Model Risk Governance Associate Director

DTCC • Boston, MA

13h • Hybrid

About The Position

Model Risk Management (MRM) is responsible for overseeing enterprise-wide model risk management and supporting front-line units in managing model risk. MRM provides oversight of day-to-day model risk management activities to identify, measure, monitor, and manage risk related to the design, development, and implementation and use of models. Model Risk Governance (MRG) provides explicit support and structure to risk management functions through policies defining relevant risk management activities, procedures that implement those policies, allocation of resources, and mechanisms for testing that policies and procedures are being carried out as specified. MRG requires evaluation of model development and validation documentation to ensure that they are sufficiently detailed and allow parties unfamiliar with a model to understand how the model operates, as well as its limitations and key assumptions. MRG manages the operational and regulatory risks throughout a model's lifecycle. As part of the overall Model Risk Management function, MRG is a second line of defence under the Group Chief Risk Office.

Requirements

• Minimum of 8 years of relevant experience
• Bachelor’s degree preferred or equivalent combination of education and experience
• Demonstrated expertise in AI and Generative AI risk management, with the ability to assess, communicate, and mitigate emerging risks

Nice To Haves

• Serves as a trusted coach or mentor within the organization.
• Communicates openly keeping everyone across the organization informed.

Responsibilities

• Manage MRM system of record and ensure accuracy of records.
• Prepare reports and packages for quarterly regulatory requirements.
• Perform data review and control. Act as liaison between the validation team and various support groups and ensure timely resolution of identified gaps.
• Engage in firm-wide initiatives meetings in reviewing third party requests to proactively identify models, make model determinations on any potential models, and document the rationale.
• Standardize and implement enterprise model determination criteria and consult with model owners as needed.
• Manage MRM issues and findings management processes and escalate up the chain of command if needed.
• Contribute to efforts in support of scope and priorities for key documentation, communication, training, and business requirements in support of the Model Risk Management framework.
• Produce and maintain project reports for stakeholders, including senior management and Board members, in order to provide transparency and to facilitate decision-making.
• Work with the Regulatory Relation team to respond to ad hoc regulatory requests.
• Develop and implement automation tools for enhanced reporting and team efficiency.
• Create and maintain End User Computer Applications (EUCA) to ensure that they meet Enterprise-wide standards.
• Write and maintain procedures and job aids, identify procedure gaps, update procedures to fill gaps as needed.
• Proficient understanding of quantitative models and the financial market.
• Sufficient knowledge of the regulatory environment surrounding model risk management (SR11-7 and Security Exchange Commission Covered Clearing Agency Standards).
• Mitigates risk by following established procedures and monitoring controls, spotting key errors and demonstrating strong ethical behavior.

Benefits

• Competitive compensation, including base pay and annual incentive
• Comprehensive health and life insurance and well-being benefits, based on location
• Pension / Retirement benefits
• Paid Time Off and Personal/Family Care, and other leaves of absence when needed to support your physical, financial, and emotional well-being.

What This Job Offers

• Job Type: Full-time
• Career Level: Senior