Manager Model Risk Management - City National Bank
Richmond, VA
About the Job
MANAGER MODEL RISK MANAGEMENT
WHAT IS THE OPPORTUNITY?
The MRM group within CNB's Enterprise Risk Management is responsible for management, assessment, measurement, and reporting on model risk. This position will be responsible for supporting the development and operation of City National Bank's (CNB's) Model Risk Management (MRM) program as prescribed by CNB's Management Risk Committee and CNB CRO and will operate under RBC CUSO model risk management framework.This role includes model validation and model governance activities. The MRM Manager will work collaboratively with Enterprise Model Risk Management leadership to help oversee and support enterprise governance structure for model risk at CNB, manage internal model validation activities and supervise external model validations. The MRM Manager will supervise a team of model risk validation analysts performing validations of models covering a wide range of financial instruments and business use cases with primary focus on models used for managing banking functions (credit, interest rate, liquidity, market and operational risks). This position reports functionally/locally to SVP- Enterprise Risk Management with day-to-day accountability to the RBC US Head Model Risk Management, and RBC Global Head, Model Risk Governance. Ownership of the management of CNBs Model Risk appetite measures and thresholds; holding each business line and executive accountable through reporting and escalation through CNBs Operational Risk and Management Risk Committees
What you will do
+ Establish and maintain the appropriate level of controls to mitigate model risk at CNB;
+ Support the implementation of RBC CUSO model risk management framework managed by US Head of Model Risk and Global Head of Model Risk Governance and ensure consistency across CNB units;
+ Ensure appropriate resources are assigned for validation work, and guide the scope and prioritization of validation work for CNB models;
+ Establish and maintain ongoing analysis of CNB’s model risk profile and trends, inclusive of metrics regarding the status of model risk management at CNB and provide periodic updates to senior and executive management, and relevant risk committees;
+ Represent CNBs interests during the internal and external regulatory examinations on model risk management;
+ Accountable for maintaining a comprehensive inventory of CNB models within the broader RBC inventory management system
+ Supervise a team of model risk validation analysts performing reviews and testing of bank models and model risk governance analysts performing measurement and reporting on model risk.
Must-Have*
+ Master's Degree In a quantitative area, such as Mathematics, Physics, Computer Science or Finance or a minimum 10 years combined experience in quantitative model development and/or model validation within model risk management.
+ Minimum 10 years of experience within quantitative model development and/or model validation and/or analytics for financial and bank focused products.
+ Experience in an OCC regulated bank environment.
+ Experience with regulatory examinations on model risk management.
+ Experience managing a team of quantitative analysts/model developers/model validators/model governance advisors.
Skills and Knowledge
+ Thorough knowledge of regulatory requirements on model risk such as FRB SR 11-7 and OCC 2011-12.
+ Advanced degree (Masters or PhD) in a quantitative discipline, such as Financial Engineering, Finance, Economics, Mathematical Finance, Statistics, Mathematics, Operations Research, etc. Industry certifications are a plus (e.g., CFA, FRM) but not required
+ Proven track record of strong technical model development, model validation, and model development/validation oversight. Prior experience in building or validating multiple types of mathematical models is required.
+ Demonstrated ability to think critically and facilitate change through collaborative effort. Strong interpersonal, verbal, and written communication skills.
+ Prior programming experience with modeling software applications and programming languages such as R, Python, SQL required
+ Expert knowledge of MS office applications such as Excel, Word, Power Point preferred
Compensation
Starting base salary: $122,535 - $208,715 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
*To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/10/cbedd856-c2fc-491b-a625-3ab7a0fd9a65.pdf) .
ABOUT CITY NATIONAL
City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $96.83 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.
_*City National Bank does business in Miami and the state of Florida as CN Bank._
For more information about City National, visit cnb.com .
EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION
City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/1/159726e0-aeb1-4058-9052-d7a2d69626b8.pdf)
If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email (TalentAcquisition@cnb.com) or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days.
WHAT IS THE OPPORTUNITY?
