Model Risk Analyst

First Internet Bank•Fishers, IN

22h•Onsite

About The Position

The Model Risk Analyst supports the Bank’s Model Risk Management (MRM) Program and policy by assisting with model validation, identifying model risk, and supporting risk mitigation and reporting. The role promotes sound model risk management practices and helps ensure the MRM program and policy comply with regulatory expectations. Working within the second line of defense, the analyst provides independent review, effective challenge, and ongoing oversight across the full model and tool lifecycle. The position involves reviewing quantitative models and tools, assessing their design, methodology, assumptions, data quality, conceptual soundness, limitations, and performance. The analyst monitors and helps mitigate model and AI-related risks, maintains governance records, and communicates findings and recommendations to management, committees, auditors, regulators, and other stakeholders. The role also supports risk awareness through training, advisory services, reporting, and related initiatives. The position is based in a professional office setting and is primarily sedentary, involving extended periods working at a computer. It also requires moving throughout the office and buildings to obtain or relay information. Essential functions must be performed with or without reasonable accommodation.

Requirements

Bachelor’s degree or equivalent work experience.
At least two years of experience in model risk, model validation, quantitative analysis, internal audit, or risk management.
Proficiency in Microsoft Office Suite.
Effective interpersonal skills when working with vendors, business units, and team members.
Strong project management skills and the proven ability to coordinate multiple ongoing tasks.
A cost-savings and continuous-improvement approach.
Strong presentation, written communication, and leadership skills.

Nice To Haves

Understanding of model risk governance, policies, procedures, and regulatory guidance, including SR 26-2 and emerging AI/ML governance expectations.
Baseline familiarity with AI or machine learning concepts and related governance considerations.
Experience developing risk dashboards, key risk indicators, and executive reporting.
Experience with Banking as a Service (BaaS) or fintech partnerships.

Responsibilities

Assist in managing independent reviews and validations of quantitative models to ensure alignment with regulatory requirements, governance standards, and business objectives.
Evaluate model and tool design, methodology, assumptions, data quality, conceptual soundness, limitations, and performance, providing effective challenge to model owners and developers.
Analyze quantitative and qualitative information to identify trends, anomalies, emerging risks, performance issues, and potential impacts on decisions and business outcomes.
Assess, monitor, and mitigate model and AI-related risks, recommending corrective actions such as continued use, modification, or retirement.
Help monitor that models and AI-enabled solutions are developed, implemented, validated, monitored, and governed in accordance with internal policies and applicable regulatory guidance.
Conduct validation reviews through documentation assessments, stakeholder interviews, and ongoing monitoring activities to evaluate effectiveness and compliance.
Maintain the Bank’s model and tool inventory, risk assessments, validation documentation, and supporting governance records.
Prepare reports, risk assessments, and recommendations for senior management, risk committees, auditors, and regulatory examiners.
Monitor industry trends, regulatory developments, and emerging model and AI risk management practices, and communicate relevant changes and impacts to stakeholders.
Promote model risk awareness through training, advisory support, governance reporting, special projects, and other initiatives that strengthen the Bank’s risk management framework.
Perform other duties as assigned.

Benefits

Medical insurance for full-time employees, with eligibility beginning on the first day of employment.
Dental insurance for full-time employees, with eligibility beginning on the first day of employment.
Vision insurance for full-time employees, with eligibility beginning on the first day of employment.
401(k) retirement plan with a generous match for full-time and part-time employees, with eligibility beginning on the first day of employment.
Professional development reimbursement.
At least three weeks of paid vacation annually for new employees, adjusted based on start date.
Eleven paid holidays.
Paid volunteer time, including unlimited volunteer time off.
Continuous education opportunities for development.
Onsite fitness center.
Free snacks and soft drinks.
Beer on tap.
Regular team events.
Annual First Internet Bank-branded merchandise allowance.