Senior Risk Analyst - Fraud Model Validation

$105,000 - $150,000/Yr

First Citizens Bank

Full-time - Senior

Remote

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.

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 that present the results from executing a thoughtful and thorough model validation plan.
• Communicate the model validation findings to model owners, senior management, and regulatory agencies as required.
• Perform annual reviews and review the ongoing monitoring reports to ensure that the models are performing as intended.
• Interact with all key stakeholders including model users, model owners, vendors, Model Risk Governance, and other Validators throughout the model lifecycle.
• Suggest enhancements to the existing fraud validation process including validation templates, ongoing monitoring of models, 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 the use cases for each, 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.
• Good writers of technical reports.
• 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.