The Model Risk Analyst role contributes to the overall quality of risk management across the Bank by collaborating with Risk Management directors, senior leaders, business unit managers, and model owners for the purpose of ensuring model development, model implementation, and model monitoring, conforming to the standards set forth by both the Bank's Model Risk Management Framework and the provided regulatory guidelines. The Model Risk Analyst assesses the Bank's models for conceptual soundness, application and use, controls and implementation, as well as assurance on the continued performance of the model as it deployed into production.
Principal Duties & Responsibilities:
- Conducts in-depth analytical reviews of the Bank’s models, challenging the theoretical and control soundness of the models.
- Assists in the creation and maintenance of the policies, standards, guidelines, and procedures required to implement the Bank’s Model Risk Management Framework that covers model and computational tool identification and classification, model development and testing, model documentation, model validation, and model performance monitoring.
- Provides guidelines to model owners for effective model development or acquisition, adequate documentation, input data quality, testing, outcomes analysis, and model performance monitoring.
- Provides advice on model risk management best practices and feedback on model reasonableness to the model owners during the model development, acquisition or change process.
- Informs MRM Manager of any delays in model implementation arising from documentation, validation, control, or other situations.
- Conducts a combination of focused reviews and/or full model validations as determined by MRM schedules or policy.
- Observes scheduling requirements necessary to execute the model validations throughout the year.
- Effectively challenges model developers, users and owners during the model development, acquisition, validation and review processes.
- Provides counsel to model/business owners with respect to model risk measurement techniques including, but not limited to, the establishment of limits, thresholds, and tolerances that determine the need to revise the model in question.
- Specifies appropriate remedial action plans for models with identified deficiencies.
- Maintains compliance with applicable rules, regulations, and expectations set by regulators for model risk management including as the company grows and becomes more complex.
- Communicates and escalates matters of significant model risk to senior leaders and business unit managers.
- Assists the Model Risk Manager in the development of model risk education and delivery of education to senior leaders, business unit managers, and model owners.
- Regularly exercises discretion and judgment in the performance of essential job functions.
- Maintains good punctuality and attendance to work.
- Follows Bank policy, procedures, and guidelines.
- Performs other duties as may be required.