Senior Operational and Model Risk Analyst

Braemar Hotels & Resorts•Red Bank, NJ

13d•Onsite

About The Position

The primary responsibility of this position is to support the assessment and oversight of Operational Risk and Model Risk to enhance the Bank's risk management program. This includes analysis of processes to identify key risks and controls at a business unit level as well as aggregate operational risk and model risk data to ensure compliance with the Bank's Risk Appetite. This position is also responsible for collaborating with all three lines of defense to increase consistency across the Bank and to identify opportunities to mitigate operational risk and model risk. It includes working in concert with the Director of Operational Risk Management to execute the business and technology related Risk Control Self-Assessments (RCSAs) within the enterprise-wide Governance, Risk and Compliance tool and evaluating and monitoring the Bank-wide models to ensure compliance with regulatory standards.

Requirements

Working knowledge of model risk best practices and frameworks including model evaluation, model validation, model documentation and reporting.
Knowledge of operational risk best practices including conducting risk control self-assessments, incident management, issues management, and scenario analysis.
Demonstrated ability to critically evaluate risk, consider relevant business factors, and make well-supported recommendations.
Proven ability to interact effectively across the Bank with stakeholders at all levels with the added skill to challenge the status quo thereby becoming a change agent.
Strong analytical thinking, attention to detail, and problem-solving skills.
Proficiency in Microsoft Office and experience using Visio to create process flows.
Excellent verbal and written communication skills.
Demonstrated ability to work independently with limited direct supervision.
Understanding of federal and state banking laws, and model risk management regulations and guidance.
Bachelors degree in Statistics, Mathematics, Finance, Economics, Engineering, Computer Science, Information Security, or a related equivalent field is required.
Minimum 5 years of experience in banking or financial services with direct experience in operational and model risk management.

Nice To Haves

IT risk management or data analysis preferred.
Knowledge of GRC solutions and usage is a plus.
Understanding of Artificial Intelligence (AI) and Machine Learning (ML) capabilities.

Responsibilities

Document bank-wide processes and execution of business processes, with a focus on technology related risks by performing Risk Control Self-Assessments (RCSAs) to assess inherent and residual risks of in-scope front-to-back processes at the aggregated bank and branch levels.
Track and categorize operational risk incidents and losses. Conduct deep dives on significant incidents to assure root causes have been identified and mitigation applied at bank-wide level where appropriate. Provide guidance and prepare reports to track remediation activities.
Remain current and support training for the line of business on the Governance, Risk, and Compliance tool that will support conducting the assessments, aggregating the risks, and tracking the mitigation of identified deficiencies.
Monitor and test operational risk controls to verify effectiveness of design and execution.
Develop and track quantitative measures to improve monitoring of existing operational risk to stated tolerance and to identify emerging operational risk trends.
Maintain the centralized inventory of models through RCSA reviews and perform quantitative and qualitative analysis to identify and mitigate model-related risks.
Conduct semi-annual model inventory reviews and work with Model Owners to ensure completeness and accuracy of the model inventory across the Bank.
Review model validation reports to evaluate model conceptual soundness, data quality and performance.
Perform review of the Model Risk Management Policy and propose updates to align with industry practices and regulatory expectations.
Perform backtesting of models to validate model accuracy by comparing its forecasts against actual historical outcomes.
Track and monitor model issues as they arise and collaborate with the model owners to ensure they are remediated timely.
Update monthly and quarterly operational risk and model risk reports for Business Units, Management, and the Board.