Senior Risk Analyst - Fraud Model Validation

$105,000 - $150,000/Yr

First Citizens Bank - Raleigh, NC

Full-time - Mid Level

Remote - Raleigh, NC

Credit Intermediation and Related Activities

About the position

The Senior Risk Analyst position at First Citizens Bank is a remote role focused on validating the Bank's fraud models within the Model Risk Management (MRM) team. The role requires strong expertise in AI/ML and a comprehensive understanding of transaction workflows. The analyst will conduct independent validations, assess model performance, and communicate findings to stakeholders, ensuring that fraud models align with business objectives and regulatory standards.

Responsibilities

• Conduct independent model validations to ensure fraud models align with business objectives and design objectives.
• Verify that models are performing as expected.
• Identify potential limitations, including assessing potential impact.
• Write detailed model validation reports presenting results from a thorough validation plan.
• Communicate model validation findings to model owners, senior management, and regulatory agencies as required.
• Perform annual reviews and review ongoing monitoring reports to ensure models are performing as intended.
• Interact with key stakeholders throughout the model lifecycle, including validation and ongoing performance evaluation.
• Suggest enhancements to the existing fraud validation process, including validation templates and automation of repetitive tasks.
• Guide junior team members on model validations.

Requirements

• Bachelor's Degree and 4 years of experience in Risk management, financial analysis, or statistical modeling OR High School Diploma or GED and 8 years of experience in Risk management, financial analysis, or statistical modeling.
• Minimum 7+ years of experience in model development and implementation or model validation within the financial industry.
• Minimum 5+ years of fraud analytics experience with software (such as Python, SAS, R).
• Experience developing or validating fraud models (including card transaction models, wire transactions, check processing, account opening, customer verification, etc.).
• Well-versed with various performance metrics and their use cases, including Kolmogorov-Smirnov, Value Detection Rate, Incident Detection Rate, Area Under Curve, Population Stability Index, Character Stability Index, Precision, Recall, False Positive Ratio, etc.
• Experience maintaining or validating vendor developed models.
• Strong analytical skills and ability to find patterns in transactional data.
• Advanced programming skills in Python, SQL, SAS, or R.
• Experience using SQL to pull data from enterprise warehouse databases.
• Experience developing and/or validating AI/ML models and rule-based models.
• Exceptional understanding of the banking industry and business lines.
• Experience communicating validation standards and technical concepts to key stakeholders.
• Good understanding of federal guidance related to model risk management (SR 11-7, OCC 2011-12).

Nice-to-haves

• Advanced degree (master's or Ph.D.) in a quantitative field (e.g., Data Science, Operations Research, Finance, Applied Statistics, or a related quantitative discipline).

Benefits

• Comprehensive benefits program for full-time associates (20+ hours) with customized offerings designed to support families.
• Variable incentives, bonuses, and other awards as outlined in the offer of employment.