Model Risk Management and Governance Program Manager

First Interstate BancSystem, Inc.•Sioux Falls, SD

50d

About The Position

The Model Risk Management and Governance Program Manager is responsible for leading and overseeing the Model Risk Management (MRM) Program and team within the Enterprise Risk Management (ERM) organization, ensuring the effective governance, validation, and monitoring of models used across the bank. This position leads a team of analysts and collaborates with various stakeholders to manage model risk and ensure compliance with regulatory requirements, including the oversight of developing, implementing, maintaining, and managing model risk exposure in alignment with regulatory expectations and program guidelines. The position requires sound knowledge of the financial institution landscape and a deep understanding of model risk management and governance.

Requirements

Deep expertise and experience in all aspects of model risk management and governance across the wide variety of modeling approaches used by banks, along with broad knowledge of the financial industry-particularly mid-sized community banks.
Strong understanding of SR 11-7 and model risk management (MRM) practices.
Strong leadership and team management skills.
Excellent analytical and problem-solving abilities.
Experience with advanced modeling techniques and a solid understanding of foundational data management and data governance principles.
Excellent communication and interpersonal skills, with the ability to effectively interface with enterprise stakeholders.
Ability to read, analyze, and interpret scientific and technical journals, financial reports, and legal documents.
Ability to respond to common inquiries and effectively present information to regulators, management, and boards of directors.
Ability to define problems, collect data, establish facts, and draw valid conclusions.
Ability to interpret a wide range of technical instructions in mathematical or diagram form and to work with both abstract and concrete variables.
Bachelor's Degree required
7-9 years experience in model risk management, preferably within the banking sector required

Nice To Haves

Master's Degree in Economics, Finance, Quantitative Analysis, Mathematics, or Statistics preferred
Relevant certifications such as Certified Model Risk Manager (CMRM) preferred

Responsibilities

Ensures effective governance of models at the bank throughout their entire lifecycle.
Oversees model development, implementation, testing, validation, ongoing monitoring, change controls, and retirement.
Ensures that the MRM program and supporting policies, procedures, and guidelines are fully aligned with regulatory expectations and industry best practices.
Serves as the leader, manager, and subject matter expert responsible for identifying, evaluating, mitigating, and reporting on enterprise-wide model risk exposure, as well as assessing the effectiveness of controls to minimize model risk.
Develops and implements the model risk management framework, governance policies, and requirements.
Leads and manages the model risk management team.
Collaborates and partners with key stakeholders, including model owners and the Third-Party Risk Management team, to ensure compliance with the model risk management program and regulatory requirements.
Oversees the validation, monitoring, documentation, and management of models used across the bank, working with model owners, stakeholders, leadership, and the ERM team to ensure model risk is appropriately monitored and assessed in accordance with established policies and regulatory best practices.
Works with third-party model validators to challenge findings and establish action plans with model owners for any identified issues or enhancement recommendations.
Manages and maintains the bank's model inventory by working with model owners to classify all active, retired, and in-development models in a timely manner.
Annually assesses complex models to confirm they are fit for purpose and ensures proper change control logs and model release documentation are provided by model owners in accordance with established policies.
Develops measurement methodologies and monitoring techniques that aggregate model risk exposures and performance on an enterprise-wide basis.
Conducts independent reviews and challenges of models to identify weaknesses and opportunities for improvement.
Supports model owners in organizing and maintaining model documentation; leads meetings and conducts interviews with business units to better understand processes being modeled or systematized in non-model tools (e.g., calculators, databases, EUCs).
Enhances the existing model governance framework by updating policies and procedures to address evolving business needs and emerging risk challenges.
Conducts model risk management education and training.
Prepares and presents model risk reports reflecting exposures and monitoring results to the Board, CEO, Audit Committee, Executive Committee, and Enterprise Risk Management Committee.