Northern Trust - Chicago, IL
posted 7 months ago
Northern Trust is seeking a Consultant in Risk Analytics to join the Model Risk Management Group (MRMG), a centralized function that has experienced rapid growth due to increasing global regulatory focus on model risk. This role is pivotal in ensuring that all models across Northern Trust are managed in accordance with the Corporate Model Risk Management (MRM) Policy and applicable regulatory requirements, such as SR 11-7 (FRB). The successful candidate will assist in the design, development, and implementation of model governance processes, ensuring compliance and effective management of model risk. The Consultant will be responsible for staying abreast of new trends in analytics, including generative Artificial Intelligence, and proposing enhancements to the model risk management program to adequately address risks associated with these advancements. Conducting training sessions to raise awareness about the model risk management program and its expectations across the enterprise will also be a key responsibility. The role involves participating in various gatekeeping forums to identify potential new models being onboarded and leading the onboarding process for new model owners, ensuring proper registration in the model inventory. Additionally, the Consultant will support the design, development, and enhancement of the model risk tiering process, ensuring consistent tiering across different business units and model types. They will also play a crucial role in supporting Board and senior management reporting by designing, developing, implementing, and enhancing Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs) related to model risk. The preparation and enhancement of materials for the Model Risk Oversight Committee (MROC) on a monthly basis will be part of the day-to-day activities, along with advising model owners and validators on MRM policy and procedures expectations, and coordinating timely delivery of model documentation for validation reviews.