Quantitative Model Validation Analyst

U.S. Bank; Minneapolis (MN); Hybrid; USD 105,000 - 124,000; Full time

Benefits offered by this job

Healthcare benefits

401(k) plan

Paid time off

Job summary

U.S. Bank is seeking an experienced Quantitative Model Validation Analyst to join the Risk Management and Compliance organization.

You will validate macroeconomic forecasting models used in CCAR, CECL, and capital planning, and work with model owners, developers, and regulators to ensure model fitness for use. The role requires strong quantitative skills, experience with econometric modeling, time-series analysis and stress testing, and the ability to communicate complex concepts clearly to

Qualifications

• Bachelor’s degree in a quantitative field and 5+ years of relevant experience
• MA/MS in a quantitative field and 3+ years of related experience
• PhD in a quantitative field and < 2 years of related experience

Responsibilities

• Validate macroeconomic forecasting models used for regulatory and business planning
• Conduct risk-focused validations and challenge model assumptions and methodology
• Document validation procedures and present results to governance committees and executives
• Interact with Model Owners, Developers, risk, finance, treasury, and regulators to explain findings

Skills

Economics knowledge

Finance knowledge

Statistics

Mathematics

Forecasting

Critical thinking

Problem solving

Written communication

Verbal communication

Regulatory knowledge

Education

Bachelor's degree in quantitative field

MA/MS in quantitative field

PhD in quantitative field

Tools

Python

SAS

R

Excel

Job description

At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.## **Job Description**The Quantitative Model Validation Analyst role resides within the Bank’s Risk Management and Compliance organization. Specifically, this position supports the Bank’s Model Risk Management (MRM) program. The overall MRM program is designed to provide governance, oversight, and control processes to effectively identify, measure, monitor, and manage model risk across the enterprise.Quantitative Model Validation Analysts within MRM provide independent and effective challenge of models that the Bank relies upon for critical business, financial, and risk management decisions. More specifically, the incumbent will be a member of the team responsible for the independent validation of macroeconomic forecasting models used in regulatory and business planning processes, including CCAR, CECL, capital planning and other business-as-usual (BAU) activities.The incumbent will work closely with Model Owners and Developers to perform thorough, risk-focused validations and independently challenge model assumptions, theoretical foundations, estimation techniques, variable selection methodologies, forecasting performance, scenario design, sensitivity analyses, and outcome reasonableness. Validation activities will be conducted in compliance with regulatory guidance, and the Bank’s Model Risk Management Policy and Standards. The incumbent will be responsible for assessing model risks, limitations, uncertainties, and potential sources of forecast error, and for providing independent conclusions regarding model appropriateness and fitness for use.The role requires strong analytical and quantitative skills, including experience with econometric modeling, time-series analysis, macroeconomic forecasting, stress testing methodologies, and statistical model performance evaluation. The incumbent will be expected to conduct independent testing, benchmarking, back-testing, sensitivity analysis, and other validation procedures to evaluate model conceptual soundness, ongoing performance, and compliance with regulatory expectations.The incumbent will document validation procedures, findings, and conclusions in comprehensive validation reports and present results to model owners, developers, governance committees, and executive management. He/she will regularly interact with key stakeholders across Risk Management, Finance, Treasury, and Business Lines, and will interface with regulators (OCC and Federal Reserve) and Internal Audit to explain validation approaches, findings, model risk assessments, and remediation recommendations. The ability to clearly communicate complex quantitative concepts to both technical and non-technical audiences is essential for success in this role.**Basic Qualifications** - Bachelor’s degree in a quantitative field, and five or more years of relevant experience OR - MA/MS in a quantitative field, and three or more years of related experience OR - PhD in a quantitative field, and less than two years of related experience**Preferred Skills/Experience**· Excellent knowledge in economics, finance, statistics, and mathematics· Proficient in the Python, SAS, and R programming languages· Experience in macroeconomic forecast model development or validation, and experience in stress testing models· Critical thinking, problem solving, and creativity· Strong written and verbal communication skills (ability to explain complex ideas in simple, non-technical language)· Ability to establish and maintain effective working relationships with peers, business line managers, and colleagues across the bank· Highly motivated with the ability to learn and to understand various business lines and their functions within the organization· Ability to work independently as well as collaboratively within a team environment.· Strong organizational skills and the ability to work on multiple tasks effectively· Knowledge of regulatory guidance***LOCATION EXPECTATIONS: This role requires working from a U.S. Bank Location three (3) or more days per week.***If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants.**Benefits:**Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following:* Healthcare (medical, dental, vision)* Basic term and optional term life insurance* Short-term and long-term disability* Pregnancy disability and parental leave* 401(k) and employer-funded retirement plan* Paid vacation (from two to five weeks depending on salary grade and tenure)* Up to 11 paid holiday opportunities* Adoption assistance* Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by lawReview our full benefits available by employment status here.U.S. Bank is an equal opportunity employer. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, and other factors protected under applicable law.**E-Verify**U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program.The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, U.S. Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401(k) contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $105,400.00 - $124,000.00U.S. Bank will consider qualified applicants with arrest or conviction records for employment. U.S. Bank conducts background checks consistent with applicable local laws, including the Los Angeles County Fair Chance Ordinance and the California Fair Chance Act as well as the San Francisco Fair Chance Ordinance. U.S. Bank is subject to, and conducts background checks consistent with the requirements of Section 19 of the Federal Deposit Insurance Act (FDIA). In addition, certain positions may also be subject to the requirements of FINRA, NMLS registration, Reg Z, Reg G, OFAC, the NFA, the FCPA, the Bank Secrecy Act, the SAFE Act, and/or federal guidelines applicable to an agreement, such as those related to ethics, safety, or operational procedures.Applicants must be able to comply with U.S. Bank policies and procedures including the Code of Ethics and Business Conduct and related workplace conduct and safety policies.