Model Risk Governance Associate Director
DTCC
Model Risk Governance Associate Director
DTCC
Clears and settles securities trades for financial firms
Competitive compensation, including base pay and annual incentive.
Comprehensive health and life insurance and well-being benefits, based on location.
Retirement benefits
Paid Time Off and other leave of absence
·Flexible/Hybrid Work Arrangements
As the Model Risk Management (MRM) Governance Manager, you will be responsible for ensuring that all models used within the firm are identified and captured within DTCC’s model inventory and managing various model identification processes that include supporting a firm-wide annual survey and performing model determination assessments.
You will work closely with validation and will require high-visibility and in-depth interactions with multiple internal and external stakeholders such as Quant groups, Market and Liquidity Risk, IT, Management, Clients, Internal Audit, and our Regulators.
Your Primary Responsibilities:
Responsible for attending firm-wide initiatives meetings and reviewing third party requests to proactively identify models, making model determinations on any potential models, and documenting the rationale.
Maintain the DTCC Model Inventory in MRM system of record, Process Unity, including coordinating with model owner stakeholders to create new inventory records in a timely manner.
Responsible for managing the MRM issue management process that includes reviewing and entering issue descriptions for issue tracking, monitoring the progress of action plans against prescribed due dates, and conducting issue management reporting.
Produce and maintain status report(s) on inventory activities and issue management for stakeholders, including senior management and Board members, to provide transparency and to facilitate decision-making.
Identify risks and opportunities for increasing model risk awareness within the firm to ensure models follow the model risk management policies and procedures.
Responsible for preparing the quarterly inventory report and supporting the Risk Rating Assessment (RRA) process to distribute overarching reports to DTCC regulatory relations ensuring information is accurate and complete for broader distribution to external regulators.
Develop and implement automation tools to increase team efficiency via the use of AI tools and agents.
Provide expertise, technical support, and testing for model risk related systems implementation & maintenance.
Qualifications:
Minimum of 7 years of related experience in a Model Risk Governance role
Bachelor's degree required, master’s degree preferred.
Broad knowledge of Artificial Intelligence and Machine Learning (AI/ML) models, particularly the evolving field of Large Language Models (LLM) and Generative AI (Gen AI) models.
Broad expertise in quantitative finance and/or risk management models and methodologies
High level of digital literacy, including working knowledge of programming languages such as Visual Basic, R, and Python
Excellent written and verbal communication and presentation skills, ability to communicate quantitative concepts to financial professionals.
Deep understanding of the regulatory environment surrounding model risk management (SR26-2 and SEC Covered Clearing Agency Standards).
Additional Qualifications:
Elevated levels of energy and flexibility to get things done and thrive in a fast-paced, collaborative enterprise risk management environment.
Outstanding verbal and written communication skills
Salary Range: Associate Director-95,000-180,000-USD
DTCC provides the systems financial firms use to complete securities trades after buyers and sellers agree a transaction. Broker-dealers, banks and asset managers use its services to match trade details, calculate obligations, move securities and report transactions. Its NSCC and FICC subsidiaries clear equity and fixed-income trades, while DTC holds securities and handles settlement and payments such as dividends. By offsetting obligations between firms, its clearing services reduce the securities and cash that must change hands, and its repositories maintain derivatives transaction records for regulatory reporting. The parent was established in 1999 and is headquartered in Jersey City, New Jersey.
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