Model Risk Management Analyst - Rockland Trust

Rockland Trust is seeking a Model Risk Management Analyst. The Model Risk Management (MRM) Analyst reports to the Model Risk Program Manager and serves as a technical authority in the Model Risk Management Group to help manage the risk of potential adverse consequences resulting from model error or misuse of a model. To manage model risk effectively, the Bank needs to monitor, review, ,test, and validate the RTC bank-wide inventory of models, including models that significantly impact: credit decisions, credit loss estimates, risk forecasting and stress testing, operations, asset/liability management, liquidity and market risk management, and transaction monitoring for anti-fraud and anti-money laundering compliance. 

This position is responsible for partnering with the first line of business to provide guidance, support and effective challenge of models. The MRM Analyst conducts testing, provides critical review of model performance, and assists with reviews of validation reports prepared by other independent parties, reviews model owners’ responses to validation findings and recommendations, and interfaces with internal stakeholders and regulators to communicate findings in model risk, including management or governance committees, as appropriate.

• Work independently and collaboratively with business and model owners/users throughout the organization to review and test models and tools ongoing performance monitoring practices, testing and documentation.
• Support the development of ongoing performance monitoring plans and various testing practices, including back testing, stress testing, benchmarking, and sensitivity analysis.
• Proper identification, measurement, monitoring and reporting of sources of model risk, review model components, developmental evidence and conduct quantitative analytics to validate model efficacy.
• Review, challenge, and monitor timeliness of ongoing performance monitoring results.
• Perform model inventory review and assist with internal validation in a timely manner according to a project plan adhering to corporate policies, programs, frameworks and procedures, and meeting regulatory standards.
• Provide qualitative and quantitative feedback with support for ongoing performance monitoring and validation activities to a variety of audiences, including model users, model owners and managers.
• Present work through formal analysis/reports, as well as thorough presentation to model owners, users and senior management.
• Participate in targeted reviews and communicate with internal audit and regulatory bodies regarding model risk management and bank-wide ongoing performance monitoring.
• Develop and prioritize constructive recommendations for model changes or enhancements.
• Liaise with business units to identify, inventory, and risk assess models.
• Provide critical analysis and effective challenge of models reviewed by and/or validations performed by other internal or external independent parties.
• Communicate to quantitative and business audiences through verbal and written presentations describing the results of the reviews and recommend remediation strategies to address findings.
• Maintain and review inventory of issues and ongoing performance monitoring findings and challenge adequacy of remediation plans.
• Track remediation progress and resolution status for identified model deficiencies.
• Support model owners in effectively establishing sound, accurate and complete ongoing model performance monitoring plans and procedures.
• Participate in model change management, re-certification, and decommissioning processes.
• Support model risk aggregation and reporting requirements.
• Participate in efforts to develop, implement and enhance model risk management practices including developing policies and procedures for model owners and developers.
• Build strong working relationships with key model stakeholders, in particular model developers and users.
• Assist the Model Risk Program Manager to effectively implement and manage the inventory of tools and models in accordance with the MRM Program, including change management, ongoing monitoring and model development processes.
• Assist the Model Risk Program manager to maintain, manage, validate and develop new key performance and key risk indicators.
• General model risk management team duties as assigned.

• Bachelor’s degree in quantitative field, such as: mathematics, finance, engineering, statistics or data analytics; Master's degree preferred 
• Minimum of three or more years of experience in model use, modeling or validation with quantitative focus
• Experience working with large datasets using quantitative tools (such as R, MATLAB, SAS, etc.)
• Experience producing high quality written technical documentation
• Working knowledge of the financial markets, banking operations, model risk management, model validation and associated regulatory requirements and expectations preferred
• Previous experience with GRC system, such as Archer is preferred

• Strong knowledge of model risk management practices and applicable regulatory guidance
• Working knowledge of financial instruments and financial risk management principles
• Strong analytical skills together with excellent project management and organizational skills
• Solid interpersonal relationship building and relationship management skills
• Clear and concise written and verbal communication skills
• Self-motivated with strong attention to detail and dedication to high quality work
• Excellent communicator with a proactive “no surprises” approach in communicating issues
• Curiosity and enthusiasm for model risk management
• Ability to work independently