Risk Analyst

4 days ago

india Northern Trust Full time

About the Company: The Model Risk Management Group (MRMG) is a centralized model risk management function within the Bank. It has seen fast growth in the past few years reflecting global regulators’ increasing attention on model risk. We are searching for an Analyst, Risk analytics to join our team. The primary responsibility of this role is to support the model validation function. Under general supervision (but works independently most of the time) responsible for discovering and diagnosing model related risks including input data, assumption, conceptual soundness, methodology, process, and implementation.


About the Role:


A short paragraph summarizing the key role responsibilities.


Responsibilities:


  • Responsible for reviews of bank-wide quantitative models including models used for asset management and wealth management, regulatory stress testing (CCAR/CECL), credit risk loss projections (PD, LGD, EAD), interest rate risk models, AML (Anti-Money Laundering and Fraud Detection), and various machine learning/ artificial intelligence models.
  • Ensure model development, monitoring, and validation approaches meet regulatory expectations and internal risk management needs.
  • Evaluate conceptual soundness of model specifications; reasonableness of assumptions and reliability of inputs; completeness of testing performed to support the correctness of the implementation; robustness of numerical aspects; suitability and comprehensiveness of performance metrics and risk measures associated with model use.
  • Review model documents, and conduct test runs on model codes. Assess and measure the potential impact of model limitations, parameter estimation, error and/or deviations from model assumptions; compare model outputs with empirical evidence and/or outputs from model benchmarks.
  • Document and present observations to model owners and users, recommend remediation action plans, track remediation progress, and evaluate remediation evidence.
  • Monitor model performance reports on an on-going basis to ensure models remain valid, as well as contribute to the bank-wide model risk and control assessment.
  • Support development of comprehensive documentation and testing of risk management framework. Deliver a work product that requires little revision.
  • Establish and maintain strong relationship with key functional stakeholders such as model developers, model owners, and users.
  • Keep abreast with latest regulatory requirements around model risk management


Qualifications:


  • Minimum 1 year of modeling or quantitative analysis experience, preferably in a discipline relevant to risk management to include statistical/mathematical and financial modeling.
  • A College or University degree in any STEM field (economics, statistics, engineering, finance, mathematics, etc.). Related industry qualification (CFA/FRM/CQF) is a plus.
  • Excellent interpersonal, verbal, and written communication skills.
  • Programming experience in at least one language (e.g., Python/R/C/SAS).
  • Familiarity with ML/AI techniques is a plus.

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