Model Risk Manager

Old National Bank•Evansville, IN

About The Position

Old National Bank has been serving clients and communities since 1834. With over $70 billion in total assets, we are a regional powerhouse deeply rooted in the communities we serve. As a trusted partner, we thrive on helping our clients achieve their goals and dreams, and we are committed to social responsibility and investing in our communities through volunteering and charitable giving. We continually seek highly motivated and talented individuals as our people are critical to our success. In return, we offer competitive compensation with our salary and incentive program, in addition to medical, dental, and vision insurance. 401K, continuing education opportunities and an employee assistance program are also included in our benefit suite. Old National also offers a variety of Impact Network Groups led by team members who are passionate about driving engagement, creating awareness of diverse backgrounds and experiences, and building inclusion across the organization. We offer a unique opportunity to join a growing, community and client-focused company that is firmly rooted in its core values. The Model Risk Manager will assist with enterprise-wide oversight responsibility for all aspects of model risk including model governance, model validation and model performance monitoring. This position leads the validation and approval of qualifying models used across different areas of the enterprise and is responsible for model usage tracking and controls along with model performance monitoring and model issues management. The Model Risk Manager will assist in implementing and maintaining high quality standardized model validation documentation, and keep up to date with regulations, regulatory exam requirements and regulatory guidance. Interact with external regulators and internal auditors to demonstrate the operational soundness and effectiveness of the model validation process. The role will work closely Executives and Senior Management with all lines of business for independent validation projects, other ongoing monitoring/effective challenge processes and provide recommendations for continuous model enhancements across the enterprise.

Requirements

Master’s or PhD. in Business, Economics, Engineering, Statistics, Mathematics or an equivalent combination of education and work related experience.
At least 5 years of experience in financial industry, audit, or functional equivalent.
Statistical and econometric theory, logistic regression, linear regression, time series modeling, operations research, and scenario based simulations.
Working knowledge of generative AI and machine learning methodologies
Model development and implementation procedures.
Capabilities and knowledge of R, Python, SAS or other statistical software.
Capabilities and knowledge of SQL.
Project management and strong communication skills.
Capacity to cope with a high degree of ambiguity and change.
Ability to work both independently and as part of cross-functional teams.
Capable of preparing and presenting reports to all audiences, including executives and boards.
Demonstrated leadership abilities in a fast-paced work environment.
Track record of being highly engaged with a hands-on management approach and lead-by-example style.
Outstanding business acumen and analytical, problem solving, written and verbal communication skills.
Possess strong interpersonal skills, customer- and team-oriented.
Ability to read, analyze and interpret governmental laws, regulations and regulatory guidance.
Demonstrates conceptual thinking and analytical skills.
Advanced problem-solving skills with the ability to define problems, analyze the variables and propose solutions.
Strong leadership skills with supervisory experience, strong interpersonal skills and seasoned risk management professional.
Required competency with Microsoft Office Suite

Responsibilities

Develop, Implement and Maintain the Model Validation Program
Lead the independent Validation of all corporate risk models, including credit risk (PD, LGD), forecasting, compliance and operational risk models, and other model types (including certain AI/ ML implementations). This also Includes performance the quality of model validations and oversight of any independent internal or external model validations.
Effective challenge of the model conceptual soundness, assumptions, and appropriateness of model methodology.
Model development data completeness and accuracy verification.
Replication of the model estimates.
Model testing including back-testing, sensitivity analysis, stress testing, and benchmarking.
Review of the model implementation, verification of user acceptance testing.
Preparation of comprehensive independent validation documentation.
Coordination of independent validation projects and processes among multiple stakeholders.
Participation in peer review processes for model development and validation.
Participation in periodic model monitoring and maintenance review.
Ongoing improvement of business acumen including knowledge of regulatory guidance, relevant research, risk technology, and financial services industry.
Development of strong business relationships with key business partners.
Develop, maintain and follow independent model validation standards and procedures.
Interpret model validation test results and establish required action plans with model owners/developers and provide value-added recommendations to model owners/developers.
Proactively identify emerging model risk issues impacting the Company in relation to the Bank’s risk appetite and communicate to model developers, senior management and Committees as needed.
Support and monitor the model issues management process.
Maintain current/develop new analytical reports and presentations for senior management, executive committees and regulatory exams.
Collaboration with data warehouse and/or model development departments.
Development of training materials and resources for the team members involved in the model life cycle including model owners and developers.
Ensure that team members are appropriately understanding of their roles and responsibilities.
Provide oversight, direction and development to team of Model Risk Analyst(s)