Associate, Model Risk - Internal Controls

The position involves developing and executing a comprehensive Model Risk Controls Testing Program as part of the second line of defense. Key responsibilities include creating control libraries, testing methodologies, and reporting outcomes to enhance the Model Risk Control Framework and oversee End-User Computing (EUC) controls testing initiatives.

Client Details

Large global corporate and investment bank located in Midtown.

Description

Position Overview
A Model Risk Management Associate with a strong background in internal controls and quantitative analysis is needed to join the Model Risk Controls Testing Team within the Model Risk & Validation Group. This team is responsible for designing and executing internal control processes for Model Risk and establishing a comprehensive testing program to evaluate the effectiveness of controls owned by the Model Risk function.

Key Responsibilities

• - Collaborate within the second line of defense to develop and implement a Model Risk Controls Testing Program, including establishing a Model Risk Controls Library and creating methodologies to assess the effectiveness of Model Risk controls.
• - Identify and formally document the control activities performed by the Model Validation and Governance Team in the Controls Library.
• - Create and execute testing approaches and methodologies for the identified controls to ensure their efficacy.
• - Conduct independent evaluations of the activities carried out by the Model Validation and Governance Team, applying rigorous testing frameworks.
• - Communicate testing outcomes to the Model Validation and Governance Team, aligning on remediation strategies as needed.
• - Facilitate control testing initiatives as part of the Risk and Control Self-Assessment (RCSA) program.
• - Prepare reports summarizing the progress and findings of Model Risk controls testing activities.
• - Participate in projects aimed at refining and enhancing the Model Risk Control Framework.
• - Engage in End-User Computing (EUC) controls testing initiatives, which are managed under the Model Validation and Governance team.

Profile

Qualifications and Skills

• - Bachelor's degree in a relevant field such as finance, accounting, business, or a hard science discipline.
• - Exceptional verbal and written communication skills, with strong organizational and interpersonal abilities.
• - Banking experience in areas such as credit, capital markets, asset liability management, financial reporting, regulatory reporting, or operational risk. Specific expertise in Model Risk Management or End-User Computing (EUC) Risk Management is advantageous.
• - Thorough understanding of internal controls design and concepts for testing control effectiveness.
• - Proven experience in evaluating controls related to model risk, operational risk, compliance risk, financial reporting, regulatory reporting, or internal audit.
• - Background in second line of defense functions, particularly within Model Risk, EUC, financial reporting, or regulatory reporting quality assurance, is preferred.
• - Familiarity with regulatory standards such as SR 11-7 (Model Risk), Basel, CCAR, BCBS 239, and SOX is highly desirable.
• - Internal Audit experience is a plus.
• - Proficiency in Excel, including experience with macros, is beneficial.
• - Competency in PowerPoint is also preferred.

Job Offer

$90,000 - $135,000 base salary.

MPI does not discriminate on the basis of race, color, religion, sex, sexual orientation, gender identity or expression, national origin, age, disability, veteran status, marital status, or based on an individual's status in any group or class protected by applicable federal, state or local law. MPI encourages applications from minorities, women, the disabled, protected veterans and all other qualified applicants.