Model Risk Analyst

FIRST INTERNET BANK; Fishers (IN); On-site; USD 94,000 - 130,000; Full time

Benefits offered by this job

Medical, Dental & Vision

401(k) Plan

Paid Time Off

Job summary

First Internet Bank is seeking a Model Risk Analyst to support the Bank’s Model Risk Management program. You will assist with model validation, risk assessment, and governance, providing independent challenge and oversight across the model lifecycle.

The role requires collaboration with stakeholders, data quality evaluation, and preparation of reports for senior management and regulators. MS Office proficiency and familiarity with AI governance are preferred.

Qualifications

• Bachelor’s degree or equivalent work experience required.
• Minimum two years in model risk, model validation, internal audit, or risk management.
• Familiarity with model risk governance, SR 26-2, and AI governance is preferred.
• Baseline knowledge of AI/machine learning concepts preferable.
• Experience developing risk dashboards and executive reporting preferred.
• Experience with Banking as a Service (BaaS) or fintech partnerships preferred.
• Strong interpersonal and project-management skills; able to coordinate many tasks.

Responsibilities

• Assist in independent review and validation of quantitative models for regulatory alignment.
• Evaluate model design, methodology, data quality, and assumptions with effective challenge.
• Analyze information to identify trends, risks, and potential business impacts.
• Monitor AI-related risks and suggest corrective actions including retirement if needed.
• Ensure models and AI-enabled solutions are governed per internal policies and guidance.
• Conduct validation reviews via documentation, interviews, and ongoing monitoring.
• Maintain model/tool inventory, validation docs, and governance records.
• Prepare reports and recommendations for senior management, committees, and regulators.
• Promote model risk awareness through training and governance reporting.

Skills

Model risk

Model validation

Quantitative analysis

Regulatory guidance

AI governance

Stakeholder communication

Project management

Executive reporting

Vendor management

Education

Bachelor’s degree or equivalent

Tools

Microsoft Office

Job description

About the Position:As the Model Risk Analyst, you will support the Bank’s Model Risk pursuant to the Bank’s Model Risk Management (MRM) Program and policy. You will promote awareness of sound model risk management practices by assisting with model validation, identifying model risk, and supporting risk mitigation and reporting. You will also help ensure the Bank’s MRM program and policy is compliant with regulatory expectations. Working within the second line of defense, you will provide independent review, effective challenge, and ongoing oversight across the full model and tool lifecycle.What You Will Do:Assist in the management of independent review and validation of quantitative models to ensure alignment with regulatory requirements, governance standards, and business objectives.Evaluate model and tool design, methodology, assumptions, data quality, conceptual soundness, limitations, and performance, providing effective challenge to model owners and developers.Analyze quantitative and qualitative information to identify trends, anomalies, emerging risks, performance issues, and potential impacts on decision-making and business outcomes.Assess, monitor, and mitigate model and AI-related risks, recommending corrective actions including continued use, modification, or retirement.Help monitor the models and AI-enabled solutions are developed, implemented, validated, monitored, and governed in accordance with internal policies and applicable regulatory guidance.Conduct validation reviews through documentation assessments, stakeholder interviews and ongoing monitoring activities to evaluate model effectiveness and compliance.Maintain the Bank’s model and tool inventory, risk assessments, validation documentation, and supporting governance records.Prepare comprehensive reports, risk assessments, and recommendations to senior management, risk committees, auditors, and regulatory examiners.Monitor industry trends, regulatory developments, and emerging model and AI risk management practices, communicating relevant changes and impacts to stakeholders across the organization.Promote model risk awareness through training, advisory support, governance reporting, special projects, and other initiatives that strengthen the Bank’s risk management framework.All other duties assigned.What We’re Looking For:Bachelor’s Degree or equivalent work experience.A minimum of two years of model risk, model validation, quantitative analysis, internal audit, or risk management experience required.Proficient in Microsoft Office Suite.Understanding of model risk governance, policies, procedures, and regulatory guidance, including SR 26-2 and emerging AI/ML governance expectations preferred.Baseline familiarity with AI or machine learning concepts and related governance considerations preferred.Experience developing risk dashboards, key risk indicators, and executive reporting preferred.Experience with Banking as a Service (BaaS)/Fintech Partnerships preferred.Effective interpersonal skills in working with vendors, business units, team members.Strong project management skills, with proven ability to coordinate multiple tasks on an ongoing basis.Proven cost savings and continuous improvement approach.Strong presentation, written communication, and leadership skills.Working Conditions/Demands:Professional office setting.Primarily sedentary position requiring long periods of time working at a computer.Must be able to move throughout the office and buildings to obtain or relay information.Must be able to perform the essential functions of the position with or without reasonable accommodation.Who Are We?We’re not just another bank and we’re not looking for just another employee. Since 1999, First Internet Bank has been dedicated to finding a better way to bank and doing things that have never been done before. Yes, we really were the first state-charted, FDIC insured bank to operate entirely online and we have been leading the way ever since.We seek the game changers, the innovators…those who challenge the status quo because change really is the only constant. Ready to join a team of imaginative, driven individuals like you? It’s your career, you deserve to imagine more. Keep reading, we think you will like you what see.Why Join Us?At First Internet Bank, our workplace is built around people. Guided by four core competencies—Collaborate to Win, Adapt with Agility, Decide for Impact, and Put People First—we’ve created an environment where individuals feel empowered, supported, and inspired to do their best work. This commitment to collaboration and growth has earned meaningful recognition, including being named a Top Workplace multiple times and one of the Best Banks to Work For. We’re proud of these honors because they reflect what matters most to us: our team.This culture comes to life at our 175,000‑square‑foot headquarters in downtown Fishers, designed with our people in mind. Inside, you’ll find thoughtfully designed workspaces, an onsite fitness center and The Backyard, our 18,000‑square‑foot open‑air deck with fire pits, covered pergolas, a waterfall, and plenty of greenery for stepping away and recharging. Add free snacks, soft drinks, beer on tap, unlimited volunteer time off, continuous education opportunities for development and regular team events, and you’ll find plenty of ways we support connection and a great workday.Our benefits package includes the following and so much more:Medical, Dental, and Vision Insurance for Full-Time employees - Eligibility begins on day one of employment401(k) Retirement Plan with Generous Match for Full-Time and Part-Time employees - Eligibility begins on day one of employmentProfessional Development ReimbursementAt Least 3 Weeks Paid Vacation Annually - For New Employees, Paid Vacation is Adjusted Based on Start DateEleven Paid HolidaysPaid Volunteer TimeAnnual First Internet Bank-branded merchandise allowanceEqual Opportunity Employer - Women, Minorities, Veterans and Individuals with DisabilitiesIf you are a California resident, you may be entitled to certain rights regarding your personal information. Additional information about our data collection practices and location specific notices is available on our privacy policy. Click here to read more.The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor’s legal duty to furnish information. 41 CFR 60-1.35(c). Click here to read more.