Quantitative Model Risk Validation Analyst

Busey; Missouri; On-site; USD 92,000 - 100,000; Full time

Job summary

A leading financial institution is seeking a Quantitative Model Risk Validation Analyst to lead model validation efforts, ensuring compliance with internal policies and regulatory requirements. The role involves collaboration with various stakeholders to manage model risks effectively. Ideal candidates will have a strong background in model validation, excellent communication skills, and a Bachelor's degree in a relevant field.

Benefits

401(k) match

Profit sharing

Employee stock purchase plan

Paid time off

Medical, dental, vision insurance

Company-paid life insurance

Long-term disability

Wellness incentives

Employee assistance program

Qualifications

• At least five years of previous model validation experience at a financial institution.
• Advanced skills at Microsoft Office, intermediate programming skills.

Responsibilities

• Lead the Company’s independent model review processes.
• Produce succinct, comprehensive model validation reports.
• Engage with vendors and facilitate third-party validations.

Skills

Analytical Thinking

Communication

Organizational Skills

Education

Bachelor’s Degree in Economics

Bachelor’s Degree in Math

Bachelor’s Degree in Statistics

Bachelor’s Degree in Finance

Tools

Microsoft Office

R

Python

Archer Governance

Job description

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Position Summary

Position Summary

Busey Bank is a growing financial institution, established over 150 years ago and operates in Illinois, Kansas, Missouri, Indiana, Texas, Colorado, Oklahoma, Arizona and Florida. As a Quantitative Model Risk Analyst, your primary responsibility will be leading the Company’s model validation and review engagements, ensuring models are conceptually sound and adhere to internal policies and align with regulatory requirements. Additionally, you will be expected to provide consultation to various stakeholders across the organization to provide guidance enabling them to reduce model risks and improve profitability. You will also engage with leaders across the organization requiring you to cultivate positive working relationships to proactively identify, quantify, and manage risks.

Duties & Responsibilities

• Lead the Company’s independent model review processes of quantitative and qualitative models
• Develop rolling validation and periodic schedules to ensure models are validated and reviewed at required intervals and when material changes are made to the models
• Facilitate all aspects of internal and external model validations, including planning the validation scope and requests for information, scheduling meetings, developing and coordinating email communications, and producing reporting for stakeholders
• Perform independent, internal model validations of quantitative models. Internal validations require the Associate to:
• Review the appropriateness and conceptual soundness of each model individually and in aggregate, taking into consideration of alternative approaches;
• Effectively challenge a model’s inputs, assumptions, and testing;
• Assess the efficiency at which a model produces outputs relative to alternatives;
• Evaluate the ongoing monitoring plan of a model, including whether testing is sufficient in between model reviews to identify model deterioration as well as evaluating whether the model control framework is effectively designed; and
• Assess the comprehensiveness of model documentation
• Identify and report weaknesses to business partners and stakeholders
• Produce succinct, comprehensive model validation reports summarizing the review and any findings
• Engage vendors, negotiate contracts and validation scope, and facilitate third-party validations, where necessary. Vendor validations require Associate to:
• Transmit all documents and resources requested by the vendor to perform the validation;
• Partner with validators to effectively challenge quantitative models;
• Enable internal business partners by providing consultation and explaining model related questions and issues as they arise; and
• Review and approve vendor’s model validation report and findings
• Demonstrate subject matter expertise to business partners, providing guidance on risk mitigation, model development, and ongoing monitoring, including the development and maintenance of model Key Risk Indicators
• Perform reviews of all Periodic Review submissions for Tier I, Tier II, and Tier III models in between model validations to ensure model performance is consistent with expectations and ongoing monitoring is effective
• Produce periodic reporting on model validation and periodic review results as well as model Key Risk Indicators, reporting to governance committees and working groups when requested
• Provide consultation on the business’s efforts to remediate findings identified throughout the life of a model
• Deliver documentation to management, internal audit, and regulators as requested
• Maintain and evolve the Company’s risk-based model documentation, testing and validation requirements
• Participate in industry calls to remain abreast of changes in the regulatory environment and industry best practices in the development and management of models and model risk
• Collaborate with Model Risk Governance in the identification and risk assessment of models
• Develop and maintain model risk validation and review procedures
• Contribute to Model Risk Management Policy, Program, and Procedural documentation
• Contribute to or lead special projects to enhance the Company’s Model Risk Management Program
  
  

Education & Experience

Education and Experience

• Bachelor’s Degree in Economics, Math, Statistics, Finance or a related area of study
• At least five years of previous model validation experience at a financial institution subject to SR 11-7 and FDIC FIL 22-2017
• Advanced skills at Microsoft Office (Excel, PowerPoint and Word)
• Intermediate programming skillset capable of using statistical software (e.g., R, Python, etc.)
• Experience with Archer Governance, Risk, and Compliance platform
• Strong financial and credit acumen
  
  

Advanced Knowledge Of

• Capital, credit, interest rate, and liquidity risk as well as CECL regulatory requirements
• Analytical and strategic thinking with attention to detail
  
  

Ability To

• Work independently and in a team
• Excellent written, communication, organizational, and interpersonal skills
• Customer Service - Adheres to The Busey Promise service standards set by Service Plus (Busey’s service model) in order to anticipate and exceed the needs of our customers, both internal and external
• Functional Knowledge and Technical Skills - Skilled in job-specific knowledge that is necessary to provide the appropriate quantity and quality of work in a timely and efficient manner
• Accountability - Work behaviors demonstrate responsible personal and professional conduct, which contributes to the overall goals and objectives of Busey
  
  

Benefits And Compensation

Salary offered is based on factors, including but not limited to, the job duties, required qualifications and relevant experience, and local market trends. The role may be eligible for bonus or incentives based on company and individual performance.

(Base Pay Range: $92,000 – $100,000 /year)

Busey provides a competitive Total Rewards package in return for your time, talents, efforts and ultimately, results. Your personal and professional well-being—now and in the years to come—are important to us. Busey’s Total Rewards include a competitive benefits package offering 401(k) match, profit sharing, employee stock purchase plan, paid time off, medical, dental, vision, company-paid life insurance and long-term disability, supplemental voluntary life insurance, short-term and long-term disability, wellness incentives and an employee assistance program. In addition, eligible associates may take advantage of pre-tax health savings accounts and flexible spending accounts. Visit Busey Total Rewards for more information.

Equal Opportunity

Busey values a diverse and inclusive workplace and strives to recruit, develop and retain individuals with exceptional talent. A team with diverse talent, working together, is essential to Busey’s commitment of delivering service excellence. Busey is an Equal Opportunity Employer including Disability/Vets. Visit Busey.com/Careers to learn more about Busey’s Equal Opportunity Employment.

Unsolicited Resumes

Busey Bank, and its subsidiaries, does not accept any liability for fees for resumes from recruiters or employment agencies (“Agency”), without a binding, written recruitment agreement between Busey and Agency describing the services and specific job openings (“Agreement”). Busey may consider any candidate for whom an Agency has submitted an unsolicited resume and explicitly reserves the right to hire those candidate(s) without any financial obligation to the Agency, unless an Agreement is in place. Any email or verbal contact with any Busey associate is inadequate to create a binding agreement. Agencies without an Agreement are requested not to contact any associates of Busey with recruiting inquiries or resumes. Busey respectfully requests no phone calls or emails.

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

• Industries

  Banking

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