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Director, ERM Model Risk Governance
TIAA-CREF
New York, NY, United States
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COMPANY OVERVIEW:
As long as there are people who make the world a better place, we’ll keep making a difference for them. Since 1918, it has been TIAA’s mission to serve those who serve others. It is this mission and the values we embrace that make us a different kind of financial services organization.
When you work here at TIAA, you’re not just in it for yourself. You are part of something bigger. A collective mission to make a difference – a collective mission we make our own.
To be difference makers.
For more information about TIAA, visit our website.
POSITION SUMMARY:
The Model Risk Management (MRM) team within the TIAA’s Enterprise Risk Control is responsible for the assessment, management, measurement, and reporting of model risk. This includes model validation and governance activities: initial model validation and model performance review; risk rating of models; front-to-back model governance and control. The objective is to ensure that models are fit for the intended purpose in the business context and that model users are aware of the models’ strengths and limitations impacting their decisions.
This position will implement and maintain model governance processes for all of the TIAA models in compliance with Model Risk Management (MRM) Policy – including model inventory, model certification, annual model review, on-going model performance review.
KEY RESPONSIBILITIES AND DUTIES:
• Establishing consistent model risk standards and controls for model inventory, regulatory and management reporting
• Ensuring that all MRM Policy requirements are being met in on-boarding of new models as well as in changes to the existing models
• Engaging in the entire model lifecycle to support model validation outcome during model approval process
• Overseeing the ongoing monitoring process for all models
• Conducting an annual model attestation process and ensuring that all models are identified and included in the MRM inventory
• Developing and producing a model risk report on a regular basis
• Representing MRM in front of regulators and coordinate responses on behalf of MRM
QUALIFICATIONS:
Required:
• Advanced degree in a quantitative discipline (statistics, mathematics, hard sciences or engineering) is required.
• Minimum of 7 years of experience within a business or risk control function (e.g., model governance, model validation, model design or quantitative audit) that relies on quantitative models is required.
• Knowledge of financial markets, products and analytics is required.
Preferred:
• Understanding of supervisory guidance on Model Risk Management (SR 11-7) preferred.
• Experience drafting documentation and reports for senior management and regulators.