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Model Validation Manager

$130,000 - $160,000/Yr

Cross River - Fort Lee, NJ

posted 23 days ago

Full-time - Senior
Hybrid - Fort Lee, NJ
Credit Intermediation and Related Activities

About the position

Cross River's Model Risk Management group provides a structured approach for identifying, assessing, monitoring and reporting the risks faced by the Bank in alignment with the Bank's strategic objectives. It provides a framework that drives effective, risk-based decision making, and firm-wide governance structures that supports an enterprise-wide approach to risk management, and as a Head of Model Risk Management, you will play a key role in facilitating the same. We are currently looking for a strong, experienced Model Risk Manager to join our Risk team to work in a dynamic environment. The candidate must be self-motivated, results-driven, and be comfortable working with people. If you are a sharp thinker and problem solver, this is a rewarding career opportunity for you. The team cares about building partnerships, and we have fun doing it. If you like challenging problems, are analytical, and a great team player-we want to hear from you!

Responsibilities

  • Validate and test models in BSA/AML, OFAC, Fraud and other transaction monitoring systems.
  • Analyze data mapping from core system to models and identify any errors and lack of controls in this area.
  • Create model validation reports (or work with team-members to create reports) in accordance with the bank's model risk policy and procedures.
  • Engage with model owners to communicate model findings.
  • Escalate issues to requisite senior management, review action and ongoing monitoring plans and reports, and identify deliverables to mitigate issues.
  • Review compensating controls for models with issues to ensure adequate remediation.
  • Support regulatory and audit timely remediation.
  • Ensure all models in the inventory are appropriately validated, revalidated, and annual reviews, and ongoing monitoring reviews are conducted in accordance with the MRM Policy and differentiated by Model Risk Levels.
  • Maintain the Model Risk Tiering Methodology that is used to manage Models at the Bank and Partners.

Requirements

  • Strong verbal and written communication skills and ability to communicate technical information to non-technical audiences
  • Experience as a Model Developer, Model Validator, and Model User is preferred
  • Ability to negotiate, and comfortable with different points of view with a key focus on ensuring Safety and Soundness
  • BA/BS Degree in a quantitative discipline (e.g., Finance, Economics, Operational Research, Statistics, Data Science; advanced degree preferred)
  • 5+ Years of experience in risk management at a bank or credit union, fintech organization
  • Results oriented, ability to meet deadlines, and strong attention to details
  • Integrity, ability to work independently, and strong problem-solving skills
  • Exceptional collaboration skills and a desire to work as part of a high-performance team.
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