Director – Model Risk Oversight

The Director responsible for performing in depth reviews of models (e.g., financial and non-financial model oversight (NFMO)) within the Model Risk Oversight (MRO) function supports Member Supervision in identifying risks posed by member firms’ use of models, such as those in the financial, operational and business conduct areas. The Director effectively provides subject matter expertise related to the technical aspects of modeling and model risk management and governance to relevant internal and external stakeholders, to enhance FINRA’s ability to identify and mitigate risks to investors and the financial markets through the oversight of member firms’ model risk management and governance programs.

Essential Job Functions:

• Works collaboratively with the Model Risk Oversight (MRO) leadership team in the development and implementation of the MRO Unit’s strategic vision and objectives and establishes analytics to measure performance.
• Gathers, analyzes and disseminates intelligence to help monitor the industry’s adoption of new models and associated threats and risks, provides guidance and share best practices with external parties, including member firms and regulatory authorities, on high-level regulatory issues and observations.
• Oversees and assesses the level of non-financial model risk present at member firms and across the industry, as well as directly supporting Member Supervision’s Risk Monitoring, Investigations and Examinations teams. May serve as a key point of accountability for the Unit.
• Enhances FINRA’s existing model risk management oversight scope, guidance, relevant risk reviews, and associated policies and procedures.
• Supports the ability of FINRA’s regulatory programs to understand and mitigate growing model risk exposures across the industry.
• Initiates and/or recommends initiatives related to Unit’s specialization that may include sweeps, thematic reviews, programs to facilitate staff inquiries, and staff educational/informational outreach.
• Serves as a subject matter expert in the area of NFMO and MRO and provides guidance to FINRA staff and management on high-level issues.
• Works to ensure Unit’s operations effectively support Member Supervision and other RegOps and FINRA departments as necessary. Contribute to establishment of Unit’s internal policies and procedures.
• Fosters a functional team-oriented culture that supports Unit’s mission.
• Reviews and approves related reports and letters (i.e. strategy, exit, exam, disposition, etc.).
• Represents FINRA at relevant industry events.

Education/Experience Requirements:

• Bachelor's degree in Financial Modeling, Computer Science, Data Analytics, Risk Management, Accounting, Finance, Economics, Business Administration, or related discipline required.
• Master’s or doctorate degree in computational or mathematical finance, computer science, statistics, physics or related field, and past Financial Services industry experience with significant model risk management expertise, highly desired.
• Minimum ten (10) years of relevant experience, or equivalent combination of training and/or work experience.
• Experience developing benchmark models to evaluate production choices spanning various machine learning techniques; and monitoring and assessing performance of financial non-financial models, highly desired.

Knowledge Requirements:

• Advanced knowledge to analyze risk factors of trading instruments covering a wide range of financial instruments, including equities, fixed income, currencies, futures, commodities, and/or derivatives, highly desired.
• Substantive knowledge of risks, rules, and regulations pertaining to model risk management and governance within financial services.
• Substantive knowledge of model risk regulatory guidance and experience with regulatory interactions on model risk management.
• Substantive knowledge of member firm’s operating models, business lines, customer bases, products, and services.
• Substantive knowledge and experience in the application of model validation governance frameworks and testing of model control environments.
• Substantive knowledge of risk management processes (e.g., methods for assessing and mitigating risk).
• Substantive knowledge of regulatory compliance issues.

Skills Requirements:

• Expert ability to understand model risk management policies and procedures, controls, and design of risk metrics.
• Excellent analytical and problem-solving skills to thoroughly review complex models and model-related applications; and ability to identify potential issues or weaknesses in model conceptual soundness, highly desired.
• Strong programming skills and experience with an object-oriented programming language (such as Python, C++, or Java), highly desired.
• Experience with modeling for regulatory rules related to margin and capital modeling (e.g., portfolio margining, TIMS, Appendix E of SEA 15c3-1) is a plus.
• Expert ability in building trust and aligning high performing teams around common objectives.
• Encourages open dialogue and fosters healthy discussions when faced with conflict.
• Fosters culture of accountability at all levels.

For work that is performed in CA, CO, HI, MN, VT, IL, Jersey City, NJ, New York City, NY, MA, WA, MD, Washington, DC, NJ State and NY State, please refer to the chart below for the salary range for the corresponding location. In addition to location, actual compensation is based on various factors, including but not limited to, the candidate’s skill set, level of experience, education, and internal peer compensation comparisons.

