Director, Internal Audit- Risk Analytics/Modeling

3 months ago

Omaha, United States Charles Schwab Full time

Your Opportunity

The Internal Audit Department (IAD) of The Charles Schwab Corporation provides independent and objective assessments to figure out whether all significant risks are identified and appropriately reported by management and risk functions to the Board and Executive Management, to evaluate whether risks are adequately controlled, and to challenge Executive Management to improve the efficiency of governance processes, risk management, and internal controls.

The Corporate Internal Audit team is seeking a Director, Internal Audit, Risk Analytics/Modeling. The Corporate team is responsible for execution of audits over the firm’s corporate and risk management functions including model risk. We are hiring a quantitative and qualitative director to manage, oversee, and review testing as part of audit reviews of model development, governance and validation controls. This individual will contribute to the Corporate Internal Audit team. The candidate will need strong quantitative and qualitative acuity and developing understanding of how models are used in business contexts. The role includes overseeing and reviewing testing as part of audit reviews of various model types including: Deposit models, Capital Stress Testing (CST) models, Credit risk models, Interest Rate risk models, Margin risk models, Investment risk models, Fraud models, Anti-Money Laundering (AML) models, and Artificial Intelligence/Machine Learning models. The role also includes overseeing and reviewing validation of model related audit issues and regulatory issues.

Reporting to the Managing Director of the Corporate enterprise team, the Internal Audit Director will have responsibility for the independent and objective assurance activity designed to improve the organization’s operations and compliance with key regulations by evaluating and improving the efficiency of risk management, control, and governance processes. This position is also responsible for working with auditing resources provided by an external co-sourcing provider. This individual will have administrative responsibilities for direct reports. This role is a people leader role so the individual will be responsible for managing direct reports within the existing model audit team.

What you’ll do:

Audit Execution: Supervisor role in the execution of internal audit assignments for the enterprise. Expected to lead all aspects of a portfolio of multiple model related audits including: review and challenge of testing approach and testing conducted; review, challenge, and sign-off on audit deliverables; support of the audit team in meetings with key partners; and main point of contact with the assigned business unit leaders. Additionally, oversight of audit timelines, budget, resourcing, and achievements. The job responsibilities will include, but not be limited to: Performing audit reviews of model development and validation following guidelines based on SR 11-7 Guidance on Model Risk Management, to include an assessment of model usage, documentation, conceptual soundness, data integrity, the control environment, and the software environment Performs quantitative review and analyses on various model suites across the model inventory from a model development and validation perspective. Works with Senior Managers, Internal Audit to deliver defined reports on model risk Leads and responsible for specific audits previously noted including model specific reviews Building model coverage strategies and leading overall Model COE budgets/hours plan as a part of the annual risk assessment Building and maintaining analytical dashboards on model risk metrics and track enterprise model inventory health Taking initiatives on various topics such as an IAD Artificial Intelligence (AI) risk assessment Serving as a Model COE and subject matter expert including developing and supporting Model/Technical trainings to broader IAD Issues Identification: Oversight of issues identification, including: review and challenge of draft issue observations including the issue identified, compensating controls, ratings, and the appropriateness of management action plans prior to finalizing the reports. Issue Management and Validation: Oversight for completion and validation status (including SLA adherence) for issues in audit portfolio. Review and challenge completed issue validation testing results. Business and Project Monitoring: Oversight for business and project monitoring program execution to identify emerging risks. Participate or lead business and project monitoring meetings including key driver of the agenda/talking points. Provide updates for Monthly IAD Leadership Risk Monitoring meetings. Risk Assessment: Supervisory role for the annual risk assessment process - play key role in the annual Risk Assessment through all stages. Provide quarterly risk assessment and audit universe updates to IAD management. Review and challenge audit universe updates after the completion of each audit. Coaching: Provide support, mentoring, and feedback to the audit team throughout the audit. Key contributor to the formal performance evaluation process. Key contributor in the recruiting, onboarding, and ongoing buddy support to new team members. Regulatory: Oversight for completion and validation status (including SLA adherence) for MRAs received by the firm. This includes: Review and challenge MRA validation work; evaluate the appropriateness of management’s draft responses to MRAs; perform retrospective reviews for adverse events (as required); Participate in regulatory meetings (., exam, business monitoring, IAD monitoring); and provide responses to regulatory questions during exams. Administration/Training: Completion of firm-wide and departmental administration and training requirements. Other initiatives or special projects: Voluntary participation in departmental strategic initiatives.

What you have

Advanced degree in a quantitative field (economics, statistics, finance, mathematics, physics) 7-10 years of work experience in quantitative modelling Advanced skill with one or more analytical tools, such as SAS, R, Python, or MATLAB Solid understanding of financial predictive modeling fields, such as consumer behavioral modeling, time series forecasting, dynamic equilibrium models, optimization theory, panel data analysis, and decision science Experience with Non-Maturity Deposit Models, market risk analysis, and interest rate risk analysis Experience working as a quant in the financial industry Detailed knowledge of model governance processes and regulatory requirements for large US banks, notably, SR 11-7 Guidance on Model Risk Management. Excellent analytical skills, including the ability to anticipate issues and to design appropriate solutions. Strong verbal and written communication skills with a demonstrated ability to articulate effectively and authoritatively. Uses relationships and insights to successfully influence others. Builds authentic and positive relationships to create alignment and support. Clear understanding of methodology and regulatory expectations in the execution of audit work, issue validation, MRA validation, and the response to regulatory inquiries. Demonstrated experience leading audits and their associated team members, amongst a complex operational and regulatory environment Ability to lead a project team and cultivate a strong working relationship with external co-sourcing provider, regulators, and internal lines of businesses. Strong understanding of risks and internal controls and the ability to evaluate and determine adequacy and efficiency of controls. Stays current on industry and regulatory issues and standard methodologies; imparts this knowledge to the team and the auditees. Why work for us?

Own Your Tomorrow embodies everything we do We are committed to helping our employees ignite their potential and achieve their dreams. Our employees get to play a central role in reinventing a multi-trillion-dollar industry, creating a better, more modern way to build and manage wealth.

Benefits: A competitive and flexible package designed to empower you for today and tomorrow. We offer a competitive and flexible package designed to help you make the most of your life at work and at home—today and in the future.

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