Model Risk Associate
A financial institution is seeking a qualified individual to join its Risk Management Department as a Model Validation Specialist, reporting to the Compliance Model Validation Manager. The Compliance Model Validation Specialist / Sr. Analyst will lead the validation of models, including fraud detection models.
Role Objectives: Delivery
Document model development to align with regulatory expectations.
Validate the suitability of models for business purposes in accordance with internal standards.
Draft and audit policies and procedures related to model development and maintenance.
Develop various backtesting methodologies to ensure models produce expected results.
Assist in tuning models based on transaction patterns, market conditions, and risk appetite.
Role Responsibilities
Conduct end-to-end validations and reviews of BSA/AML/Fraud models, assessing model risk across conceptual soundness, data quality, model design, usage, implementation, performance, controls, and ongoing monitoring.
Identify model deficiencies, communicate findings with model owners and senior management, and provide actionable recommendations.
Develop and maintain documentation templates, testing frameworks, and automation tools to standardize validation processes.
Support audits and regulatory examinations related to compliance and fraud risk models.
Stay current on AML/fraud regulations and industry best practices.
Qualifications & Skills
Master’s degree (or equivalent) in Statistics, Mathematics, Engineering, Computer Science, Economics, or a related field.
4+ years of experience in compliance analytics, BSA/AML model validation, or related fields within financial institutions or consultancies.
Strong data science skills, with the ability to cleanse, parse, restructure, and validate datasets.
Experience with machine learning model development/validation is preferred.
Familiarity with Oracle Database, Actimize SAM, and Fircosoft is a plus.
Proficiency in SQL, Python/R, Hadoop, and experience with Azure Cloud; full-stack knowledge is a plus but not required.
Strong understanding of the financial industry and its business lines.
Excellent analytical, problem-solving, and communication skills.