Risk Management Officer (Finance)
Wintrust is a financial holding company with approximately $50 billion assets under management and traded on the NASDAQ:WTFC. Built on the "HAVE IT ALL" model, Wintrust offers sophisticated technology and resources of a large bank while focusing on providing service-based community banking to each and every customer. Wintrust operates fifteen community bank subsidiaries with over 170 banking locations in the greater Chicago and southern Wisconsin market areas. Additionally, Wintrust operates various non-bank business units including commercial and life insurance premium financing, short-term accounts receivable financing, out-sourced administrative services, mortgage origination and purchase, wealth management services and qualified intermediary services for tax-deferred exchanges.
Responsibilities:
Provide independent model risk management and support the VP of Risk Management as follows:
Perform independent and comprehensive validation of bank-wide statistical/econometric/ mathematical/qualitative (expert judgement) models for stress testing, compliance, BSA-AML, valuation and pricing, in compliance with SR 11-7 and Model Risk Management (MRM) policy and procedures. 30%
Develop testing plan commensurate with the model risk tier and perform quantitative and qualitative tests to assess models for conceptual soundness, implementation accuracy, data integrity, performance accuracy including back testing, sensitivity analysis, scenario analysis, and benchmarking and governance. 3%
Provide effective and meaningful challenge during the following processes of model validation: Review of conceptual soundness; Review adequateness of modeling data; Materiality analysis of model assumptions and limitations; Review of model theoretical framework and design; Review of model performance 5%
Review of Model Documentation to ensure compliance with regulation/policy. Model documentation review should consist amongst others the following: Assess quality of model documentation; Review documentation of developmental evidence; Review documentation of model governance; Review testing results in the model methodology document. 5%
Design and execute a comprehensive and granular program for the following: Data Validation; Model theoretical framework and design; Assumptions and Limitations testing; Model
Conceptual soundness; Back-testing; Model Effectiveness Testing, Sensitivity Analysis; and Benchmarking for material portfolios. 2%
Perform ongoing monitoring of all the models in line with the validation calendar, and monitor the performance of those models through statistical tests. Evaluate the model adjustments such as overlays and buffers wherever applicable. 5%
Assist VP, MRM in standardization, automation, and workflow management through scripts in SAS/Python. Executing MRM VPs vision of enhancing current processes and making them more efficient. 10%
Manage activities related to model governance and assist VP, MRM in creating reports for the senior management, executive management, risk committees, internal audits, external audits and regulatory exams. 10%
The analyst in collaboration with the VP, MRM interfaces with key stakeholders throughout validation process to discuss justification and reasoning behind findings raised during the course of validation. 5%
In collaboration with VP, MRM determine whether response and remediation plan received from model owners and model users in response to a finding are adequately address. Follow up with the model owners to ensure findings are remediated in a timely manner. 3%
Manage MRM information system (IS) tool (known as Crowe) to maintain and update the model inventory, perform model validation activities and maintain appropriate procedures. Assist in the annual model certification process and maintain status updates from the model owners. 10%
Assist VP, MRM in maintaining model risk management infrastructure including, MRM policies and procedures. 2%
Maintain status updates, and facilitate resolution/escalations of issues in a timely fashion. 3%
Establish and maintain strong relationships with key functional stakeholders in Risk, Finance, and IT etc. for effective collaboration. 2%
Liaise with the teams from across the corporation to identify model risk associated with models. 3%
Implement MRMs strategic initiatives and assist in special research and ad-hoc projects 2%
Requirements:
Master's degree in Applied Economics, Statistics, Financial Mathematics, or related field and 2 years of relevant work experience.
The position also requires:
Academic or work experience with econometric and quantitative modeling required
Academic or Work Experience in model development (building, testing, implementing) or validation of models.
Academic or Work Experience with model risk management regulatory guidance and industry best practices.
Knowledge of Financial products.
Analytical, quantitative and data handling skills using advanced statistical and numerical methods.
-
Programing Skills including:
Experience in SAS for statistical modeling and data handling
Experience with one or more of the following: SQL, MATLAB, R or Python for statistical modeling and data handling
Experience with Excel, VBA & Word to prepare spreadsheet based modeling and validation report writing
Project management skills to manage validation projects, workflows and model inventory
Ability to produce clear, concise validation reports.
Wintrust Financial Corporation, including community banking and financial services subsidiaries, is an Equal Opportunity Employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, national origin, citizenship status, sex, sexual orientation, gender identity and expressions, genetic information, marital status, age, disability, or status as a covered veteran or any other characteristic protected by law.
