Sr. Manager, Model Validation Unit

  • Company: Discover
  • Location: Riverwoods, Illinois
  • Posted: December 08, 2017
  • Reference ID: P115629_S1
Discover. A more rewarding way to work.

At Discover Financial Services, you'll find yourself in the company of some of the industry's smartest and most reliable professionals. And at a company that rewards dedication, values innovation and supports growth.

Thrive in an environment that promotes teamwork and shared success. Build on a foundation of mutual respect. Join the company that understands rewarding careers like no other, with this exceptional opportunity:

Sr. Manager, Model Validation Unit

Job Description

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 senior risk manager with experience in model risk management practices for a bank or large financial services organization. The Model Risk Management group 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 financial modeling according to the governance framework and policies and procedures, and provide recommendations for continuous model enhancements across the enterprise.

Key Responsibilities:
  • Perform independent model validations and effectively challenge financial models across Discover which are used in CCAR/DFAST as well as emerging CECL processes.
  • 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 a team of skilled analysts and managers (off-shore/on-shore) and provide guidance on econometric methodologies and validation of financial models. Coach and provide thought leadership to foster strong team and individual staff development
  • Promote a risk-aware culture, ensure efficient and effective risk and compliance management practices by adhering to required standards and processes

  • Reports to Director in Model Risk Management
  • Develops strong relationships with key business partners to support understanding and analysis of financial projections
  • Ability to coordinate efforts across multiple business units and with senior management
  • Maintain a robust understanding of the company's businesses and financial results


Skills Required:
  • Masters or equivalent advanced degree in engineering, econometrics, statistics, mathematical finance, operations research, or other quantitative field is preferred.
  • 5+ years of experience in building, testing, implementing and validating complex and sophisticated econometric and statistical models. Experience with Treasury in a financial services firm is preferred.
  • In-depth knowledge and understanding of finance, economics, and probability theories, and experience working with time series, regression, econometric modeling, Monte Carlo simulations, fixed income modeling, etc.
  • Proficiency in statistical and financial software such as LookAhead, QRM, SAS (or equivalent), 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.

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.

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