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Model Risk Management Specialist

2 months ago

Jersey City, New Jersey, United States Sumitomo Mitsui Banking Corp Full time

Company Overview
Sumitomo Mitsui Banking Corporation (SMBC) is a premier global financial institution with a rich legacy spanning over 400 years. With its headquarters in Tokyo, SMBC operates more than 130 offices and employs around 80,000 professionals across nearly 40 countries. As one of Japan's three largest banking groups, SMBC provides a comprehensive suite of financial services, including banking, leasing, securities, credit cards, and consumer finance. SMBC's holding company, Sumitomo Mitsui Financial Group, Inc. (SMFG), is publicly traded on major stock exchanges including Tokyo, Nagoya, and New York (NYSE: SMFG).

Regional Presence
In the Americas, SMBC maintains a significant footprint across the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Leveraging its robust capital base and extensive relationships in Asia, SMBC delivers a wide array of commercial and investment banking services tailored to corporate, institutional, and municipal clients. The organization connects its diverse clientele to local markets while utilizing its expansive global network. SMBC's operating entities in the Americas encompass Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., and several others.

Compensation and Benefits
The expected salary range for this position is between $95,000 and $150,000. The specific salary offered will depend on the candidate's qualifications, experience, and an assessment of current market compensation for similar roles. Additionally, this position may qualify for an annual discretionary incentive award. SMBC also provides a competitive benefits package to its employees.

Role Overview

SMBC is in search of a Model Risk Management Associate with a solid background in project management to join its Model Risk Management Team. This role is pivotal in executing and delivering projects related to model risk management. Reporting directly to the Risk Model Validation Executive Director, the associate will collaborate with various stakeholders, including model owners, developers, IT, audit teams, senior management, and the Board.

Key Responsibilities:
  • Oversee multi-year projects in Model Risk Management, including regulatory compliance initiatives, IT system developments, and ad-hoc projects.
  • Ensure the implementation of robust change management processes and controls, and manage the creation of closure packages for audits and regulatory reviews.
  • Collaborate with first-line model owners and developers to ensure timely resolution of findings and issues, ensuring alignment of Model Risk programs with other bank initiatives.
  • Foster strong partnerships and collaboration across the organization to ensure model risk programs are integrated with broader bank-wide initiatives for efficient delivery.
Qualifications and Skills:
  • Minimum of 3 years of relevant experience.
  • Strong understanding of fundamental Model Risk Management principles.
  • Familiarity with audit requirements and the preparation of issue closure packages.
  • Experience in project management within the banking sector, particularly regarding regulatory programs.
  • Bachelor's degree in finance, accounting, or business-related fields.
  • Exceptional communication (both verbal and written), organizational, and interpersonal skills.
  • Prior experience in a second line of defense function, such as Model Risk Management or EUC Risk Management, is preferred.
  • Knowledge of regulations such as SR 11-7 (Model Risk), Basel, CCAR, and SOX is advantageous.
  • Proficiency in Excel and PowerPoint is desirable.
Additional Information

SMBC operates under a hybrid workforce model, allowing employees to work both remotely and from SMBC offices. Employees are expected to reside within a reasonable commuting distance of their designated office location. Candidates will receive further details about their specific hybrid work arrangements during the interview process.

SMBC is an equal opportunity employer. All qualified applicants will be considered for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status, or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities in accordance with applicable law.