Model Risk Analyst

FIRST INTERNET BANK • Fishers, IN

2d • Onsite

About The Position

As the Model Risk Analyst, you will support the Bank’s Model Risk pursuant to the Bank’s Model Risk Management (MRM) Program and policy. You will promote awareness of sound model risk management practices by assisting with model validation, identifying model risk, and supporting risk mitigation and reporting. You will also help ensure the Bank’s MRM program and policy is compliant with regulatory expectations. Working within the second line of defense, you will provide independent review, effective challenge, and ongoing oversight across the full model and tool lifecycle.

Requirements

• Bachelor’s Degree or equivalent work experience.
• A minimum of two years of model risk, model validation, quantitative analysis, internal audit, or risk management experience required.
• Proficient in Microsoft Office Suite.
• Effective interpersonal skills in working with vendors, business units, team members.
• Strong project management skills, with proven ability to coordinate multiple tasks on an ongoing basis.
• Proven 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 preferred.
• Baseline familiarity with AI or machine learning concepts and related governance considerations preferred.
• Experience developing risk dashboards, key risk indicators, and executive reporting preferred.
• Experience with Banking as a Service (BaaS)/Fintech Partnerships preferred.

Responsibilities

• Assist in the management of independent review and validation 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 decision-making and business outcomes.
• Assess, monitor, and mitigate model and AI-related risks, recommending corrective actions including continued use, modification, or retirement.
• Help monitor the 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 model effectiveness and compliance.
• Maintain the Bank’s model and tool inventory, risk assessments, validation documentation, and supporting governance records.
• Prepare comprehensive reports, risk assessments, and recommendations to senior management, risk committees, auditors, and regulatory examiners.
• Monitor industry trends, regulatory developments, and emerging model and AI risk management practices, communicating relevant changes and impacts to stakeholders across the organization.
• Promote model risk awareness through training, advisory support, governance reporting, special projects, and other initiatives that strengthen the Bank’s risk management framework.
• All other duties assigned.

Benefits

• Medical, Dental, and Vision Insurance for Full-Time employees - Eligibility begins on day one of employment
• 401(k) Retirement Plan with Generous Match for Full-Time and Part-Time employees - Eligibility begins on day one of employment
• Professional Development Reimbursement
• At Least 3 Weeks Paid Vacation Annually - For New Employees, Paid Vacation is Adjusted Based on Start Date
• Eleven Paid Holidays
• Paid Volunteer Time
• Annual First Internet Bank-branded merchandise allowance

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Education Level: Associate degree