MUFG Union Bank Model Risk and Control Assurance Manager, Vice President in San Francisco, California
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The Bank's America’s Model Risk Management (AMRM) unit is responsible for the management of enterprise-wide model risks associated with the Bank's development, deployment, maintenance and use of quantitative models. Model risk occurs in two fundamental ways: the error in estimation of a measure such as price, valuation or risk, and in the potential misapplication or use of a model or its output. In order to manage model risk in these aspects, the Bank has developed and implemented a comprehensive framework across its three lines of defense. The first line of defense being the business units that build, maintain and use models, the second line is the AMRM – responsible to establish and maintain the framework – includes the independent validation of all models and managing model risk in aggregate at the enterprise level, and lastly the third line is the independent audit function which reviews the effectiveness of the framework.
The Vice President for Model Risk and Control Assurance will work directly for the Senior Model Risk Manager – Head of Operations in establishing the quality assurance and review process for all phases of the model lifecycle for the second line of defense. The objective is to ensure that validation and monitoring procedures are being executed as designed to ensure strong risk oversight.
Understanding the comprehensive vision on managing model risk and actively influence the Bank's culture to exceed best practices on model hygiene.
Assist Head of AMRM-Operations in developing, maintaining and executing the team’s quality assurance program by developing a validation review protocol, documentation standards, and related reporting.
Perform independent reviews of model validations and related model risk monitoring activities to ensure compliance with policy and procedures as well as consistency in ratings, approval decisions and documentation of supporting rationale.
Communicate with model validators, senior model risk managers, and other members of the AMRM Operations team regarding quality assurance program requirements, results of reviews, and opportunities for improvement that may be achieved through training, job aides, templates, enhanced procedures or system enhancements.
Stay current with regulatory guidance and issuances, industry best practice, and business risk drivers that impact the state of the Model Risk Management framework to ensure that policy and procedures are adopted in a manner that minimizes model risk exposure consistent with company’s risk appetite.
5 years of hands on experience working within a leading financial services organization (e.g. commercial bank, investment bank, asset manager etc.), consulting firm (e.g. Deloitte, Oliver Wyman, Ernst & Young, PWC etc.), or a leading analytic solutions provider (e.g. RiskMetrics, Moody's/ KMV, QRM, etc.)
Undergraduate degree minimum, advanced degree a plus
Experience with financial modelling concepts, model development or validation, or other related audit or compliance testing work
Knowledge about model risk and associated regulatory requirements such as OCC 2011-12/ SR11-7 and Basel II/ III, CCAR, GAAP, SOX, etc.
Strong organizational skills with the ability to manage multiple reviews simultaneously with strong attention to detail, but ability to prioritize and escalate as appropriate
Excellent communications skills, both oral and written are essential
A team player who can excel in a fast paced challenging work environment with a strong desire to learn new things and the ability to adapt to a changing environment
Experience with finance and/or risk systems (data analysis, systems management, automated reporting)
/The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified./
We are proud to be an Equal Opportunity/Affirmative Action Employer and committed to leveraging the diverse backgrounds, perspectives and experience of our workforce to create opportunities for our colleagues and our business. We do not discriminate in employment decisions on the basis of any protected category.
A conviction is not an absolute bar to employment. Factors such as the age of the offense, evidence of rehabilitation, seriousness of violation, and job relatedness are considered in all employment decisions. Additionally, it’s the bank’s policy to only inquire into a candidate’s criminal history after an offer has been made. Federal law prohibits banks from employing individuals who have been convicted of, or received a pretrial diversion for, certain offenses.
Job: *Risk & Compliance
Title: Model Risk and Control Assurance Manager, Vice President
Location: CALIFORNIA-San Francisco
Requisition ID: 10010131-WD
Other Locations: NEW YORK-New York