Quantitative Analyst II

First Citizens Bank • Morris Township, NJ

7d • Hybrid

About The Position

This is a hybrid role, with the expectation that time working will regularly take place inside and outside of a company office.
Conduct independent model audits to ensure bank models align with business objectives and design objectives. Verify that models are performing as expected. Identify potential limitations, including assessing potential impact. Write detailed model audit reports that present the results from executing a thoughtful and thorough model audit plan. Communicate the model audit findings to model owners, model validators, senior management, and regulatory agencies as required. Perform annual reviews and review the on-going monitoring reports to ensure that the models are performing as intended. Interact with all key stakeholders including model users, model owners, vendors, Model Risk Governance, and other auditors throughout the model lifecycle including validation, ongoing performance evaluation. Suggest enhancements to the existing audit process including audit templates, on-going monitoring of models, automation of repetitive tasks. Guide junior team members on model audits. Engage in review and development of risk models and tools used to report on and manage the financial metrics, balance sheet and risk of the company. Responsible for data analysis and research including back testing of models and strategies using historical data. Engage in risk management, analyzing and assessing key risks to the bank. Execute stress tests and scenario analysis to evaluate the performance of models under various adverse market conditions. Develop the appropriate documentation for third line risk partners. Engage, troubleshoot and escalate work deliverables for assigned systems, products, or business unites. Identify potential improvements to current procedures, plans, and controls to achieve business objectives and regulatory requirements.

Requirements

• Bachelor’s degree in Statistics, or a related field plus four (4) years of experience in the job offered or four (4) years as a Sr. Analyst or related occupation. Alternatively, employer will accept a Master’s degree in Statistics or a related field and two (2) years in the job offered or two (2) years as a Sr. Analyst or related occupation.
• Experience in model development and implementation, model validation, or model audit within the financial industry.
• Analytics experience with Python, SAS, and SQL.
• Experience developing, validating, or auditing financial and stress testing models.
• Experience with various performance metrics and the use cases for each.
• Experience maintaining or validating vendor developed models.
• Strong analytical skills and ability to find patterns in transactional data.
• Advanced programming skills in Python, SQL, and SAS.
• Experience using SQL to pull data from enterprise warehouse databases.
• Experience developing or validating Artificial Intelligence and Machine Learning models and rule-based models.
• Exceptional understanding of the banking industry and business lines.
• Experience communicating validation standards and technical concepts to key stakeholders.
• Good understanding of federal guidance related to model risk management.
• Strong knowledge of Artificial Intelligence and Machine Learning.
• Thorough understanding of the workflow of a transaction or an application submission to filing of a claim.

Responsibilities

• Conduct independent model audits
• Write detailed model audit reports
• Communicate model audit findings
• Perform annual reviews and review on-going monitoring reports
• Interact with key stakeholders
• Suggest enhancements to the audit process
• Guide junior team members on model audits
• Engage in review and development of risk models and tools
• Responsible for data analysis and research
• Engage in risk management
• Execute stress tests and scenario analysis
• Develop documentation for third line risk partners
• Engage, troubleshoot and escalate work deliverables
• Identify potential improvements to current procedures, plans, and controls

Benefits

• Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits

What This Job Offers

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