The Model Risk Analyst is primarily responsible to participate in performing effective Model Risk Management of bank-wide models through every aspect of the models’ life cycle, from model development, implementation and use, to rigorous model validation, in order to comply with the CNB Model Risk Management Policy and regulatory guidance.
Principal Duties & Responsibilities:
- Perform, with manager guidance, periodic independent model validations covering: assessment of the model’s design, model’s documentation review, verification of the data quality and integrity, syntax validation, model performance analysis, review of model’s use, reports, governance, and controls; all in accordance with the Bank’s internal policy, and regulatory guidelines.
- Develop challenger models and methodologies with their appropriate documentation to identify improvements.
- Prepare validation reports and communicate results of the validation to the model owner, as well as, prepare the presentation for Senior Management Committees and the action plan for the model being validated.
- Work closely with model owners/users to understand model details and to develop and implement recommendations.
- Collaborate with model developers to ensure compliance of model development standards and procedures with regulatory requirements, and ensure a correct model implementation and use.
- Follow-up action plans to ensure findings/recommendations are completed on time and satisfactory.