Manager - Model Risk Management - INVESTMENT BANKING
Posted on Jun 16, 2022 by The FISER Group
Under the direction of the ERM Managing Director and Model Risk Management Director, Stifel (or the Firm) is seeking a Model Risk Management Manager with a strong interest in model risk management to play an active role in performing governance and independent reviews of the Firm's models and non-models (eg, EUCs, Tools, etc.) where applicable. The role spans multiple aspects of model risk governance applicable to Stifel and its subsidiaries. The position is responsible for helping ensure that all aspects of the model's life cycle are in compliance with regulations, and internal policies and procedures.
Manage and maintain firm wide model inventories (ie, active models, pending models, decommissioned models) and as well as non-model inventories (eg, tools, databases, EUCs) and ensure that these inventories are periodically affirmed by the respective Model Owner and/or BURM
Ensure change control logs/model release notes are obtained from Model Owners on a periodic basis for review and assessment with MRM Director
Remain proactive in keeping abreast of regulatory expectations related to model risk management including but not limited to SR11-7/SR15-18/OCC 2021-39/CECL as well as industry practices that may affect specific models and potentially impact both firmwide and individual model governance and risk, including potential updates to the firmwide Model Risk Management Policies and Procedures
Review and obtain support for ongoing performance monitoring activities performed by Model Owners and report observations to MRM Director
Assist with the annual model risk assessment process to ensure that the assessment of each model is effectively challenged and formally documented
Review model documentation to ensure consistency across business lines and throughout the Firm and that updates are performed at least annually, where applicable
Where applicable, support the maintenance and execution of model validation and review processes by scheduling meetings and acting as main contact for interactions between the Model Owner and external Model Validators, including remediation of model validation observations as well as review and maintain support for the closure of observations
Assist with preparing the appropriate level of reporting for BURMs, ERM Managing Director,
Operational Risk Committee, Risk Management Committee, and other ad-hoc reporting as needed
Assist with the remediation of any internal audit and/or regulatory MRM findings prior to due date which may include developing an action plan
Professional Certifications Desired:
Bachelor's degree in Finance, Accounting, Economics, Statistics, Mathematics, Computer Science, or a Business/Finance related discipline.
Financial Risk Manager (FRM), Charted Financial Analyst (CFA)
6-10 years' experience in the Risk Management/Analytics division in large banks and/or tier 1 consulting organizations, captive finance companies, or top tier banks is preferred
Some degree of familiarity with various lines of business units/support areas (ie, Fixed Income, Wealth Management, Investment Banking, Equity, Research, Compliance, Corporate Accounting, Treasury, etc.) using models and the model's intended use
Experience in quantitative modelling and valuation of derivatives or structured products, development or validation of pricing models across various asset classes (ie, Equities, Credit, IR, FX, etc.)
Strong computer literacy
Ability to work both independently and in a team-orientated, collaborative environment is essential
Ability to multi-task and execute tasks effectively in a high profile and high-pressure environment is crucial
KNOWLEDGE & SKILLS
Sound knowledge and understanding of regulatory expectations for model risk including FRB SR 11-7, OCC 2021-39, and other related regulations
Computer Software - Proficient and demonstrated skills in Microsoft Outlook and Microsoft Office Suite (Word, Excel, PowerPoint and Visio).
Financial Theories - Competent in probability theory, stochastic processes, partial differential equations, numerical analysis, option pricing theory (quant models for pricing and hedging derivatives).