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Financial Risk Governance Expert
2 months ago
About Northern Trust:
Northern Trust is a leading global financial institution with a rich history dating back to 1889. As a Fortune 500 company, we have established ourselves as a trusted partner for the world's most sophisticated clients.
We pride ourselves on providing innovative financial services and guidance, guided by our core principles of service, expertise, and integrity. With over 130 years of experience and a team of over 22,000 partners, we serve our clients using cutting-edge technology and exceptional service.
Our Model Risk Management Group:
The Model Risk Management Group (MRMG) is a centralized function within Northern Trust, responsible for ensuring the effective management of model risk across the organization. With a growing presence, MRMG reflects the increasing attention from global regulators on model risk.
The Role:
We are seeking a highly skilled Consultant, Risk Analytics to join our team. The successful candidate will be responsible for assisting in the design, development, and implementation of model governance processes to ensure all models across Northern Trust are managed in accordance with the Corporate Model Risk Management Policy and applicable regulatory requirements.
Key Responsibilities:
- Assist in the design, development, and implementation of model governance processes to ensure all models across Northern Trust are managed in accordance with the Corporate Model Risk Management Policy and applicable regulatory requirements.
- Stay up-to-date with new trends in analytics, such as generative Artificial Intelligence, and propose enhancements to the program to ensure adequate management of model risk.
- Conduct training sessions to raise awareness about the model risk management program and related expectations across the enterprise.
- Participate in gatekeeping forums to identify potential new models being onboarded in the firm.
- Lead the onboarding of new model owners and ensure that the models are properly registered in the model inventory.
- Ensure that model inventory is complete and meta data regarding models is accurately captured in the model inventory management system.
- Support the design, development, and enhancement of the model risk tiering process and ensure that models are consistently tiered across different business units and model types.
- Support Board and senior management reporting by working with other partners in the team and designing, developing, implementing, and enhancing KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators) of model risk.
- Assist in the preparation and enhancement of material for the Model Risk Oversight Committee (MROC) every month.
- Research industry best practices around model risk management and identify areas where the current program can be enhanced.
Requirements:
- Bachelor's degree or master's degree in a STEM field (engineering, math, computer science, etc.).
- 5+ years of experience in a risk management or audit role at a large financial institution.
- Experience with MRM governance and enterprise-wide risk management software and reporting is preferred.
- Strong knowledge of control design, implementation, testing, and documentation.
- Strong writing, oral communication, and presentation skills are mandatory.
- Familiarity with relevant regulations such as SR 11-7, SR 15-18/19, SS1/23, and Basel Final rules is preferred.
Working with Us:
As a Northern Trust partner, you will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas. We encourage movement within the organization, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve.
We value an inclusive workplace and understand flexibility means different things to different people. Apply today and talk to us about your flexible working requirements and together we can achieve greater.
