Lead Quantitative Risk Specialist

2 weeks ago

Cincinnati, Ohio, United States Federal Home Loan Bank Full time
Position Overview:
The Senior Quantitative Risk Analyst - Model Risk plays a crucial role in overseeing and mitigating model-related risks within the organization. This position is responsible for conducting independent validations, monitoring governance frameworks, and offering expert guidance on the models utilized by the Federal Home Loan Bank. The Senior Analyst collaborates with various departments to ensure that models used for pricing, risk assessment, and strategic decision-making are accurate, reliable, and compliant with regulatory standards.

Key Responsibilities:
1. Conduct independent validation and governance of models utilized by the Bank.
2. Lead thorough evaluations of model accuracy, reliability, and robustness.
3. Oversee model validation processes, including the assessment of model assumptions, methodologies, and implementations.
4. Identify limitations or weaknesses in models and recommend enhancements or alternative strategies.
5. Contribute to the development and refinement of the Bank's model risk management framework, policies, and procedures.
6. Support the execution and management of model risk processes, including model inventory, change management, and ongoing monitoring.
7. Collaborate with key stakeholders to ensure adherence to regulatory model risk requirements.
8. Assess risks associated with financial models, including potential errors and biases.
9. Prepare detailed model validation reports, documenting processes, findings, and recommendations.
10. Provide mentorship and guidance to junior members of the model risk management team.
11. Advise Bank staff on best practices for model deployment and risk evaluation.
12. Stay informed about emerging trends, industry best practices, and technological advancements in model risk management.
13. Identify opportunities for process optimization and efficiency improvements within the model risk management function.

Qualifications:
- Master’s Degree in finance, economics, mathematics, statistics, or financial engineering, or equivalent experience in financial, statistical, market risk, or credit risk models.
- A Ph.D. in a relevant field is preferred.
- Minimum of five years of experience in model validation or development within a financial institution or regulatory agency.
- Strong understanding of financial models and their applications in pricing, risk measurement, and decision-making.
- Familiarity with regulatory guidelines and industry standards for model risk management.
- Proficiency in programming languages such as Python, R, or MATLAB, with experience in data manipulation and statistical analysis.
- Advanced skills in Microsoft Office, particularly Excel and Word.
- Excellent analytical and problem-solving abilities, with a keen eye for detail.
- Strong written and verbal communication skills, capable of conveying complex concepts to diverse audiences.
- Ability to work collaboratively and build effective relationships with stakeholders.
- Commitment to promoting diversity and inclusion within the workplace.

Work Environment:
This role may require flexibility to work outside standard business hours to meet project deadlines. Attention to detail is essential to ensure the accuracy and integrity of information provided to senior management.

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