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Responsible for providing oversight and direction for TIAA’s Model Risk Management program including maintaining and implementing the company’s Model Risk Management policies. This will involve creating, maintaining and enhancing a set of processes and procedures - as the program evolves - around assessing, managing and reporting of model risks and working closely with the various model development and usage communities across the organization to ensure that the model risks are identified and treated effectively. This includes thinking creatively about program implementation and working with business partners to socialize program changes to secure buy-in. It is imperative that the candidate have the skillsets required to influence and deepen relationships across the business areas to drive a holistic Model Risk Program. Another important component of the role will be providing an effective challenge process. Therefore, suitable candidates need to hold an advanced degree in a highly quantitative area involving complex math, and be experienced quantitative modelers with in-depth knowledge of model design, building, testing and validation processes. These leadership skills are also critical to ensure that the team is prioritizing the most important work and operating in the most efficient way possible as the program shifts from a build to an implementation mode. The position will report into the Chief Risk Officer for Framework, Governance and Corporate Center Risk.
KEY RESPONSIBILITIES AND DUTIES:
Own the ongoing evolution and support of the Model Risk Management Policy and associated Standard Operating Procedures (SOP).
Drive implementation of and adherence to the Policy and associated SOPs across the Company.
As part of implementing the Model Risk Management Policy, drive the development and implementation of a Model Development Life-cycle to ensure that new models and enhancements to existing models are undertaken in a controlled fashion.
Lead a team of qualified staff in the prioritization, scheduling, and execution of model reviews/validations/re-testing as required based on their risk level and Policy requirements; the team is also mandated with providing an effective independent challenge to the robustness and effectiveness of the models.
Build and maintain relationships with business areas and their respective Chief Risk Officers (CROs) to assist in driving the resolution of identified issues, and ensuring that residual risk is maintained within the risk appetite of the Company.
Engage with model owners and key stakeholders to develop creative ways of reinventing and right sizing the Model Risk Program as it matures.
Chair and run the Model Risk Management Working Group (MRMWG) - a working group of the Operational Risk Management Committee (ORMC) - to fulfill its role as set out in the Model Risk Management Policy.
Escalate and report the status of Model Risks to the appropriate risk management governance committee on a periodic basis and as required.
Liaise with regulators in relation to the Company's management of Model Risk.
Advanced Degree in a quantitative discipline is required; PhD is preferred.
Extensive financial quantitative modeling skills and experience.
Understanding of Portfolio Management and Actuarial science.
Knowledge of operational processes around models (e.g. sourcing of common model inputs).
A self-starter with excellent interpersonal, organization, and leadership skills.
A highly collaborative business partner who can effectively manage and influence relationships that are widely dispersed both functionally and geographically.
Ability to understand and influence to integrate the Model Risk Program across all business areas.
Ability to adapt to and initiate change and guide the team as focus shifts to align with company goals and objectives.
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