Head, Model Risk Management at Canadian Imperial Bank of Commerce

Head, Model Risk Management

Apply to locations: Chicago, IL

Time type: Full time

Posted on: Posted 4 Days Ago

Time left to apply: End Date: October 30, 2024 (23 days left to apply)

Job requisition id: 2421373

We’re building a relationship-oriented bank for the modern world. We need talented, passionate professionals who are dedicated to doing what’s right for our clients.

At CIBC, we embrace your strengths and your ambitions, so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute.

In support of CIBC’s core purpose: to make our clients’ ambitions a reality, Risk Management is accountable for the independent oversight of risk management inherent to CIBC’s transactions and activities. These risks include but are not limited to ensuring effective processes are in place for the identification, management, measurement, monitoring and control of operational, reputation and legal, strategic, market, credit, investment and liquidity risk, collectively “CIBC Risk”, incurred by CIBC’s businesses, functional and corporate governance groups.

The Head, Model Risk Management reports directly to the Vice-President (VP) and Chief Credit Officer (CCO) of CIBC combined US operations (CUSO). The incumbent will be directly accountable and responsible for the on-going maintenance, usage, monitoring and performance of all credit risk rating models that support the credit adjudication process within CIBC combined US operations. The role will also act as a subject matter expert and key liaison with stakeholders in the US lines of business, Risk Management and US regulatory bodies as it relates to the credit risk rating models. This role will ultimately have oversight of all credit-risk based models used in the US lines of business and US risk management.

KEY ACCOUNTABILITIES

• Primary representative who interacts and gathers relevant input from the Credit Adjudication function and CUSO lines of businesses with respect to risk rating model functionality.
• Monitors and manages the application of the credit risk rating methodologies including ongoing improvements, expansion of methodologies and applications to lending portfolios.
• May determine if limitations on model use or adjustments to the scope of model use are required.
• May determine when there is a need for a model development/modification for the CUSO.
• Works closely with Parent CIBC model development team for the delivery of new models or modifications of existing risk rating models.
• Presents models for formal signoff through responsible committee(s) and CIBC model validation with the support of CIBC model development team.
• Act as the credit risk rating model expert who liaises with internal compliance groups and external regulators.
• Work with Risk Management units and business managers to respond to issues raised by regulators related to credit risk rating models. Assess gaps and develop plan to close issues and gaps.

CROSS-FUNCTIONAL RELATIONSHIPS

• CUSO Credit Adjudication
• US Model Risk Management and Validation
• CIBC Model Validation
• CIBC Technology
• CIBC Model Development
• US Internal Audit and Compliance
• CUSO Line of Businesses
• US Regulators

COMPLIANCE REQUIREMENTS/RESPONSIBILITIES

• As an employee of CIBC, the incumbent must comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.
• As a manager of people, this job must ensure all employees within the business unit comply with all applicable CIBC and Line of Business policies, standards, guidelines and controls.

AUTHORITIES/DECISION RIGHTS

• This job has the authority to recommend changes to business processes in order to enhance operational efficiency and effectiveness.
• This job has the authority to assign tasks to employees within their span of control, select individuals for hire, assess individual performance, make employee compensation decisions and take disciplinary measures up to and including termination.

JOB DIMENSIONS

• Analyzing detailed concepts combined with a detailed understanding of a wide range of practices and underlying principles with respect to credit risk models.
• Managing available resources to best meet objectives.
• Meeting deadlines and providing acceptable service levels to clients in conjunction with changing priorities.
• Excellent communication skills are required to communicate with non-specialists to deliver technical aspects of models.

CONDUCT & CULTURE RISK

Our CIBC risk culture is based on employees striving to exceed the expectations of ourselves and our leadership’s identification and mitigation of risks in their daily responsibilities, not just in quarterly or annual monitoring/assessments. We all are accountable for managing risk.

As an employee of CIBC the incumbent must conduct themselves (and foster an environment for others) in a manner consistent with our strong risk culture. This includes:

• Following all aspects of the CIBC Code of Conduct, as well as all applicable CIBC policies, frameworks, guidelines, processes and controls.
• At all times acting in accordance with our Purpose and shared values, to achieve our Bank’s strategic goals.
• Understanding and following the qualitative and quantitative components of our Risk Appetite Statements.
• Completing all annual Corporate Mandatory Training and Testing modules, as well as any additional business-specific modules, as required and employing the learnings in daily activities and undertakings.
• Escalating matters through one of the appropriate channels identified in the CIBC Code of Conduct (i.e., HR, management, Ethics Hotline, Whistleblower, etc.) upon observing activities that may be inconsistent with CIBC’s policies, frameworks, guidelines, processes and controls.
• Speaking up if witnessing behaviors that drive poor or unfair outcomes for clients, team members or other stakeholders.
• Escalating matters that can result in adverse market practices and outcomes, thereby negatively impacting CIBC’s reputation as a leading financial institution.

KNOWLEDGE AND SKILLS

• Preferred MSc or PhD in Computer Science, Mathematics, Engineering or other relevant discipline or at least 5+ years of relevant credit risk model experience in a large financial institution.
• Knowledge of concepts and practices for various credit risk rating methodologies and systems.
• Excellent planning, analytic and administrative skills.
• Excellent oral and written communication skills including presentation skills appropriate for presentations to senior executives; ability to convey complex conceptual information and ideas involving extensive interpretation.
• Cooperative entrepreneurial team player with mature judgment, strong interpersonal skills and original approaches to problem resolution.
• Sound knowledge of current regulations and guidelines affecting federally regulated financial institutions.

WORKING CONDITIONS

This role operates within a normal office environment.

At CIBC, our people are our greatest asset. You’ll become part of a diverse community that acknowledges everyone’s unique talents, and empowers teams to do what’s right for the client and to do it well. As part of our team, you will:

• Thrive: Benefit from an open and approachable culture that provides the flexibility and support you need to integrate your life at work and home.
• Connect: Work in a place where the right technology and infrastructure foster innovation, collaboration, and creativity.
• Develop: Grow your skills and career through our best-in-class onboarding experience, ongoing learning opportunities, individual development planning, and comprehensive product training.
• Prosper: Share in our collective success with a competitive salary, incentive pay, banking benefits, health benefits programs, retirement savings, and more.

California residents — your privacy rights regarding your actual or prospective employment.

What CIBC Offers

At CIBC, your goals are a priority. We start with your strengths and ambitions as an employee and strive to create opportunities to tap into your potential. We aspire to give you a career, rather than just a paycheck.

• We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program*, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program.
• Our spaces and technological toolkit will make it simple to bring together great minds to create innovative solutions that make a difference for our clients.
• We cultivate a culture where you can express your ambition through initiatives like Purpose Day; a paid day off dedicated for you to use to invest in your growth and development.

*Subject to plan and program terms and conditions

What you need to know

• CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact Mailbox.careers-carrieres@cibc.com.
• You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit.
• We may ask you to complete an attribute-based assessment and other skills tests (such as simulation, coding, MS Office). Our goal for the application process is to get to know more about you, all that you have to offer, and give you the opportunity to learn more about us.

Job Location: IL-120 S LaSalle St

Employment Type: Regular

Weekly Hours: 40

Skills: Analytical Thinking, Continuous Improvement Techniques, Control Frameworks, Group Problem Solving, Long Term Planning, Operation Risk Management, People Management, Regulatory Requirements, Risk Analytics, Risk Governance