Senior Risk Analyst - Fraud Model Validation

$105,000 - $150,000/Yr

First Citizens Bank And Trust Company - Morristown, NJ

Full-time - Mid Level

Remote - Morristown, NJ

Credit Intermediation and Related Activities

About the position

The Senior Risk Analyst position at First Citizens Bank focuses on validating the bank's fraud models within the Model Risk Management (MRM) team. This role requires strong expertise in AI/ML and a comprehensive understanding of transaction workflows. The analyst will conduct independent validations, write detailed reports, and communicate findings to various stakeholders, ensuring that fraud models align with business objectives and perform as expected.

Responsibilities

• Conduct independent model validations to ensure fraud models align with business objectives and design objectives.
• 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, 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.
• 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.