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This position supports the Model Risk Management Program within the Enterprise Risk Management Division and reports to the SVP Model and Financial Risk Director. The Model Validation - Enterprise Risk Analyst II is responsible for helping ensure compliance with the Bank’s Model Risk Management policies and procedures as well as all required regulatory requirements to help mitigate and monitor risk associated with the use of models at the Bank. This includes model risk management program development, independent model validations and other enterprise risk analysis.
MAJOR RESPONSIBILITIES:
Organize and perform 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.
Manage external model validation process through organization of vendor selection and coordination between the vendor and model owner.
Drive the design and execution of the Model Risk Management program by identifying and initiating improvements in processes and controls.
Maintain model inventory within Archer and lead in management of model risk scoring, model assessments, model change management and model validation findings/remediation's.
Engage with internal and external stakeholders to facilitate discussion, drive agreement on model development approach, and communicate quantitative methods and results to various stakeholders, including senior management and regulators, through participation in the Model Risk Management Committee.
Guide model owners through the model validation process, including assisting in confirming model versus tools and informing model owners of governance and validation efforts required.
Participate in ERM strategy sessions to help guide future departmental projects and perform ad hoc risk analysis on various projects assigned to the Financial and Model Risk Management Department.
Stay current on industry developments related to Model Risk Management and Enterprise Risk Management
PROBLEM SOLVING & DECISION MAKING :
This position requires the ability to work independently and provide sound discretion and judgement. There will be a significant amount of collaboration with other areas which will require strong organizational skills. Also, a high level of accuracy and detail is needed as the major responsibilities are visible to senior management, the board of directors, and regulators.
Because Model Risk Management is a developing function at the bank, problems will arise that require the ability to quickly solve or adapt the processes to an ever-changing structure. Problems could come from internal sources, external changes in regulation, and regulator comments. Problems will be solved in both an independent and group atmosphere. Solutions will be discussed, and recommendations are expected to be presented.
Education and Experience:
Bachelor’s degree in Finance, Economics, Mathematics, Statistics, Quantitative Analysis, or another technical discipline. Advanced degree preferred.
3-10 years of related experience at a Financial Institution or Consulting Firm in the areas of risk analysis, financial analysis, model validation, or model development.
Skills/Knowledge:
Proficient in Microsoft Office
Proficient in SQL or related database tools
Proficient in statistical analysis and use of statistical modeling software (SAS, R, Matlab)
Self-motivated and the ability to work and learn independently
Strong organizational skills
Detail orientated
Excellent oral and written communication skills
Ability to communicate complex topics to nontechnical employees
Committed. Inclusive. Courageous. Eastern Bank has built a legacy of investing in the communities we serve and helping our customers, communities and employees thrive and grow. We pride ourselves in having knowledgeable and experienced professionals that can provide the expertise, personal attention and service our customers deserve.
As a large full service commercial bank in the Greater Boston area, we are able to offer you unique opportunities for career growth throughout the organization, as well as a competitive compensation and benefits program.
As an inclusive company, we work to ensure that our valued employees are treated fairly, recognized for their individuality, and encouraged to reach their fullest potential. These values have earned us a reputation as a great place to work and provide a strong reason why you should consider a career with us.