Investments & Capital Markets: Model Risk Senior Manager

Freddie Mac • McLean, VA

307d • $181,000 - $271,000

About The Position

At Freddie Mac, you will do important work to build a better housing finance system and you'll be part of a team helping to make homeownership and rental housing more accessible and affordable across the nation. The I&CM Division at Freddie Mac provides liquidity to the U.S. Mortgage Markets and makes funding more available by purchasing mortgage-related securities guaranteed by Freddie Mac and other financial institutions by issuing corporate debt. Our expertise in capital markets and credit risk management has helped us to lead the market in offering private investors new and innovative ways to invest in the U.S. residential housing market and actively reduce less liquid loans from our investments portfolio. As a member of I&CM, you will play a crucial role in the first line's management of model risk.

Requirements

• Bachelor's Degree or equivalent experience (advanced studies/degree preferred) with 10+ years related experience and 2+ years management experience.
• Solid understanding of model risk governance, relevant industry standards and the regulatory landscape.
• Familiarity with models in financial markets (i.e. models used for counterparty risk, credit risk, interest rate risk, etc).

Nice To Haves

• Exceptional quantitative and analytics skills, with strong programming skills.
• Strong knowledge of statistical models, tools and techniques.
• Effective interpersonal skills including the ability to collaborate effectively with team members.
• Strong written, verbal, communication, information visualization skills and the ability to communicate appropriately at all levels of the organization.
• Exceptional organizational skills and can independently lead a project/assignment.

Responsibilities

• Facilitate Model Business Owner (MBO) compliance with Freddie Mac's Model Risk Management framework.
• Provide Model Risk Management support of interest rate risk and counterparty credit risk models.
• Assist MBOs with core responsibilities (model development, data management, documentation, ongoing monitoring, change management, etc) across the model risk management lifecycle.
• Effectively interact with model owners, developers, users, implementors, division model governance team, second line to comply with the Model Risk Management framework.
• Provide project management support for model efforts, as needed.
• Assist MBOs in the creation of an ongoing monitoring plan.
• Participate and provide support in audit and regulatory engagements, including issue remediation activities related to model risk.
• Prepare detailed documentation on the model methodology and outcomes aligned with our Model Risk Management Framework.
• Propose and apply testing methods to verify model performance. Coordinate and review testing among model users.
• Verify the relevance and the quality of model data and its sources. Assist MBOs in development and implementation of data quality plans.
• Collect and assess the quality of the model documentation produced by model owners.
• Evaluate model risks across different methodologies and reach conclusions on strengths and limitations of the chosen model methodology.
• Monitor the performance of existing models and make necessary enhancements to ensure models accurately capture the inherent risks and satisfy business needs.
• Stay current with industry trends and best practices in modeling and model risk management.

Benefits

• Competitive compensation and market-leading benefit programs.
• Annual incentive program eligibility.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior
• Industry: Credit Intermediation and Related Activities
• Education Level: Bachelor's degree