Model Risk Manager

The Model Risk Manager (MRM) is responsible for overseeing and directing the enterprise model risk management program. Provides leadership and guidance in identifying, assessing, measuring, and monitoring model risk across the Bank and ensuring appropriate risk controls and responses. The MRM manages the Bank's model validation program, generally using third-party providers. Provides second line of defense challenge and model validation, while working with model owners on the design, development, deployment, maintenance, and ongoing use of models. Scope of these responsibilities extend to management's use of critical end user (EUC) computing tools that, while not meeting the definition of a model, require appropriate consideration and oversight within the Bank's MRM program. The MRM also conducts model risk assessments to provide risk evaluations at the individual model and aggregation across the Bank. Provides oversight to ensure consistency with regulatory model risk management guidance and the Bank's policies and procedures.

Work closely with business line and senior management in carrying out the assigned duties. Demonstrates independent judgement in the execution of the Model Risk Manager responsibilities with a minimal amount of supervision and direction. Perform a wide range of services, some of which are complex and confidential in nature.

RESPONSIBILITIES

• Maintain the MRM program, including the model governance framework, policies, procedures, and standards for activities including model development, validation, implementation, and monitoring.
• Oversee the development and implementation of new models or modifications to existing models used for various purposes, such as credit and capital risk assessment, pricing, and forecasting.
• Assess the potential risks associated with the use of specific models, including model limitations, assumptions, and uncertainties, and implement controls to mitigate these risks.
• Monitor the performance of models over time to identify any issues or changes in model behavior, engaging model owner in taking corrective actions as necessary.
• Ensure comprehensive documentation is developed and maintained for all models, including specific model documentation, validation reports, and related policies and procedures.
• Identify and maintain the Bank's Model Inventory and complete Risk Assessment for each model.
• Identify and maintain the Bank's EUC Tool Inventory.
• Understand and analyze the Bank's quantitative models and the risks around their usage.
• Enforce consistent model documentation standards.
• Develop data validation standards and assess the data quality that feeds into models.
• Track management responses and corrective action plans related to findings noted in validation reports to ensure appropriate and timely closure.
• Conduct ongoing model and end user computing tool monitoring to ensure continued acceptable performance and determine appropriate responses when performance is unacceptable.
• Address model-related risks (including data quality considerations) in executing on the Bank's 2nd line responsibilities relating to new initiatives, vendor, data controls, oversight, and governance.
• Continuously review and enhance the model risk management framework and processes to adapt to changing business needs, regulatory requirements, and industry best practices.
• Report to key stakeholders, including senior management, risk committees, auditors, and regulators, regarding model risk management activities, findings, and recommendations.
• Manage the validations of internal and 3rd party models by applying the Bank's framework, regulatory guidance and industry accepted methods around conceptual soundness, methodology, and implementation.
• Oversee monitoring of ongoing model performance to assess model accuracy, reliability, and ensure compliance with regulatory requirements and internal standards.
• Establish the model validation calendar and develop validation test scopes for internal or outsourced fieldwork.
• Coordinate with model owners and management to schedule validations based on Model Risk Assessment results.
• Perform internal validation fieldwork and develop related reports.
• Manage outsourced validation engagements, including vendor selection, oversight of fieldwork and reporting, providing effective challenge throughout the engagement.

QUALIFICATIONS

• Minimum of 5 years working with quantitative models (including governance responsibilities) or in model risk management.
• Direct experience developing or validating complex analytical models that will be used for strategic decision making.
• Exposure to Federal and State regulators and both internal and external auditors. Direct experience interacting with these parties strongly preferred.
• Ability to understand, analyze and test complex models.

KNOWLEDGE, SKILLS, ABILITIES

• Strong knowledge and understanding of regulatory expectations for model risk management, including SR 11-7, "Guidance on Model Risk Management" and other related regulations.
• Strong quantitative analytics skills, especially in statistical forecast and modeling. Data driven mindset, and excellent ability to analyze data.
• Familiarity with the concepts of banking Capital Sufficiency, Liquidity, Asset and Liability Management, Fraud and CECL modeling.
• Familiarity with regulations, standards and industry practices related to quantitative modeling, risk management and stress testing.
• Demonstrated conceptual thinker with the ability to analyze complex problems that include interrelationships and dependencies in order to identify common themes and solutions.
• Ability to assess complex issues, apply analytical techniques and structure potential solutions; form partnership with a broad range of stakeholders to drive resolution.
• Ability to interact and communicate effectively with senior and executive management to develop collaborative relationships across the organization, and a proactive approach in communicating in promoting an appropriate level of engagement in MRM activities.
• Able to establish and maintain effective and collaborative working relationships with model owners and business unit management, including ability to influence model development and management in pursuit of sound practices.
• Excellent interpersonal, verbal and written communication skills, with ability to effectively communicate with executives, senior management, auditors and regulators.
• Able to produce good quality written reports and communications with individuals at all levels of the organization and with third parties.
• Strong organizational skills, with ability to manage multiple tasks and projects, requiring attention to detail and follow up to ensure appropriate action or desired results.
• Able to work with minimal supervision and demonstrate independent judgment.
• Able to work well individually and in teams, share information, and support colleagues.
• Effective communication and collaboration with third party model validators to ensure timely delivery of thorough and accurate services.
• Excellent analytical skills, including the ability to collect data, establish facts and draw conclusions.
• Ability to review and interpret an extensive variety of technical reports and Bank policies and procedures.

A reasonable, good faith estimate of the minimum and maximum base salary or pay for this position is $131,221.20 to $196,831.80. Actual compensation will vary based on various factors including but not limited to location, experience, and performance. A discretionary bonus and/or business line incentive may be provided, in addition to a medical and other benefits, dependent on the position. For more information regarding our benefits, please visit https://www.ppbi.com/careers.html

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Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities

The contractor will not discharge or in any other manner discriminate against employees or applicants because they have inquired about, discussed, or disclosed their own pay or the pay of another employee or applicant. However, employees who have access to the compensation information of other employees or applicants as a part of their essential job functions cannot disclose the pay of other employees or applicants to individuals who do not otherwise have access to compensation information, unless the disclosure is (a) in response to a formal complaint or charge, (b) in furtherance of an investigation, proceeding, hearing, or action, including an investigation conducted by the employer, or (c) consistent with the contractor's legal duty to furnish information. 41 CFR 60-1.35(c)