The MRM group within CNB's Enterprise Risk Management is responsible for management, assessment, measurement, and reporting on model risk. This position will be responsible for supporting the development and operation of City National Bank's (CNB's) Model Risk Management (MRM) program as prescribed by CNB's Management Risk Committee and CNB CRO and will operate under RBC CUSO model risk management framework.This role includes model validation and model governance activities. The MRM Manager will work collaboratively with Enterprise Model Risk Management leadership to help oversee and support enterprise governance structure for model risk at CNB, manage internal model validation activities and supervise external model validations. The MRM Manager will supervise a team of model risk validation analysts performing validations of models covering a wide range of financial instruments and business use cases with primary focus on models used for managing banking functions (credit, interest rate, liquidity, market and operational risks). This position reports functionally/locally to SVP- Enterprise Risk Management with day-to-day accountability to the RBC US Head Model Risk Management, and RBC Global Head, Model Risk Governance. Ownership of the management of CNBs Model Risk appetite measures and thresholds; holding each business line and executive accountable through reporting and escalation through CNBs Operational Risk and Management Risk Committees
What you will do
+ Establish and maintain the appropriate level of controls to mitigate model risk at CNB;
+ Support the implementation of RBC CUSO model risk management framework managed by US Head of Model Risk and Global Head of Model Risk Governance and ensure consistency across CNB units;
+ Ensure appropriate resources are assigned for validation work, and guide the scope and prioritization of validation work for CNB models;
+ Establish and maintain ongoing analysis of CNB’s model risk profile and trends, inclusive of metrics regarding the status of model risk management at CNB and provide periodic updates to senior and executive management, and relevant risk committees;
+ Represent CNBs interests during the internal and external regulatory examinations on model risk management;
+ Accountable for maintaining a comprehensive inventory of CNB models within the broader RBC inventory management system
+ Supervise a team of model risk validation analysts performing reviews and testing of bank models and model risk governance analysts performing measurement and reporting on model risk.
Must-Have*
+ Master's Degree In a quantitative area, such as Mathematics, Physics, Computer Science or Finance or a minimum 10 years combined experience in quantitative model development and/or model validation within model risk management.
+ Minimum 10 years of experience within quantitative model development and/or model validation and/or analytics for financial and bank focused products.
+ Experience in an OCC regulated bank environment.
+ Experience with regulatory examinations on model risk management.
+ Experience managing a team of quantitative analysts/model developers/model validators/model governance advisors.
Skills and Knowledge
+ Thorough knowledge of regulatory requirements on model risk such as FRB SR 11-7 and OCC 2011-12.
+ Advanced degree (Masters or PhD) in a quantitative discipline, such as Financial Engineering, Finance, Economics, Mathematical Finance, Statistics, Mathematics, Operations Research, etc. Industry certifications are a plus (e.g., CFA, FRM) but not required
+ Proven track record of strong technical model development, model validation, and model development/validation oversight. Prior experience in building or validating multiple types of mathematical models is required.
+ Demonstrated ability to think critically and facilitate change through collaborative effort. Strong interpersonal, verbal, and written communication skills.
+ Prior programming experience with modeling software applications and programming languages such as R, Python, SQL required
+ Expert knowledge of MS office applications such as Excel, Word, Power Point preferred
Compensation
Starting base salary: $122,535 - $208,715 per year. Exact compensation may vary based on skills, experience, and location. This job is eligible for bonus and/or commissions.
*To be considered for this position you must meet at least these basic qualifications
The preceding job description has been designed to indicate the general nature and level of work performed by employees within this classification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this job.
Benefits and Perks
At City National, we strive to be the best at whatever we do, including the benefits and perks we offer our colleagues. Get an inside look at our Benefits and Perks (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/10/cbedd856-c2fc-491b-a625-3ab7a0fd9a65.pdf) .
ABOUT CITY NATIONAL
City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92.03 billion in assets as of April 30, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $96.83 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.
_*City National Bank does business in Miami and the state of Florida as CN Bank._
For more information about City National, visit cnb.com .
EQUAL OPPORTUNITY EMPLOYER & REASONABLE ACCOMMODATION
City National Bank is an equal opportunity employer committed to promoting and maintaining a diverse, equitable and inclusive working environment where differences are valued and encouraged. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, veteran status or any other basis protected by the laws or regulations in the locations where we operate or in our Code of Conduct. READ MORE (https://image.emails.cnb.com/lib/fe5e15707c640c78771c/m/1/159726e0-aeb1-4058-9052-d7a2d69626b8.pdf)
If you are a qualified individual with a disability or a disabled veteran, you have the right to request a reasonable accommodation for any part of the employment process. Please contact us via email (TalentAcquisition@cnb.com) or leave a message at (213) 673-9139. These contact methods are dedicated to applicants whose disability prevents them from successfully applying online. Only messages left for this purpose will be returned. Responses may take up to two business days.
Source : City National Bank