Model Validation Manager

Description

Who We AreAt Cross River, we’re building the best banking and technology products for fintechs, all through APIs. As venture-backed pioneers of the platform-based financial services model known as the sponsor, or partner, bank, we work closely with our partners to offer products such as payments rails and loan origination services to the latest in regulatory and compliance solutions. What drives us every day? A desire to innovate in the service of financial inclusion. Giving access to consumers, whether they are looking for credit or for a better way to pay has been in our DNA from day one. Our nimble, adaptive, one-step ahead culture is powered by our people, and as a result of their creativity, tech-forward thinking and collaborative spirit, we are experiencing explosive growth. What we’re looking forCross River’s Risk Management group provides a structured approach for identifying, assessing, monitoring and reporting the risks faced by the Bank in alignment with the Bank’s strategic objectives. It provides a framework that drives effective, risk-based decision making, and firm-wide governance structures that supports an enterprise-wide approach to risk management, and as Model Validation Manager, you will play a key role in facilitating the same.The candidate must be self-motivated, analytical, results-driven, and be comfortable working with people. If you are a sharp thinker and problem solver, this is a rewarding career opportunity for you. The team cares about building partnerships, and we have fun doing it. If you like challenging problems, are analytical, and a great team player—we want to hear from you!Primary Responsibilities:- Accountable for validations or reviews (initial, annual) of Models, and Critical Tools (EUCs). Review and edit Model Validation reports written by external vendors to ensure reports are accurate, complete, and compliant with the Model Risk Policy and Procedures. Engage with Model Owners to communicate Model Findings. Escalate issues to requisite Sr. Mgmt., and review action plans, and deliverables to mitigate identified issues. Review compensating controls for models with issues to ensure adequate remediation Reviewing Ongoing Monitoring Plans and monitoring reports to identify model issues. Ensure any Regulatory, and Audit issues are effectively remediated on a timely basis. Review the application of Model Tiering Methodology by Model Owners to ensure Model Risk for the model has been adequately and accurately captured. Qualifications: Significant experience with BSA/AML (e.g., scenario development and segmentation, threshold tuning) and OFAC models (e.g., matching algorithms and fuzzy logic) and familiarity with vendor models (e.g., CSI WatchDog, Verafin, SAS AML/VI); and / or, Significant experience with credit modeling including credit scoring and roll rate models, logistic regression and general techniques and methodologies to generate forward-looking probability of default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) under different economic scenarios; and / or, Familiarity with of consumer bureau data and scoring models, and with (retail) consumer models, preferably models for unsecured installment loans, including machine learning models Knowledge of SQL, SAS, Python, VBA or other programming languages; familiarity with AWS Strong verbal and written communication skills and ability to communicate technical information to non-technical audiences Knowledge of Interagency guidance of model risk management (SR 11-7) BA/BS Degree in a quantitative discipline (e.g., Finance, Economics, Operational Research, Statistics, Data Science, ; advanced degree preferred. At least 5-7 years' experience in risk management at a bank or credit union, fintech organization. Experience as a Model Developer, and as a Model Validator preferred Prefer experience interacting with regulators (FDIC, or other US regulators) on Validation Issues Ability to negotiate, and comfortable with different points of view with a key focus on ensuring Safety and Soundness. Results oriented, ability to meet deadlines, and strong attention to details. Integrity, ability to work independently, and strong problem-solving skills. Exceptional collaboration skills and a desire to work as part of a high-performance team. Cross River is an Equal Opportunity Employer. Cross River does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need. By submitting your application, you give Cross River permission to email, call, or text you using the contact details provided. We will only contact you with job related information.

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