Company Description

For more than 70 years, IDB Bank has made it our mission to be the best bank for our clients by putting their needs first, and the success we’ve enjoyed fundamentally comes down to our people. Here at IDB, you’ll work side by side with some of the most talented professionals in the industry who share a strong sense of teamwork and a passion for providing exceptional service down to the smallest detail. We offer a comprehensive benefits package that includes generous paid time off and the ability to participate in our medical coverage and 401(k) plan on your very first day with us. We are also committed to diversity and inclusion, and to providing all of our team members with an equal opportunity to succeed and make meaningful contributions within a work environment that is respectful, welcoming and inclusive.

Job Description

The Head of Model Risk Management (MRM) is part of the Risk Management organization and is responsible for the Bank’s MRM Program. 

Key responsibilities include, but not limited to:

• Managing and overseeing the overall all aspects of the Model Risk program, inclusive of improvement, implementation, and the execution of the Program, MRM Policy, Standards, and Procedures to ensure they remain appropriate and consistent with regulatory requirements and expectations
• Execute against the Bank’s strategic Model Risk Roadmap
• Monitoring compliance with the MRM Policy by working directly with key stakeholders
• Overseeing and managing the Model Risk Assessments process and assessing results
• Overseeing the model identification and attestation process and model inventory
• Managing the model validation schedule and assess results
• Assessing the adequacy of actions taken by model owners to remediate model issues
• Managing and accessing the results of the change log report and ongoing monitoring processes
• Accountable to establish and monitor key risk indicators and model risk aggregation
• Reporting on the status of the MRM Program to applicable Management and Board committees
• Communicate and engage with regulators and respond to requests, as needed
• On a needed basis, performing independent validation of models, in accordance with
• supervisory guidance and internal policies
• Approving the use of models, and monitors risks with the Bank’s models
• Advising model owners in the course of development of a new model, material changes to existing model or implementing model overlays
• Translating identified model risks into business implications and propose mitigation strategies to the business and senior management
• Servicing as Risk Management’s contact with model owners
• Providing training across the Bank as required

#LI-Hybrid

Qualifications

• At least 5 years of Model Risk Management experience in financial services.
• Sound knowledge of statistical modeling concepts and industry best practices.
• Solid writing and communication skills as the work involves frequent interaction with model developers, risk managers and other stakeholders.
• Strong project management skills.
• Ability to challenge models and identify model risk, especially on conceptual soundness, data quality, and model development process.
• Experience with analytical or data manipulation tools (e.g. SAS, SQL, R, C Programming in UNIX) is preferred.
• Minimum of a masters’ degree preferably a PhD, in a quantitative field (e.g. Statistics, Engineering, Mathematics, etc.).

Compensation

The expected annual salary for this position is between $160,000 and $200,000 at the start of employment. A salary offer is determined on an individualized basis, taking into consideration factors such as an individual’s skills and experience. In addition to base salary, our total rewards package also includes eligibility for an annual bonus, medical, pharmacy, dental, and vision plans, life and disability insurance, employee wellness program, retirement and savings plans with employer contributions, generous holiday and paid time off schedules, parental leave, and tuition reimbursement.

Additional Information

The Bank will make reasonable accommodations to the following employees to allow them to perform the essential functions of their position, except where doing so would result in undue hardship to the Bank:

• Those with a known mental or physical disability.
• Pregnant individuals and/or individuals with pregnancy or childbirth-related medical conditions.
• Victims of domestic violence, sex offenses or stalking.
• Employees with religious observance and practice obligations.

Any employee who believes he or she needs an accommodation for any of the above reasons should contact their supervisor or a member of Human Resources to request such an accommodation. In each case, the Bank will engage in a good faith written or oral dialogue concerning the individual’s accommodation needs; potential accommodations that may address the individual’s accommodation needs, including alternatives to a requested accommodation; and the difficulties that such potential accommodations may pose for the employer.

The Bank retains the ultimate discretion to choose the appropriate reasonable accommodation. Upon reaching a final determination at the conclusion of the cooperative dialogue, the Bank will provide the requesting individual with a written final determination identifying any accommodation granted or denied. In addition, the Bank will maintain any information regarding the employee’s request and status in the strictest confidence, except as requested by the employee, as required on a need-to-know basis or as otherwise required by law.

Disclaimer

The above statements are intended to describe the general nature and level of work being performed by people assigned to this classification. They are not to be construed as an exhaustive list of all responsibilities, duties, and skills required of personnel so classified. All personnel may be required to perform duties outside of their normal responsibilities from time to time, as needed.

All your information will be kept confidential according to EEO guidelines.

Due to COVID-19, we are now operating on a hybrid schedule. We value the safety of our employees because we’re all in this together.

NO AGENCIES PLEASE.

IDB BANK, INCLUDING ITS SUBSIDIARIES AND DIVISIONS, PROVIDES EQUAL EMPLOYMENT OPPORTUNITIES TO ALL EMPLOYEES AND APPLICANTS FOR EMPLOYMENT WITHOUT REGARD TO RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, NATIONAL ORIGIN, AGE, DISABILITY, GENETIC STATUS, CITIZENSHIP STATUS, MARITAL STATUS, MILITARY OR VETERAN STATUS, CURRENT UNEMPLOYMENT OR ANY OTHER LEGALLY PROTECTED CATEGORY IN ACCORDANCE WITH APPLICABLE FEDERAL, STATE AND LOCAL LAW. NOTHING IN THIS SITE CONSTITUTES A PROMISE OR OFFER OF EMPLOYMENT.