Managing Director, Model Risk Management Leader

TIAA•Chicago, IL

6d•$205,000 - $296,000•Onsite

About The Position

The Model Risk Management leader oversees the Model Risk Management team responsible for review and validation of models across the enterprise. As a leader of multiple teams, this role directs the review of financial and non-financial models and associated risks that may impact the company, including financial, liquidity, market, operational, reputational, strategic, and other risks as appropriate. This job approves and oversees the implementation of strategic and operation plans related to the function's overall goals and objectives.

Requirements

10+ Years Required
Advanced Mathematics
Communication
Critical Thinking
Data Analysis
Financial Acumen
Financial Modeling
Market/Industry Dynamics
Model Validation
Prioritizes Effectively
Problem Solving
Programming
Quantitative Analysis
Statistics

Responsibilities

Leads the enterprise Model Risk Management (MRM) program, setting the vision, frameworks, and operating standards for the independent oversight and governance of model risk across all business lines and risk types — including investment management, retirement solutions, financial risk, and the growing portfolio of artificial intelligence and machine learning applications across the organization.
Manages a global team of direct reports, indirect reports, dotted line reports, and contingent workers, and liaises with international counterparts in TIAA India.
Responsible for ensuring delivery of the model validation department's objectives and engagement, as well as motivation and development of the team.
Owns and chairs the Model Risk Working Group.
Participates in key governance bodies covering such topics as privacy, AI, data, and bias impact working group.
Presents regularly to key risk management committees including ALCO and Business Area Risk Management Committees.
Develops and maintains the enterprise framework for evaluating and validating AI and machine learning models, platforms, and use cases — including large language models, generative AI, and other non-traditional model types — establishing appropriate risk tiering, validation standards, and governance requirements that reflect the unique risk dimensions of AI such as model explainability, algorithmic bias, and concept drift.
Serves as a key contributor and thought leader within TIAA's enterprise AI governance structure, applying deep model risk expertise to the responsible deployment of AI across the organization and ensuring that rigor, accountability, and business value are embedded in the company's AI strategy.
Proactively monitors emerging AI model risk trends and industry leading practices, continuously evolving the MRM program's frameworks, methodologies, and team capabilities to stay ahead of a rapidly changing risk landscape.
Keeps current on regulations affecting model risk and AI and ensures that the MRM Program is properly aligned to them, representing MRM to regulators as needed.
Approving complex mathematical analysis utilizing various statistical methods or techniques including machine learning, logistic regression and various other statistical techniques.
Validation of both custom-built models and third-party proprietary models.
Analyzing findings from statistical analyses performed to advise senior and executive level management in written and verbal form.
Reviewing and communicating statistical analysis and findings to audit and regulatory examiners.
Ensuring that models are fit for the intended purpose in the business context and that model users are aware of the models' strengths and limitations impacting their decisions.
Reading, understanding, and interpreting regulatory rules and guidance related to the models under development and/or being reviewed/validated.