Vice President, Model Risk Management I

Vice President, Model Risk Management I

14 May 2024
Pennsylvania, Pittsburgh, 15201 Pittsburgh USA

Vice President, Model Risk Management I

Reference #: 55069

BNY Mellon

Bring your ideas. Make history.

BNY Mellon offers an exciting array of future-forward careers at the intersection of business, finance, and technology. We are one of the world's top asset management and banking firms that manages trillions of dollars in assets, custody and/or administration. Known as the "bank of banks" - 97% of the world's top banks work with us as we lead and serve our customers into the new era of digital.

With over 240 years of rich history and industry firsts, BNY Mellon has been built upon our proven ability to evolve, lead, and drive new ideas at every turn. Today, we're approximately 50,000 employees across 35 countries with a culture that empowers you to grow, take risks, experiment and be yourself. This is what #LifeAtBNYMellon is all about.

Team Description; Role function on team:

The Vice President, Model Risk will contribute to highly visible enterprise-wide model development functions in the organization. The models make estimates that are a key input to management decisions and are reported to Senior Management and the Board of Directors on a regular basis. The role will be to execute enterprise standards for model validation. The incumbent will be responsible for leading work to identify and evaluate model risk as well as proposing controls to manage that risk. This will entail investigating the weaknesses of a framework and setting the scope and designing tests for a validation effort, appropriate to that framework.

This role may work in one of five disciplines, each responsible for a different type of modelling:

1) Credit Risk Modelling, 2) Treasury Modelling, 3) Market Risk Modelling, 4) Pricing Modelling, 5) Forecasting

Responsibilities:

Execute enterprise standards for model validation, by setting the scope of a validation effort. This entails designing the tests and review activities necessary to evaluate a model.

Responsible for evaluating the strengths and weaknesses of a model's conceptual framework to identify situations where a model may become less useful.

Reviews accuracy of reports and calculations performed by less experienced colleagues.

The incumbent will be responsible for reviewing the risks identified by more junior analysts and formulating the proposed controls into a plan of action for management.

Responsible for the technical direction, accuracy, and soundness of quantitative methods in the assigned area. Decisions and assumptions recommended by the incumbent have significant impact on the financial and risk position of the Bank or legal entity supported.

Required Qualifications:

Master's Degree/PhD in a quantitative discipline, including engineering, mathematics, physics, statistics, econometrics.

0-2 years of experience. The candidate must have a superb quantitative and analytical background with a solid theoretical foundation coupled with strong programming, documentation, and communications skills.

Must have experience with complex quantitative modeling, numerical analysis, and computational methods using programming languages (such as Python, R / R-Studio, C/C, C#, Java, FORTRAN, MATLAB, SAS) as well as mathematical/statistical software packages.

Must be extremely focused, detail oriented, results oriented and highly productive.

Must have a proven track record of being able to efficiently and effectively: conduct independent research; analyze problems; formulate and implement solutions; and produce quality results on time.

The candidate must have excellent scientific and technical documentation and presentation skills, assertiveness & influencing skills, and the skills to explain abstract theoretical concepts to a non-expert audience in easy-to-understand language.

Preferred Qualifications:

We look for individuals who are extremely focused, detail-oriented, results-oriented, and highly productive.

A proven track record of being able to efficiently and effectively: conduct independent research, analyze problems, formulate and implement solutions, and produce quality results on time.

Our teams must have excellent scientific and technical documentation and presentation skills, assertiveness & influencing skills, and the skills to explain abstract theoretical concepts to a non-expert audience in easy-to-understand language.

Our Benefits:

BNY Mellon offers highly competitive compensation, benefits, and wellbeing programs rooted in a strong culture of excellence and our pay-for-performance philosophy. We provide access to flexible global resources and tools for your life's journey. Focus on your health, foster your personal resilience, and reach your financial goals as a valued member of our team, along with generous paid leaves that can support you and your family through moments that matter.BNY Mellon assesses market data to ensure a competitive compensation package for our employees. The base salary if hired will be determined on an individualized basis, including as to experience and market location, and is only part of the BNYM total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, short and long-term incentive packages, and Company-sponsored benefit programs.This position is at-will and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation) at any time, including for reasons related to individual performance, change in geographic location, Company or individual department/team performance, and market factors.BNY Mellon is an Equal Employment Opportunity/Affirmative Action Employer.

Minorities/Females/Individuals With Disabilities/Protected Veterans.

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