Model Risk Management, Director

Webster Bank; Southington (CT); On-site; USD 155,000 - 175,000; Full time

Job summary

Webster Bank seeks a key addition to its Model Risk Management team, responsible for model governance, performance analysis, and leading the non-model tool governance program. Candidates should possess strong experience in model validation and governance within the commercial banking sector, along with a solid educational background in related fields.

Benefits

Incentive compensation

Qualifications

• 7+ years of Model Governance or related experience.
• Familiarity with consumer/small business/commercial banking products.
• Experience in rolling out enterprise-wide programs.

Responsibilities

• Lead model governance including administration of the Model Risk Management committee.
• Conduct due diligence on non-model tools and document review results.
• Author the Key Risk Metrics report for Model Risk Management.

Skills

Model Governance

Risk Assessment

Validation

Issue Management

Communication Skills

Education

Bachelor’s or Master’s degree in Econometrics, Statistics, Finance

Tools

Common Risk Modelling Tools

Job description

If you’re looking for a meaningful career, you’ll find it here at Webster. Founded in 1935, our focus has always been to put people first--doing whatever we can to help individuals, families, businesses and our colleagues achieve their financial goals. As a leading commercial bank, we remain passionate about serving our clients and supporting our communities. Integrity, Collaboration, Accountability, Agility, Respect, Excellence are Webster’s values, these set us apart as a bank and as an employer.

Come join our team where you can expand your career potential, benefit from our robust development opportunities, and enjoy meaningful work!

Position Summary

Reporting to Head of MRM, this position will be a key addition to the dynamic Model Risk Management team. The position is responsible for all aspects of model governance including administration of model risk committee, model/tool inventory, model performance analysis, monitoring and reporting. This role will lead the implementation for the newly established non-model tool / End User Computing ("EUC") governance program, perf model validation/testing of models and tools including the fast-expanding AI/ML area.

Key Responsibilities

• Responsible for execution of model governance including administration of the Model Risk Management committee, issue management, risk assessments, maintaining of model inventories, monitoring of model performance and model risk metrics, and reporting of model risks.
• Lead the rollout and maintenance of non-model tool / EUC governance by maintaining non-model tool standard, identifying and defining scope for non-model tools, evaluation of tools and determining applicability, and tracking the non-model tool inventory.
• Conduct due diligence on non-model tools and document review results.
• Perform validation and testing of models and/or non-model tools, and document review and findings.
• Author the Key Risk Metrics report for Model Risk Management and execute related controls.
• Drive MRM program related issue management process. Coordinate with FLCUs, aggregate and input model risk issues into Logic Manager, keep track on the remediation progress and final validation before closure

Requirements

• Bachelor’s or master’s degree in econometrics, statistics, finance or other business related discipline.
• 7+ Model Governance or related experience within commercial banks or financial institutions. Skills include model/tool identification, non-model tool / EUC governance Policy and Procedures, risk assessment, validation and issue management, and model KRIs, etc.
• In-depth business knowledge and familiarity with consumer/small business/commercial banking products, operations and processes
• Experience and familiarity with common risk modelling tools and various risk stripes including credit, treasury, BSA/AML/fraud systems, AI/ML, etc.
• Excellent verbal and written communication skills,
• Experience in rolling out enterprise wide program, developing constructive relationships with a wide range of different stakeholders.

The estimated base salary range for this position is $155,000 USD to $ 175,000USD. Actual salary may vary up or down depending on job-related factors which may include knowledge, skills, experience, and location. In addition, this position is eligible for incentive compensation.

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All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability or protected veteran status.