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MANAGER - MODEL RISK MANAGEMENT

Company: Stifel
Location: Saint Louis
Posted on: November 21, 2020

Job Description:

Job DescriptionSUMMARY The Model Risk Management Manager will provide assistance with the continuous development of sound model risk management practices in compliance with model risk regulations (e.g., FRB SR 11-7, etc.) and Firm policies and procedures. This individual will perform validations of various models including but not limited to market risk, stress testing, liquidity risk, financial, capital adequacy and compliance models. In addition, the individual should have proficient knowledge of various financial products and/or quantitative modelling in the financial services industry as well as strong computer literacy and programming/code writing skills.This position reports to the ERM Managing Director and Model Risk Director. ESSENTIAL DUTIES AND RESPONSIBILITIES * Ensure Candidate Model questionnaires and abbreviated risk assessments, if applicable, are completed by the Model Owners, recorded in the pipeline model inventory and reported to the relevant oversight committees. * Ensure Qualified Exemption forms (e.g. models without validations, remediation extensions, etc.) are completed by the Model Owners, approved by the respective BURMs, and submitted to the MRM Director for review and reporting to the relevant oversight committee. * Manage and maintain firm wide model inventory and ensure inventory is periodically affirmed by the respective Model Owner and/or BURM. * Ensure change control logs are obtained from Model Owners on a periodic basis for review and assessment with MRM Director. * Obtain BURM and/or Model Owner responses and target completion dates for higher rated (i.e., Level 1 and Level 2) model observations prior to finalizing the model validation report. * Track resolution and remediation of model validation observations, and maintain support for the closure of observations. * Track ongoing performance monitoring of models with model owners and report observations to MRM Director. * Perform annual model risk assessment to ensure each assessment is effectively challenged and formally documented. * Review model documentation to ensure consistency across business lines and throughout the Firm. * When applicable, support the maintenance and execution of model validation processes for certain models by scheduling meetings and acting as main contact for interactions between the model owner and external model validators. * Ensure that model validation activities are consistent with regulatory guidelines and industry leading practices. * Assist with preparing the appropriate level of reporting for BURMs, ERM Managing Director, Operational Risk Committee and Risk Management/ Corporate Governance Committee. * Assist with the remediation of any internal audit and regulatory MRM findings prior to due date. * Assist with monitoring regulatory changes that may affect models and potentially impact the model risk * Assist with the annual updates of the Model Risk Management Policy as well as enhancements to other model risk management guidelines (i.e., model validation, model reviews, change control, etc.), when applicable. * Provide input into ongoing development and refinement of model risk management framework. * Perform model validations in accordance with model risk regulations (e.g. FRB SR 11-7, etc.) within established timelines. * Ability to effectively challenge the model methodology and/or results based on understanding of the industry and leading practices. * Mid-level practitioner whose work requires little review. * Review model validation results recommending new processes and/or action plans where warranted due to risk. * Perform model risk assessments, gap analyses and identifies trends to improve process/controls. QUALIFICATIONS * Bachelor's degree in Finance, Accounting, Economics, Statistics, Mathematics, Computer Science, or a Business/Finance related discipline. * 5 - 7 years of extensive model validation experience across different types of models (i.e. Pricing, Portfolio Validation, Risk, Capital Adequacy, Calculation, Finance, etc.) * 5 -7 years' experience in quantitative analysis relevant to model risk management to include statistical analysis, modeling, mathematics and other quantitative disciplines. KNOWLEDGE & SKILLS Required * Mathematical modelling knowledge and experience such as Monte Carlo simulation, linear extrapolation, discounted cash flows, simple statistical concepts such as correlation and various forms for distributions, etc. * Strong computer literacy and programming/code writing skills, or an ability to attain within a short time-frame. * Data analysis experience around data quality, completeness and timely delivery to respective models * Proficient knowledge of various financial products and/or quantitative modelling in the financial industry. * Ability to work both independently and in a team-orientated, collaborative environment is essential. * Solution and outcome focused, with a high degree of quality, accuracy and attention to detail. * Ability to execute tasks eSDL2017

Keywords: Stifel, St. Louis , MANAGER - MODEL RISK MANAGEMENT, Executive , Saint Louis, Missouri

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