Quantitative Analyst, Model Risk Management
Date ActiveNov 15, 2021 12:00:00 AM
Hours Per Week40
Location200 Executive Blvd South-HF433
Job Description/ Requirements
Since 1935, Webster Bank has been helping individuals, families and businesses meet their financial goals. As a leading regional bank, Webster's strong foundation is built on our core values of responsibility, respect, teamwork, trust and commitment to our communities. Webster bankers remain our most valuable asset, and we pride ourselves on our diverse, equitable and inclusive work environment. Come join our team!
Incumbent is expected to be a key contributor in an evolving model risk management program, working under the guidance of the Model Risk Manager.
Primary job function is to perform model validations and testing and execute key model risk management program controls in accordance with the established policies and procedures.
Individual will be exposed to a wide variety of models and will interact with model owners and staff across Webster. The scope includes internally and externally developed consumer and commercial credit scoring models, DFAST, ALLL, BSA/AML/fraud systems, Capital/ALM models, Budgeting / FP&A models and basic derivative valuation models.
Core competency is the ability to understand and evaluate the purpose of the model, how it works, how it is used, and how well it performs and then clearly articulate it (verbally and in writing) and issues a opinion about the model reliability and any required/recommended enhancements. Formal training in a quantitative discipline coupled with a verifiable understanding of, or background in a business environment is required.
- Perform validation and testing of models and document review and findings.
- Support a source code management process to monitor the model development cycle and changes to production code of high risk in-house and third-party models at an appropriate frequency and depth.
- Investigate and analyze the scope, nature and business implications of production model code and configuration changes (for internally developed models and vendor models respectively).
- Author reports and change-sets documenting all changes made to production code by model owners, justification, and management authorization.
- Enforce code change management issue escalation and approval authority protocol.
- Develop strong relationships with key lines of business.
- Assist Model Risk Manager in running of the Model Risk Management program.
- 1-3 years of modeling/analytical experience within commercial banks or financial institutions. Skills include regression analysis and testing/validation techniques such as back-testing, benchmarking, and sensitivity analysis.
- Excellent verbal and written communication skills
- Good business knowledge and familiarity with consumer/small business/commercial banking products, operations and processes.
- Working knowledge of programming and relational databases (SAS, SQL, Excel/VBA, Matlab, R or Python)
- Strong ability with standard software tools such as Excel, PowerPoint, Word.
- Familiarity with model risk management best practices and regulatory guidance (OCC 2011/12 SR11-7).
- Ingenuity, analytical thinking, resourceful, persistent, pragmatic, and motivated.
- Time management skills to prioritize multiple tasks.
- Model development or validation experience with PD/LGD, DFAST and/or CECL.
- Experience with common risk tools and bank systems such as Moody's, Intex, Yieldbook, SNL, Bancware ALM, Bloomberg API, BSA/AML/fraud systems.
- Experience in developing constructive relationships with a wide range of different stakeholders.
- Bachelors or Masters' degree in econometrics, statistics, data analytics or other quantitative fields (e.g. physics, math, engineering, etc.) Finance or Business BA/MS/MBA with strong quantitative or programming background also acceptable.