Quantitative Model Risk Validation Analyst

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

Job summary

Join a forward-thinking financial institution as a Quantitative Model Risk Analyst, where you will lead model validations and ensure compliance with regulatory standards. This role is pivotal in enhancing profitability and reducing risks by fostering collaboration across the organization. You will have the opportunity to engage in diverse projects, develop key risk indicators, and contribute to the Model Risk Management Program. With a comprehensive benefits package and a commitment to diversity, this position offers a rewarding career path in a dynamic environment.

Benefits

401(k) Match

Profit Sharing

Stock Purchase Plans

Paid Time Off

Health Insurance

Wellness Programs

Qualifications

• 5+ years of model validation experience at a financial institution.
• Proficiency in statistical software like R and Python.
• Strong financial and credit acumen.

Responsibilities

• Lead independent review processes for quantitative and qualitative models.
• Perform validations of quantitative models and report weaknesses.
• Collaborate on model risk governance and contribute to policies.

Skills

Model Validation

Statistical Analysis

Risk Management

Analytical Thinking

Communication 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 GRC

Job description

Position Summary

Busey Bank is a growing financial institution, established over 150 years ago, operating 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, adhere to internal policies, and meet regulatory requirements. Additionally, you will provide consultation across the organization to reduce model risks and enhance profitability. Building positive relationships with leaders across the organization will be essential to proactively identify, quantify, and manage risks.

Duties & Responsibilities

1. Lead the company's independent review processes for quantitative and qualitative models.
2. Develop and maintain validation schedules to ensure models are reviewed at required intervals and upon material changes.
3. Coordinate all aspects of internal and external model validations, including scope planning, information requests, meetings, communications, and reporting.
4. Perform independent validations of quantitative models, including:
   1. Assessing the appropriateness and conceptual soundness of models, considering alternative approaches.
   2. Challenging model inputs, assumptions, and testing procedures.
   3. Evaluating model outputs relative to alternatives.
   4. Reviewing ongoing monitoring plans and control frameworks.
   5. Assessing documentation comprehensiveness.
   6. Reporting weaknesses and producing validation reports.
5. Engage vendors, negotiate contracts and scope, and facilitate third-party validations, including:
   1. Providing requested documents and resources.
   2. Challenging models with validators.
   3. Consulting with internal partners on model issues.
   4. Reviewing and approving validation reports.
6. Provide expertise and guidance on risk mitigation, model development, and monitoring, including developing model Key Risk Indicators.
7. Review periodic submissions for Tier I, II, and III models to ensure performance and monitoring effectiveness.
8. Generate reports on validation and review results, reporting to governance bodies as required.
9. Assist in remediating findings identified during the model lifecycle.
10. Deliver documentation to management, audit, and regulators as needed.
11. Maintain and enhance the company's model documentation, testing, and validation standards.
12. Participate in industry discussions to stay updated on regulatory and best practice changes.
13. Collaborate on model risk governance and contribute to policy and procedural documentation.
14. Lead or contribute to special projects to improve the Model Risk Management Program.

Education & Experience

• Bachelor's Degree in Economics, Math, Statistics, Finance, or related field.
• Minimum five years of model validation experience at a financial institution subject to SR 11-7 and FDIC FIL 22-2017.
• Proficiency in Microsoft Office (Excel, PowerPoint, Word).
• Intermediate programming skills in statistical software (e.g., R, Python).
• Experience with Archer GRC platform.
• Strong financial and credit acumen.

Knowledge & Skills

• Understanding of capital, credit, interest rate, liquidity risks, and CECL regulations.
• Analytical and strategic thinking with attention to detail.
• Ability to work independently and in teams.
• Excellent communication and organizational skills.
• Customer service orientation aligned with Busey's service standards.
• Technical proficiency relevant to the role.
• Responsible and professional work conduct.

Benefits & Compensation

Salary is commensurate with experience and qualifications, with potential bonuses based on performance. The base pay range is $92,000 - $100,000 /year. Busey offers a comprehensive Total Rewards package including benefits such as 401(k) match, profit sharing, stock purchase plans, paid time off, health insurance, and wellness programs. Visit Busey Total Rewards for more information.

Equal Opportunity

Busey values diversity and inclusion and is an Equal Opportunity Employer, including Disability/Vets. More at Busey.com/Careers.

Unsolicited Resumes

Busey does not accept fees for resumes from recruiters or agencies without a formal agreement. We consider unsolicited resumes but prefer direct applications. Please refrain from contacting associates directly unless via formal channels.