AVP – Model Risk Management

Wintrust provides community and commercial banking, specialty finance and wealth management services through its 16 bank charters and nine non-bank businesses. Wintrust delivers the sophisticated solutions of a large bank while staying true to the relationship-focused, personalized service of our community banking roots. We serve clients in all 50 states with more than 200 branch banking locations in Illinois, southwestern Florida, northwestern Indiana, west Michigan and southern Wisconsin and commercial banking offices in Chicago, Denver, Milwaukee, Grand Rapids, Mich., and in key branch banking locations throughout Illinois. Our people are the heart of our business and we are proud to rank consistently as a top place to work. Wintrust is a $66 billion financial institution based in Rosemont, Illinois, and listed on the NASDAQ Global Select Market under the symbol “WTFC.”

Responsibilities:

Provide independent model risk management and support for the VP of Model Risk as follows:

Model Validation

• Perform independent and comprehensive validation of bank-wide statistical/econometric/ mathematical/qualitative (expert judgment) models for stress testing, asset allocation, valuation and pricing, BSA/AML in compliance with SR 11-7/OCC 2011-12 and Model Risk Management (MRM) policy and procedures.

• Develop a model validation testing plan commensurate with the model risk tier and perform quantitative and qualitative tests to assess models for conceptual soundness, implementation accuracy, data integrity, and performance accuracy, including back testing, sensitivity analysis, scenario analysis, benchmarking, and governance.

• Provide effective and meaningful challenge during the following processes of model validation: Review of conceptual soundness; Review adequateness of modeling data; Materiality analysis of model assumptions and limitations; Review of model theoretical framework and design; Review of model performance.

• Review of Model Documentation to ensure compliance with regulation/policy. Model documentation review should consist, amongst others, the following: Assessing the quality of model documentation; Reviewing documentation of developmental evidence; Review documentation of model governance; Review testing results in the model methodology document.

• Design and execute a comprehensive and granular program for the following: Data Validation; Model theoretical framework and design; Assumptions and Limitations testing; Model Conceptual soundness; Back-testing; Model Effectiveness Testing, Sensitivity Analysis; and Benchmarking for material portfolios.

• Perform ongoing monitoring of all the models in line with the validation calendar and monitor the performance of those models through statistical tests. Evaluate the model adjustments, such as overlays and buffers, wherever applicable.

Ongoing Process Management, Enhancement and Updates

• Contribute to enhancing current processes for model validation.

• Manage activities related to model governance and assist VP model risk management in creating reports for the senior management, executive management, risk committees, and regulatory exams.

• Manage and update model risk policies, standards, and procedures continually to ensure compliance with both management and regulatory requirements. Assist VP- MRM in the growth and maturation of the model risk management framework.

• Use the MRM Model Validation tool to perform model validation activities. Assists in the annual model certification process and maintain status updates from the model owners.

• Maintain and update the model inventory. Maintain status updates and facilitate resolution/escalations of issues in a timely fashion.

Stakeholder Management

• In collaboration with the VP of Model Risk Management, interfaces with key stakeholders throughout the validation process to discuss the justification and reasoning behind validation and review findings.

• In collaboration with VP, Model Risk Management, determine whether the response and remediation plan received from model owners and users in response to a finding adequately addresses the findings. Follow up with model owners to ensure findings are remediated in a timely manner.

AI and Risk Management Framework

• Execute robust model risk management framework in line with industry best practices and expectations. Assist VP-MRM is executing AI and Machine Learning risk management framework

• Develop AI engineering solutions for MRM and bias detection and mitigation technique.

Others

• Provide hands-on technical support and practice guidance on all model risk-related activities to junior MRM team members.

• Assist in special ad-hoc projects.

Requirements:

Ph.D. in Applied Economics, Statistics, Mathematics, or a related field of study plus 3 years of experience as a Risk Management Officer or a related occupation. 

Requires 1 year of experience in the following:

• Working with financial products;

• Applying model risk management techniques;

• Working with a changing regulatory environment, OCC2011-12 guidance and DFAST/CCAR, etc. Experience with models related to credit risk (Consumer and Commercial), Compliance

• (BSA/AML), ALLL and regulatory/economic capital;

• Activities related to model governance /skills in creating reports for senior management.

Requires 3 years of experience in the following:

• Quantitative modeling in financial industry using financial and economic data;

• Econometrics and statistics;

• MS Office application;

• Programming skills.

Compensation

The estimated salary range for this role is $102,523-$107,500, along with eligibility to earn an annual bonus. Actual salaries may vary based on several factors, such as a candidate’s qualifications, skills and experience.

From our first day in business, Wintrust has been proud to serve a variety of unique communities and people from all walks of life.  To build a company that reflects the communities we serve, we believe that fostering a unique and inclusive workplace where everyone feels valued and empowered to succeed will support our ongoing success.  Wintrust Financial Corporation, including community banking and financial services subsidiaries, is an Equal Opportunity Employer.  All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, age, national origin, disability, veteran status, genetic information, and other legally protected categories.