Senior Quantitative Model Validation Analyst – Financial Crimes (BSA/AML, Economic Sanctions)

About the position

The position is an individual contributor role residing within the Bank’s Second Line of Defense Risk Management and Compliance organization. Specifically, this position supports the Model Risk Management (“MRM”) program at the Bank. The overall MRM program is designed to provide governance and control to manage financial models and associated risks that may impact the company, including financial, liquidity, market, operational, reputational, strategic, and other risks as appropriate. Validation Analysts within MRM provide independent validation of models that the Bank relies on for making financial decisions. A robust and comprehensive model validation comprises steps that independently challenge a model’s conceptual framework and methodology, data used in the model, implementation process, as well as model usage and performance. The validation process also identifies corrective actions to ensure timely remediation of model risk. The individual in this position works with Model Owners and Developers to validate models related to the Bank's Financial Crimes (Anti-Money Laundering, Economic Sanctions/OFAC), adhering to OCC 2011-12 Regulatory Guidance and USB's Model Risk Management Policy and Standards. He/she will document and present the model validation findings to model owners, developers as well as interface with key stakeholders, regulators (OCC/FRB), and internal auditors to discuss the justification and reasoning behind various validation and review findings.

Responsibilities

• Performs complex mathematical analysis utilizing various statistical and mathematical methods or techniques including rule based, logistic regression, machine learning and various other ensemble techniques.
• Validates both custom built models and third-party proprietary models.
• Independently validates, tests, documents, and/or oversees usage of advanced quantitative models.
• Delivers validation documentation such as presentations, written reports, validation benchmark models and support for identified concerns and proposed enhancements.
• Retrieves, analyzes and interprets data from various sources (internal and external).
• Aggregates and creates data from different databases to facilitate statistical analysis for development or validation.
• Performs ad hoc analysis used for statistical/econometric analysis as required.
• Interprets findings from statistical analyses performed for communication to senior and executive level management in written and verbal form.
• Prepares and communicates statistical analysis and findings to audit and regulatory examiners.
• Reads, understands, and interprets regulatory rules and guidance related to the models under development and/or being reviewed/validated.

Requirements

• Bachelor’s degree in a quantitative field required with at least 8 years of relevant experience OR MA/MS in a quantitative field, and five or more years of related experience OR PhD in a quantitative field, and four or more years of related experience.
• Must be a self-motivated worker who is comfortable and effective working with varying levels of guidance.
• Excellent verbal and written communication skills are necessary (ability to explain complex ideas in simple, non-technical language).
• Strong mathematical and statistical modeling or model validation experience in Financial Crime Models (AML, Economics Sanctions and Customer Risk Rating).
• Advanced understanding of applicable compliance laws, regulations, financial services, and regulatory trends that affect assigned line of business.

Nice-to-haves

• Prior exposure to validation or development of BSA/AML models, or Artificial Intelligence and Machine Learning Models.
• Ability to build strong relations with stakeholders, business line partners, and colleagues across the bank.
• Understanding of Machine Learning is a plus.

Benefits

• Healthcare (medical, dental, vision)
• Basic term and optional term life insurance
• Short-term and long-term disability
• Pregnancy disability and parental leave
• 401(k) and employer-funded retirement plan
• Paid vacation (from two to five weeks depending on salary grade and tenure)
• Up to 11 paid holiday opportunities
• Adoption assistance
• Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law