Model Risk Manager

Busey Bank; Illinois; On-site; USD 92,000 - 126,000; Full time

Job summary

An established industry player is seeking a Model Risk Manager to lead their Model Risk Management Program. This role involves cultivating relationships with model owners, managing model risks, and developing solutions to enhance the program. You will have the opportunity to work in a supportive environment, leveraging your expertise to provide insightful reports for senior management and the Board. With a focus on compliance and industry standards, you will play a pivotal role in driving improvements and ensuring the organization remains at the forefront of model risk management. If you are passionate about finance and risk management, this is the perfect opportunity to advance your career.

Benefits

401(k) match

Profit sharing

Stock purchase plan

Paid time off

Medical/dental/vision insurance

Life insurance

Disability coverage

Wellness incentives

Assistance programs

Qualifications

• 10+ years in model development, review, and validation in finance.
• Strong analytical, communication, and organizational skills required.

Responsibilities

• Lead the Model Risk Management Program and ensure compliance.
• Develop insightful reports for management and the Board.
• Manage model inventory and execute validations as needed.

Skills

Microsoft Office (Excel, PowerPoint)

R

Python

Analytical Skills

Strategic Thinking

Attention to Detail

Communication Skills

Organizational Skills

Education

Bachelor's Degree in Finance, Economics, Accounting

Tools

Archer GRC

Job description

Position Summary

As a Model Risk Manager, your primary responsibility will be leading First Busey Corporation's Model Risk Management Program in accordance with the Model Risk Policy and Program. You will cultivate positive relationships with model owners and developers to proactively identify and mitigate risks, identify opportunities, develop solutions to enhance the Model Risk Program, and create timely, insightful reports for Senior Management and the Board of Directors to enable proactive risk management processes. This role offers an opportunity to advance your career in a growing financial institution and to evolve the Model Risk Management program.

Duties & Responsibilities

1. Lead the Company's Model Risk Management (MRM) Program, supporting the lines of business in identifying, managing, and measuring model risks.
2. Serve as the Bank's subject matter expert on model risk management, providing guidance to ensure model governance processes are properly implemented and sound (SR 11-7).
3. Manage the inventory of models and non-models for completeness, accuracy, and compliance with the MRM Policy and Program.
4. Maintain a deep understanding of the company's models and non-models, including usage, ownership, assumptions, limitations, deficiencies, and mitigation strategies.
5. Oversee the inventory of MRM Program metrics and model-specific metrics, reporting on performance and identifying deterioration proactively.
6. Execute model validations as required by the MRM Program.
7. Review annual Periodic Reviews for models and non-models to assess performance and monitoring efforts.
8. Monitor and report on model-related findings, guiding Model Owners in remediation efforts.
9. Leverage data sources to develop insightful quarterly reports for management, oversight committees, and the Board of Directors.
10. Organize MRM Working Group meetings, including setting agendas and coordinating with guest presenters.
11. Present quarterly updates to the MRM Working Group and other oversight committees as needed.
12. Manage the Model Risk Management Policy, Program, procedures, and training initiatives to align with regulatory expectations and industry best practices for a $20bn+ financial institution.
13. Develop and implement initiatives to continuously improve the Program in line with regulatory and industry standards.
14. Maintain the MRM module within the company's Archer GRC platform to manage the model lifecycle effectively.
15. Engage with industry consortiums and attend conferences to stay updated on regulatory and industry developments.
16. Support internal audit and regulatory requests as necessary.
17. Lead and support special projects as required.

Education & Experience

Knowledge of:

• Advanced proficiency in Microsoft Office, especially Excel and PowerPoint.
• Technical skills in R or Python.
• At least ten years of experience in model development, review, validation, and oversight within financial institutions.
• Deep understanding of FRB's SR 11-7.
• Strong analytical, strategic thinking, and attention to detail.
• Excellent communication, organizational, and interpersonal skills.

Ability to work:

• Independently and collaboratively.
• Effectively build rapport and trust, challenge concepts respectfully, and bring value to processes.

Education and Training

• Bachelor's Degree in Finance, Economics, Accounting, or a related field (or equivalent experience).
• High-level quantitative and analytical skills.
• Problem-solving skills with a proactive approach.
• Effective communication skills, both verbal and written.
• Process management orientation, with a focus on efficiency and automation.
• Strong planning and organizational skills, with initiative and persistence.

Benefits and Compensation

Salary is based on duties, qualifications, experience, and market trends. The role may include bonuses or incentives based on performance.

(Base Pay Range: $92,000 - $126,000/year)

Busey offers a comprehensive Total Rewards package, including 401(k) match, profit sharing, stock purchase plan, paid time off, medical/dental/vision insurance, life insurance, disability coverage, wellness incentives, and assistance programs. Eligible employees can also access pre-tax health savings and flexible spending accounts. For more details, visit Busey Total Rewards.

Equal Opportunity

Busey values diversity and inclusion, striving to recruit, develop, and retain talented individuals. We are an Equal Opportunity Employer, including Disability/Vets. Learn more at Busey.com/Careers.

Unsolicited Resumes

Busey does not accept fees for resumes from recruiters or agencies without a formal agreement. We may consider candidates submitted without such an agreement and reserve the right to hire them without obligation. Please refrain from unsolicited contact. No phone calls or emails, please.