Validator Quantitative Specialist

U.S. Bank•Minneapolis, MN

1d•Hybrid

About The Position

This position is an individual contributor role within U.S. Bank's Second Line of Defense Risk Management and Compliance organization, specifically supporting the Model Risk Management (MRM) program. The MRM program ensures governance and control over impactful institutional models in adherence to the Bank’s Model Risk Management Policy and Standards and applicable Regulatory Guidance. The specialist will collaborate with Model Owners and Developers to validate models pertinent to the Bank's Compliance and Financial Crimes groups, which include Anti-Money Laundering (AML), Cybersecurity, Economic Sanctions/OFAC, and Fair Lending. The role involves interacting with key stakeholders, regulators, and internal auditors to discuss validation and review outcomes. During validation, the Analyst is responsible for independently challenging various aspects of the model, such as its conceptual framework, methodology, data integrity and usage, implementation framework, process/governance, and ongoing performance. The Analyst will also prepare reports to document and present observations to model owners and developers, and track any identified material concerns or weaknesses requiring corrective actions through to remediation.

Requirements

Bachelor’s degree in a quantitative field, and five or more years of relevant experience OR MA/MS in a quantitative field, and three or more years of related experience OR PhD in a quantitative field, and less than two years of related experience.
Strong mathematical and statistical modeling or model validation experience.
Advanced understanding of applicable compliance laws, regulations, financial services, and regulatory trends that affect assigned line of business.
Excellent verbal and written communication skills (ability to explain complex ideas in simple, non-technical language).
Able to perform complex mathematical analysis utilizing various statistical and mathematical methods or techniques.
Understanding of foundational theories and methodologies of varying structural complexities, including (but not limited to) multi-layered rule-based algorithms; standard statistical methods for the identification of outlier events; linear or logistic regression; natural language processing (NLP), and machine learning methods such as random forest, gradient boosting techniques, or other ensemble techniques.
Ability to challenge either custom built or third-party proprietary vendor models.
Ability to retrieve, analyze and interpret data from various sources (internal and external).
Ability to aggregate data from various databases to facilitate statistical analyses as part of independent validation.
Ability to interpret results from statistical analyses performed and effectively communicate the results, with any associated conclusions, to various stakeholders.
Able to read, understand, and interpret applicable internal MRM policies and regulatory rules/guidance to confirm compliance.
Ability to work from a U.S. Bank Location three (3) or more days per week.

Nice To Haves

Self-motivated worker and comfortable working with varying levels of guidance.
Prior exposure to validation or development of models across BSA/AML, Cybersecurity, Fair Lending, Economic Sanctions, etc.
An ability to build strong relationships with stakeholders across multiple levels (e.g., senior leadership, teammates, etc.), with different analytical backgrounds, and various model development/validation experience.
Working knowledge of various Machine Learning methods, with working knowledge/experience.
Use of AI tools as part of regular workflow.

Responsibilities

Support the Model Risk Management (“MRM”) program.
Work with Model Owners and Developers to validate models related to the Bank's Compliance and Financial Crimes groups, including Anti-Money Laundering (AML), Cybersecurity, Economic Sanctions/OFAC, and Fair Lending.
Interface with key stakeholders, regulators, and internal auditors to discuss the justification and reasoning behind various validation and review outcomes.
Independently challenge the model’s conceptual framework and methodology, data integrity and usage, implementation framework, process/governance, ongoing performance, etc.
Generate reporting to document and present observations made to model owners and developers for consideration.
Track any items that require corrective actions to be taken by the model risk owners to remediation.
Design and perform analytical tests.
Perform independent research related to usage of advanced quantitative models.
Generate other professional-level products such as presentations, memos, etc., in support of day-to-day functions associated with the MRM program.
Retrieve, analyze and interpret data from various sources (internal and external).
Aggregate data from various databases to facilitate statistical analyses as part of independent validation.
Interpret results from statistical analyses performed and effectively communicate the results, with any associated conclusions, to various stakeholders.
Read, understand, and interpret applicable internal MRM policies and regulatory rules/guidance to confirm compliance.

Benefits

Healthcare (medical, dental, vision)
Basic term and optional term life insurance
Short-term and long-term disability
Pregnancy disability and parental leave
401(k) and employer-funded retirement plan
Paid vacation (from two to five weeks depending on salary grade and tenure)
Up to 11 paid holiday opportunities
Adoption assistance
Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law
Incentive and recognition programs
Equity stock purchase
Pension