Model Risk Analyst

Phyton Talent Advisors; Red Bank (NJ); On-site; USD 90,000 - 130,000; Full time

Job summary

Phyton Talent Advisors is assisting a bank in Red Bank, NJ to hire a Senior Operational Risk and Model Risk professional. You will support assessment, oversight, and escalation of risk across the three lines of defense, aligning with regulatory standards and the Bank's risk appetite.

You will execute RCSAs, review model inventories and validations, monitor controls, and prepare governance reports for the Board, with a emphasis on data quality and integrity in risk reporting.

Qualifications

• Knowledge of model risk best practices and risk control self‑assessments.
• Experience with risk/incidents, issues management and scenario analysis.
• Ability to evaluate risk and provide data‑driven recommendations.

Responsibilities

• Document bank‑wide processes with a focus on technology risks via RCSAs.
• Track and analyze operational risk incidents and losses; guide remediation.
• Support training on the Governance, Risk, and Compliance tool.
• Monitor and test operational risk controls for effectiveness.
• Develop quantitative measures to monitor risk and identify trends.
• Maintain model inventory and perform model risk analysis.
• Review model validation reports for soundness and data quality.
• Backtest models and track model issues to timely remediation.
• Update risk reports for Business Units, Management, and the Board.

Skills

Risk assessment

Governance

Analytical thinking

Communication skills

Stakeholder management

Independent work

Problem solving

Tools

Microsoft Office

Visio

GRC tools

Job description

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.

What You Will Do List

In concert with Director of Operational Risk Management 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.

What We Expect Of You

• 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.
• Demonstratd 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.
• Knowledge of GRC solutions and usage is a plus.
• Understanding of Artificial Intelligence (AI) and Machine Learning (ML) capabilities.
• Excellent verbal and written communication skills.
• Demonstrated ability to work independently with limited direct supervision.