CA: Minimum Salary $146,200, Maximum Salary $296,100

CO/HI/MN/VT*: Minimum Salary $127,300, Maximum Salary $246,600

IL*: Minimum Salary $139,800, Maximum Salary $271,400

Jersey City, NJ/NYC, NY: Minimum Salary $152,700, Maximum Salary $296,100

MA/WA: Minimum Salary $127,300, Maximum Salary $283,800

MD/Washington, DC: Minimum Salary $146,200, Maximum Salary $283,800

NJ: Minimum Salary $139,800, Maximum $296,100

NY: Minimum Salary $127,300, Maximum Salary $296,100

*Including positions performed outside the state but reporting to an office or manager in that state.

Candidates can expect salary offers that range from the minimum to the mid-point of the salary range. FINRA provides full pay ranges so that the candidate can consider their growth potential while at FINRA.

#LI-Hybrid

To be considered for this position, please submit an application. Applications are accepted on an ongoing basis.

The information provided above has been designed to indicate the general nature and level of work of the position. It is not a comprehensive inventory of all duties, responsibilities and qualifications required.

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Employees may be eligible for a discretionary bonus in addition to base pay. Non-exempt employees are also eligible for overtime pay in accordance with federal, state, or local law. As part of its dedication to employee wellness, FINRA provides comprehensive health, dental and vision insurance. Additional insurance includes basic life, accidental death and dismemberment, supplemental life, spouse/domestic partner and dependent life, and spouse/domestic partner and dependent accidental death and dismemberment, short- and long-term disability, long-term care, business travel accident, disability and legal. FINRA offers immediate participation and vesting in a 401(k) plan with company match and eligibility for participation in an additional FINRA-funded retirement contribution, tuition reimbursement, commuter benefits, and other benefits that support employee wellness, such as adoption assistance, backup family care, surrogacy benefits, employee assistance, and wellness programs.

Time Off and Paid Leave*

FINRA encourages its employees to focus on their health and wellness in many ways, including through a generous time-off program of 15 days of paid time off, 5 personal days and 9 sick days, unless otherwise required by law (all pro-rated in the first year). Additionally, we are proud to support our communities by providing two volunteer service days (based on full-time schedule). Other paid leave includes military leave, jury duty leave, bereavement leave, voting and election official leave for federal, state or local primary and general elections, care of a family member leave (available after 90 days of employment); and childbirth and parental leave (available after 90 days of employment). Full-time employees receive nine paid holidays.

*Based on full-time schedule

Important Information

FINRA’s Code of Conduct imposes restrictions on employees’ investments and requires financial disclosures that are uniquely related to our role as a securities regulator. FINRA employees are required to disclose to FINRA all brokerage accounts that they maintain, and those in which they control trading or have a financial interest (including any trust account of which they are a trustee or beneficiary and all accounts of a spouse, domestic partner or minor child who lives with the employee) and to authorize their broker-dealers to provide FINRA with duplicate statements for all of those accounts. All of those accounts are subject to the Code’s investment and securities account restrictions, and new employees must comply with those investment restrictions—including disposing of any security issued by a company on FINRA’s Prohibited Company List or obtaining a written waiver from their Executive Vice President—by the date they begin employment with FINRA. Employees may only maintain securities accounts that must be disclosed to FINRA at one or more securities firms that provide an electronic feed (e-feed) of data to FINRA, and must move securities accounts from other securities firms to a firm that provides an e-feed within three months of beginning employment.

You can read more about these restrictions here.

As standard practice, employees must also execute FINRA’s Employee Confidentiality and Invention Assignment Agreement without qualification or modification and comply with the company’s policy on nepotism.

Search Firm Representatives

Please be advised that FINRA is not seeking assistance or accepting unsolicited resumes from search firms for this employment opportunity. Regardless of past practice, a valid written agreement and task order must be in place before any resumes are submitted to FINRA. All resumes submitted by search firms to any employee at FINRA without a valid written agreement and task order in place will be deemed the sole property of FINRA and no fee will be paid in the event that person is hired by FINRA.

FINRA strives to make our career site accessible to all users. If you need a disability-related accommodation for completing the application process, please contact FINRA's Employee Relations team at 240.386.4865 or by email at [email protected]. Please note that this process is exclusively for inquiries regarding application accommodations.

All qualified applicants will receive consideration for employment without regard to age, citizenship status, color, disability, marital status, national origin, race, religion, sex, veteran status or any other classification protected by federal, state, or local laws.

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