory of CNB models within the broader RBC inventory management system.
Requirements
  • Master's Degree in a quantitative area, such as Mathematics, Physics, Computer Science, or Finance, or a minimum of 10 years combined experience in quantitative model development and/or model validation within model risk management.
  • Minimum of 10 years of experience within quantitative model development and/or model validation and/or analytics for financial and bank-focused products.
  • Experience in an OCC regulated bank environment.
  • Experience with regulatory examinations on model risk management.
  • Experience managing a team of quantitative analysts/model developers/model validators/model governance advisors.
Preferred Qualifications
  • Thorough knowledge of regulatory requirements on model risk such as FRB SR 11-7 and OCC.
  • Advanced degree (Masters or PhD) in a quantitative discipline, such as Financial Engineering, Finance, Economics, Mathematical Finance, Statistics, Mathematics, Operations Research, etc.
  • Industry certifications are a plus (e.g., CFA, FRM) but not required.
  • Proven track record of strong technical model development, model validation, and model development/validation oversight.
  • Prior experience in building or validating multiple types of mathematical models is required.
  • Demonstrated ability to think critically and facilitate change through collaborative effort.
  • Strong interpersonal, verbal, and written communication skills.
  • Prior programming experience with modeling software applications and programming languages such as R, Python, SQL required.
  • Expert knowledge of MS Office applications such as Excel, Word, PowerPoint preferred.
Compensation and Benefits

City National Bank offers a competitive compensation package, including a starting base salary of $122,535 - $208,715 per year, bonus and/or commissions, and a comprehensive benefits program.



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