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Model Risk Framework, Associate Vice President,
Mitsubishi UFJ Financial Group
San Francisco, CA, United States
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Description
Model Risk Framework Manager, AVP
Discover your opportunity with Mitsubishi UFJ Financial Group (MUFG) the world’s 5th largest financial group in the world with total assets of over $2.4 trillion (as ranked by SNL Financial, April 2016) and 140,000 colleagues in nearly 50 countries. In the U.S., we’re 13,000 strong, working together to positively impact every customer, organization, and community we serve. We achieve this by delivering on our values, putting people first, fostering long-term relationships built on honesty and mutual understanding, and inspiring the best in each other. This is all part of our inclusive, high-performing culture supported by Total Rewards that include our cash balance pension plan. Join a team that’s working to fulfill its vision to be the world’s most trusted financial group.
Job Summary:
The Bank's America’s Model Risk Management (AMRM) unit is responsible for the management of enterprise-wide model risks associated with the Bank's development, deployment, maintenance and use of quantitative models. Model risk occurs in two fundamental ways: the error in estimation of a measure such as price, valuation or risk, and in the potential misapplication or use of a model or its output. In order to manage model risk in these aspects, the Bank has developed and implemented a comprehensive framework across its three lines of defense. The first line of defense being the business units that build, maintain and use models, the second line is the AMRM – responsible to establish and maintain the framework – includes the independent validation of all models and managing model risk in aggregate at the enterprise level, and lastly the third line is the independent audit function which reviews the effectiveness of the framework
This position will report to the AMRM Framework and Governance group. The successful incumbent is expected to assist in supporting and maintaining the Bank’s Model Risk Management program which includes the Model Risk Management (MRM) Policy, MRM Procedures, templates and Guidelines AMRM maintains to support the First Line of Defense (e.g. Model Owners, Model Users and Business Unit Risk Managers), and communicating associated requirements. Additionally, this position provides business, project management and overall support to AMRM in execution of its Model Risk Management program.
Major Responsibilities:
• Perform second line model operational controls and implementation testing as part of the model validation process.
• Seek areas of enhancement and manage AMRM’s tools and templates that support the First and Second Line of Defense model operational controls and implementation.
• Assist in liaising MRM Policy and MRM Procedures and Guidelines requirements with the First Line of Defense.
• Drive continuous improvement and assist in maintaining the MRM Policy and MRM Procedures to ensure they are kept relevant and up-to-date.
• Support model validation efforts in non-quantitative areas (based on availability).
• Develop training materials to reiterate MRM requirements to stakeholders.
• Participate as needed in ‘special projects’ (e.g. system enhancements, process improvement, streamlining reporting etc.).
• Assist in gathering required documentation, logistical coordination and finding / Matters Requiring Attention (MRA) remediation for AMRM reviews by internal and external examiners as well as the Comprehensive Capital Analysis and Review (CCAR) submission.
• Provide support, as needed, in generating reporting, maintaining the model risk management system, producing presentations, updating the Second Line Model Risk Management Guidelines, general project management support and managing AMRM’s budget.
Qualifications
Requirements:
• Experience working in IT Audit or consulting firm (e.g. Deloitte, KPMG, Ernst & Young, PWC etc.) is preferred.
• Requires a bachelor degree in information technology, information systems, or related area; advanced degree preferred.
• Proficient knowledge of Microsoft Office Applications: Word, Outlook, PowerPoint, Excel, SharePoint and Visio.
• Strong project management capabilities.
• Excellent communications skills, both oral and written are essential.
• Team player who can excel in a challenging work environment with a strong desire to learn new things and the ability to adapt to a changing environment.
• Experience maintaining policies and procedures - preferred
• Knowledgeable about model risk management and associated regulatory requirements such as OCC 2011-12 - preferred
• Industry certifications a plus (e.g., CFA, FRM) - preferred
The above statements are intended to describe the general nature and level of work being performed. They are not intended to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified.
We are proud to be an Equal Opportunity / Affirmative Action Employer and committed to leveraging the diverse backgrounds, perspectives, and experience of our workforce to create opportunities for our colleagues and our business. We do not discriminate in employment decisions on the basis of any protected category.