Discover Financial Services (DFS) is a direct banking and payment services company with one of the most recognized brands in the U.S. The company has an outstanding opportunity in its highly visible Corporate Risk Management (CRM) department for a risk analyst with experience in model risk management practices for a bank or large financial services organization. The Model Risk Management (MRM) group at DFS has enterprise-wide oversight responsibility for all aspects of model risk including model governance, model validation and model performance monitoring. This group validates and approves all qualifying models used across different areas of the enterprise. The scope of the team includes model risk ratings, model inventory management, model disclosures, model usage tracking and controls.
This highly visible role in the Model Risk Management team will manage the execution of model validation activities for scorecard modeling, with specific focus on the critical anti-money laundering (AML) as well as consumer lending, deposits and payment services areas, according to the governance framework and policies and procedures, and provide recommendations for continuous model enhancements across the enterprise.
* Perform independent model validations and effectively challenge scorecard models across Discover which are used across various functions including, AML, consumer banking and lending as well as payment services
* Interpret model validation test results and establish required action plans with model owners/developers and provide value-added recommendations to model owners/developers
* Proactively identify emerging model risk issues impacting the Company and communicate to model developers, senior management and the DFS Model Governance Committee
* Maintain high quality standardized model validation documentation, and keep up to date with regulations, regulatory exam requirements and regulatory guidance
* Interact with external regulators and internal auditors to demonstrate the operational soundness and effectiveness of the model validation process
* Maintain current/develop new analytical reports and presentations for senior management, executive committees and regulatory exams
* Manage the work flow of a team of off-shore/on-shore model validators and guide them as required
* Reports to Senior Manager in Model Risk Management
* Interfaces primarily with model owners and other business partners in the AML, Consumer Lending, Deposits and Payment Services areas
* Masters or equivalent advanced degree in engineering, econometrics, statistics, mathematical finance, operations research, or other quantitative field is preferred
* Minimum of 5 years of experience in building, testing, implementing and validating complex and sophisticated econometric and statistical models
* In-depth knowledge and understanding of finance, economics, and probability theories, and experience working with time series, regression, econometric modeling, Monte Carlo simulations etc.
* Proficiency in statistical and financial software such as SAS (or equivalent), Python / R, SQL, Excel (and VBA), @RISK, KnowledgeSeeker, etc.
* Experience writing high quality standardized reports, white papers, and preparing effective presentations
* Strong interpersonal and written and oral communication skills, and a proven ability to work in a collaborative and team environment
* Ability to interact with all levels of the organization as well as internal and external customers, and to communicate technical information to any audience
* Strong project management skills with the ability to manage multiple work streams simultaneously
* Ability to deal with ambiguity and make effective decisions
* Knowledge of AML and Machine Learning, and experience validating such models
* Experience with CCAR/DFAST stress testing, QRM, knowledge of regulations (Basel, Dodd-Frank, Federal Reserve and OCC guidance on model validation and stress testing, etc.), experience interacting with regulators, FRM or PRM certification
#LI-MK1 We are an Equal Opportunity Employer and do not discriminate against any employee or applicant for employment because of race, color, sex, age, national origin, religion, sexual orientation, gender identity, status as a veteran, and basis of disability or any other federal, state or local protected class.
A little about us:
Discover is one of the most recognized brands in U.S. financial services. We’re a direct banking and payment services company built on a legacy of innovation and customer service.