Northern Trust - Chicago, IL

posted 7 months ago

Full-time - Mid Level
Chicago, IL
10,001+ employees
Real Estate

About the position

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.

Responsibilities

  • Assist in the design, development, and implementation of model governance processes to ensure compliance with the Corporate Model Risk Management Policy.
  • Stay informed about new trends in analytics, such as generative Artificial Intelligence, and propose enhancements to the model risk management program.
  • Conduct training sessions to raise awareness about the model risk management program across the enterprise.
  • Participate in gatekeeping forums to identify potential new models being onboarded.
  • Lead the onboarding of new model owners and ensure proper registration in the model inventory.
  • Ensure the model inventory is complete and accurately captures metadata regarding models.
  • Support the design, development, and enhancement of the model risk tiering process.
  • Support Board and senior management reporting by designing, developing, implementing, and enhancing KPIs and KRIs of model risk.
  • Assist in the preparation and enhancement of materials for the Model Risk Oversight Committee (MROC) monthly meetings.
  • Research industry best practices around model risk management and identify areas for program enhancement.

Requirements

  • A bachelor's degree or master's degree in a STEM field (engineering, math, computer science, etc.) is preferred.
  • 5+ years of experience in a risk management or audit role at a large financial institution.
  • Experience with MRM governance and enterprise-wide risk management software and reporting is preferred.
  • Strong knowledge of control design, implementation, testing, and documentation.
  • Strong writing, oral communication, and presentation skills are mandatory.
  • Familiarity with relevant regulations such as SR 11-7, SR 15-18/19, SS1/23, and Basel Final rules is preferred.

Nice-to-haves

  • Experience with enterprise-wide risk management software and reporting.
  • Familiarity with industry best practices in model risk management.

Benefits

  • Flexible and collaborative work culture.
  • Opportunities for movement within the organization.
  • Access to senior leaders.
  • Commitment to assisting the communities served.
  • Reasonable accommodations for individuals with disabilities.
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