Model Validation Specialist

Sumitomo Mitsui Banking Corporation • Jersey City, NJ

1d • $95,000 - $140,000 • Hybrid

About The Position

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

The anticipated salary range for this role is between $95,000.00 and $140,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role DescriptionReporting to the Manager, Model Validation Group, the Model Validation Associate plays an integral role in the implementation of the Model Risk Management framework for NYB and its subsidiaries. The role involves performing independent validation of credit risk and capital stress testing models, with the objective of strengthening model risk governance and enhancing overall model quality.
The Associate is responsible for documenting model development in accordance with regulatory expectations and internal standards, and for assessing the suitability of models for their intended business purpose. The role also includes supporting the development and review of model-related policies and procedures, conducting audits of adherence to established frameworks, and designing and executing back-testing methodologies to evaluate model performance and ensure results are reasonable, robust, and reliable.

Requirements

• Minimum master's or equivalent degree in Statistics, Mathematics, Engineering, Computer Science or related fields
• Strong analytical skills, both quantitative and qualitative.
• Strong written and verbal communication skills, with the ability to present complex information clearly and concisely.
• Ability to build and maintain effective working relationships with stakeholders at all levels. Demonstrated ability to work collaboratively in a team environment.

Nice To Haves

• Preferred experience in model validation and model development; and working with large and complex data sets.
• knowledge in loss reserve, CECL, capital and stress testing models
• knowledge of SR11-7, CECL, CCAR, and other regulatory requirements.

Responsibilities

• Conducts model validation across SMBC businesses and group companies for their intended use and scope, commensurate with the complexity and materiality of the models.
• Develops model validation methodology to assess models to confirm the conceptual soundness of model theory, quality of model implementation, and robustness of model ongoing monitoring.
• Identify model deficiencies through validations, communicate the issue with model owners and senior management, and provide feasible and adequate recommendations
• Conduct reviews on model annual assessment, model changes, and ongoing monitoring results
• Develop and maintain documentation templates, testing packages and automation tools/scripts to standardize validation processes
• Support audits and examinations for credit risk and stress testing models
• Communicates findings from validation work to management and stakeholders, including recommendations as appropriate.
• Ensure business continuity under all conditions, sometimes adverse, with strict adherence to established guidelines and deadlines.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees