VP, Model Risk Manager Job at Berkshire Bank
Division: Risk Management
Department: Enterprise Risk Management
Reports to: FVP, Enterprise Risk Officer
Status: Exempt/Officer
Grade: 13
Location: Remote within MA, NY, CT, VT, RI
Purpose/Objective :
The Model Risk Manager provides subject matter expertise to lead the execution and ongoing oversight of enterprise-wide model risk management policies, procedures, and assessments, including model validation, governance, education and training, validation findings management, and performance monitoring in-line with regulatory guidance. The Model Risk Manager leads critical initiatives for assessing and controlling model risk in key strategic projects and partnerships. Model Risk Manager maintains standards and procedures, and assigns model risk ratings for all models across the Company. The Model Risk Manager manages outsourced validations, conducts internal validations, and reviews vendor-supplied validations.
Key Accountabilities :
Berkshire Bank is an Equal Opportunity Employer - all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or national origin.
Department: Enterprise Risk Management
Reports to: FVP, Enterprise Risk Officer
Status: Exempt/Officer
Grade: 13
Location: Remote within MA, NY, CT, VT, RI
Purpose/Objective :
The Model Risk Manager provides subject matter expertise to lead the execution and ongoing oversight of enterprise-wide model risk management policies, procedures, and assessments, including model validation, governance, education and training, validation findings management, and performance monitoring in-line with regulatory guidance. The Model Risk Manager leads critical initiatives for assessing and controlling model risk in key strategic projects and partnerships. Model Risk Manager maintains standards and procedures, and assigns model risk ratings for all models across the Company. The Model Risk Manager manages outsourced validations, conducts internal validations, and reviews vendor-supplied validations.
Key Accountabilities :
- Lead the continued development of the model risk management program to ensure that models and proposed modeling approaches are developed and implemented in a disciplined and relevant manner in accordance with regulatory expectations, risk appetites, and Company policies. Apply knowledge of best practices in model development and model risk management to ensure models are rigorously challenged, and to identify and initiate improvements in processes and controls.
- Manage third party vendors that perform model validation services ensuring that validations are conducted timely, and in accordance with internal policies, standards, and procedures. Coordinate validation activities between the external validator and model owner.
- Perform ad hoc validations on various types of models used by the Bank. This includes, but not limited to, reviewing model documentation, performing stress testing and sensitivity analysis, reviewing data inputs and outputs, determining reasonableness of assumptions and impact of model limitations, performing model performance assessment and evaluating suitability of the models.
- Oversee model governance activities such as validation documentation, model inventory, validation schedule, change management, model criticality, annual review process, and the annual Model Risk Mid-Tier Risk Assessment.
- Advise and challenge model owners, developers, and business lines on model findings, remediation, and action plans to ensure proper control and oversight of model risk. Manage outstanding findings and remediation plans to ensure timely completion. Provide timely reporting on all outstanding findings, remediation plans and projected timeline for resolution to senior management and committees.
- Communicate validation findings and risks to applicable model owners, executive management, committees, regulators, as well as internal and external auditors. Develop and provide model risk dashboards, aggregate model risk reports, and other reporting to executive management, committees, and regulators. Co-Chair and lead the Model Governance Committee.
- Participate in applicable projects to serve as a subject matter expert on model risk. Assist with new business initiatives that involve models, including use of artificial intelligence and machine learning.
- Develop and oversee the execution of model risk management training across the Company.
- Track regulatory developments related to model risk management and governance, and coordinate assessment of the Bank’s compliance with those regulations. Assist in responding to regulatory examinations and audit reviews.
- Assume additional responsibilities and duties as necessary to ensure department objectives are met.
- Ensures compliance with all banking laws, rules, regulations, and prescribed policies/procedures necessary to reduce risk and uphold ethical standards related to and required by one’s duties.
- Advance degree in mathematics, statistics, economics, or finance (Master and above) preferred
- Advanced Certification (FRM, CFA, ASA) preferred
- 7 years’ experience in model risk management governance position
- 3-5 years’ experience of quantitative analysis experience in either statistical or mathematical modeling preferred
- Experience with capital management requirements and approaches preferred
- Previous experience interacting with regulators preferred
- Statistical skills especially in the area of hypothesis testing, regression and discriminant analyses
- Knowledge of best practices in model development and model risk governance
- Ability to identify and validate models encountered in banking
- Knowledge of supervisory guidance on model risk management, including FRB SR 11-7 and FDIC FIL-22-2017
- Team player with strong interpersonal and written/verbal communication skills
- Knowledge of stress testing and regulatory requirements for banking industry preferred
Berkshire Bank is an Equal Opportunity Employer - all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity or national origin.
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