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Model Risk Manager, Vice President
Mitsubishi UFJ Financial Group
New York, NY, United States
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Description
Discover your opportunity with Mitsubishi UFJ Financial Group (MUFG), the 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 Model Risk Management Unit (MRMU) at the Bank is responsible for developing and maintaining a strong and effective framework to manage enterprise wide model risk. Model risk, as defined by our policy, is the possibility of incurring a financial loss, making incorrect business decisions, mistaking external financial disclosures, or damaging the Bank's reputation due to possible errors in the model design or development, misapplication of the models or model results, and errors in model production process – such as errors in data input and assumptions. Models utilized within the various Business Units at the Bank include those that support financial reporting, pricing, risk management, decision-making, Basel II risk weighted assets calculations, and economic capital estimation. This position provides business, project management and overall support to the Model Risk Management Unit (MRMU) in executing of its Model Governance Program. Individuals in this role are expected to assist the MRMU in the design, development and implementation of the strategy and processes/ tools necessary to operationalize and manage the Model Governance Program. In addition, this position will require providing non-quantitative support to the MRMU – Model Risk Managers in conducting independent model validations. This newly created position will initially report to the Head of MRMU and involves significant interaction with business and modeling personnel within the various Bank business units.
Major Responsibilities:
• Develop strong relationships with business unit managers, business unit risk managers and respective modeling personnel.
• Gain a thorough understanding of the various businesses, their strategic vision, and the risks associated with the respective business and how models and their use play a role.
• Work closely with Model Risk Managers to develop/ assist in developing and perform model implementation and model governance testing/ review.
• Assist in managing model validation efforts by scheduling and coordinating various model validation activities, provide effective communication to model owner groups, resolve open items and troubleshooting, status updates, review of draft reports, track model validation findings and status of remediation activities.
• Develop processes, tools, reports and presentations to create a standardized and sustainable process for the development and deployment, validation and approval, performance monitoring and change management of models within the bank – includes management of all aspects of the model inventory database including providing ad-hoc query and reporting support (Access), data population and revisions.
• Develop business requirements for future web based tool (to replace the Access Database).
• Gain a thorough understanding of and take ownership of maintaining the Model Governance Program documents – policy, requirements & guidelines and model validation procedures.
• Assist group head in managing MRMU budget and validation costs vis- -vis development of financial framework to cost allocate validation efforts back to the Business units. Facilitate the monitoring of model performance reports on an on-going basis to ensure models remain valid.
• Support the creation and maintenance of the enterprise-wide model inventory, model control standards, and model risk ranking.
• Develop overall control framework and regularly conduct assessments on the effectiveness of the controls
• Establish post model validation test program to assess 1st and 2nd line adherence to the AMRM program
• Identify and maintain key control and process inventory
• Conduct regular control tests and present summary results to AMRM leadership; recommend improvements to AMRM program
• Lead AMRM’s participation in CUSO wide controls including RCSA, TPRM, PSRA, etc.
Qualifications
Additional Information:
• Requires an advanced degree in finance/ business administration.
• Proficient knowledge of Microsoft Office Applications: Word, Outlook, PowerPoint, Excel, Access and Visio.
• 3 to 5 years of experience within the financial services industry, especially in risk.
• Knowledgeable of model risk management and associated regulatory requirements such as OCC 2000-16 and Basel II a plus Industry certifications a plus (e.g., CFA, FRM). Strong project management capabilities.
• Excellent verbal and written communication skills. Ability to work independently and in an environment that sometimes has a high level of ambiguity.
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.
A conviction is not an absolute bar to employment. Factors such as the age of the offense, evidence of rehabilitation, seriousness of violation, and job relatedness are considered in all employment decisions. Additionally, it's the bank's policy to only inquire into a candidate's criminal history after an offer has been made. Federal law prohibits banks from employing individuals who have been convicted of, or received a pretrial diversion for, certain offenses.