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Head of Model Risk Governance

  • Location: New York City
  • Salary: tc $250 - 300k
  • Job type: Permanent
  • Job reference: SNHeadofModelRiskGovernance
  • Sector: Quant Analytics
Job Description

Our client is one of the largest insurance and asset management groups in the US,  providing life insurance, wealth management, estate and retirement planning, and investment services to customers globally.

Model Risk Management is a vital part of the firms Enterprise Risk function.  The Model Risk Management function is growing and evolving and an opportunity to lead Model Risk Governance has arisen.

 

The Model Risk Governance Lead will report to the Head of Model Risk Management and be responsible for implementing firm-wide model risk governance standards and procedures.  Collaborating with the business units, the actuarial function and other Risk Management colleagues, he/she will be responsible for maintaining and updating comprehensive model inventories, risk policies and model control standards appropriate for the risk profile of the company and consistent across all businesses.  Working with the Head of Model Risk Management, this individual will also be responsible for developing and maintaining model risk reporting for Senior Management and the Board.

Description of Responsibilities

  • Implement model risk standards and procedures consistent across all business lines

  • Collaborate with business units, actuarial and risk management functions to develop appropriate model control standards for all businesses consistent with firm-wide policies

  • Design appropriate reporting and develop metrics for model risk and model risk governance to be shared with Senior Management and the Board

  • Collaborate with business units to execute various model risk management initiatives

  • Work with the Model Validation unit to update and maintain a firm-wide comprehensive model inventory to be housed in the NYL model risk system

  • Collaborate with members of the Model Risk team to develop a consistent approach for assessing model risk and for aggregating model risk across the company

  • Advise business areas to help ensure adherence to model risk governance frameworks and policies

  • Develop appropriate tools to monitor effectiveness of model risk governance practices

  • Respond to regulatory guidance and requests as needed

Requirements

  • BA or advanced degree in Econometrics, Statistics or other quantitative discipline

  • Minimum 10 years of experience in Model Governance, Model Risk Management or Quantitative Risk

  • Experience in risk, finance and regulatory aspects

  • Experience in drafting documentation and reports for executives and regulators

  • Exceptional interpersonal skills and ability to collaborate successfully

  • Proven success as a trusted partner who implements change and positively influences change adoption by end users

  • Proven track record and demeanor to handle highly confidential and sensitive matters in a changing environment

  • Experience with both insurance and banking institutions a plus

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