Model Risk Analyst
About The Position
At UMB, we believe strong risk management starts with people who ask thoughtful questions, gain understanding, and bring different perspectives to solve complex problems. This team is responsible for Enterprise Model Risk Management - providing independent oversight and challenge of models the bank relies on to make significant decisions, promoting the MRM framework as the second line of defense, ultimately protecting the enterprise while enabling the business to use models confidently and responsibly. As a Model Risk Analyst, you will play an important role in protecting UMB by independently evaluating the conceptual soundness, performance, implementation, and ongoing monitoring of models used across the organization. You will work with line-of-business partners, model developers, technology teams, and risk professionals to assess model risk, help identify potential weaknesses, and provide actionable recommendations that support informed business decisions. Being a UMB associate is unlike working at any other company. You are not only valued for the work that you do, but who you are. You’ll be encouraged to bring your whole self to work, being valued for exactly who you are. You’ll also have the opportunity to serve your community alongside your team. At UMB, we do big business, but we don’t forget that the little things matter the most.
Requirements
- Bachelor’s degree in Statistics/Applied Mathematics, Finance, Economics, or an equivalent combination of education and experience.
- 2+ years of experience in risk management processes, model development/ validation, consulting, banking, or other financial services industries
Nice To Haves
- Experience using statistical tools such as Python, R, SAS, SQL, and other statistical/analytical tools, AI tools, and other software.
- Familiarity with some financial models and concepts, e.g., credit risk, fraud, interest rate risk, asset-liability management, liquidity, forecasting, or stress testing.
- Knowledge of applicable regulatory guidance, including those from Federal Reserve letters and OCC Bulletins, and their principles for model risk management.
Responsibilities
- Perform independent model validations, including assessments of conceptual soundness, methodology, assumptions, data quality, implementation, outcomes analysis, and ongoing performance monitoring.
- Apply statistical, mathematical, and analytical techniques to evaluate model performance, identify limitations, challenge assumptions, and assess potential model weaknesses.
- Identify, document, and evaluate model risks, limitations, findings, and control weaknesses. Develop clear, risk-based recommendations for remediation and ongoing oversight.
- Review ongoing model performance, monitoring metrics, back-testing, sensitivity analysis, and outcomes testing to identify changes in model performance or emerging risks.
- Collaborate with model owners, developers, business stakeholders, and other risk management teams to understand model purpose, challenge methodologies, communicate findings, and support effective risk mitigation.
- Contribute to the assessment and oversight of artificial intelligence, machine learning, and other advanced analytical models, including their assumptions, explainability, data integrity, and associated risks.
Benefits
- Paid Time Off
- 401(k) matching program
- annual incentive pay
- paid holidays
- comprehensive company sponsored benefit plan including medical, dental, vision, and other insurance coverage
- health savings, flexible spending, and dependent care accounts
- adoption assistance
- an employee assistance program
- fitness reimbursement
- tuition reimbursement
- an associate wellbeing program
- an associate emergency fund
- various associate banking benefits
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
