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Full-Time

Quantitative Model Development Officer I-Retail CCAR/CECL Loss Forecasting

Posted on 9/10/2024

Truist

Truist

501-1,000 employees

Platform for Registered Investment Advisors' operations

Fintech
Financial Services

Expert

Charlotte, NC, USA

Category
Risk Management
Finance & Banking
Required Skills
Communications
Management
Mergers & Acquisitions (M&A)
Operations Research
Data Analysis
Requirements
  • Ten years of relevant experience in best practices, or equivalent financial industry experience developing, documenting, implementing, or validating quantitative models with concentration in a particular financial domain
  • Seven+ years of model development experience using SAS or other applicable model development software/programming tools
  • Strong English communication skills, both written and verbal
  • Ability to distill complex mathematical concepts into actionable results
  • Strong work ethic; promote and conduct continued development of personal and associate knowledge base and technical skills
  • Organization skills: Ability to communicate and manage competing organizational priorities effectively
  • Problem solving skills: Strong problem solving skills
  • Education: Advanced degree or equivalent experience in Statistics, Econometrics, Operations Research, Actuarial Science, Applied Mathematics, or other applied quantitative science, or equivalent education and related training
Responsibilities
  • Conduct/own most aspects of the model development life cycle. The model development life cycle includes data acquisition, assessing data integrity, model development, documentation, implementation assistance and assisting with closing assurance provider issue related to the model.
  • Develop, maintain and supervise monitoring, performance reporting, and change-management processes. Work with stakeholders to ensure models fulfill the business objectives set for them.
  • Ensure model development projects and processes comply with Truist requirements for model risk management and other policy requirements.
  • Assist with mentoring and training to accelerate model development in areas of techniques, process and business knowledge.
  • Advocate towards user understanding and acceptance of models and associate analytics, including written and verbal presentations to model users, stakeholders, managers and oversight groups.
  • Serve as core point of contact to address model questions within the firm as needed, including assurance providers (e.g., Corporate Model Risk Management, Corporate Audit, and regulators). Support regulatory examinations and address respective requests.
  • Assist with identifying, recruiting, and maintaining, quantitative talent.
  • May supervise a small staff performing model development life cycle duties.

Truist offers a platform for Registered Investment Advisors (RIAs) to improve their operations and client services. The platform includes tools like live chat support, commission-free trading, and an automated rebalancer, allowing RIAs to manage their businesses more efficiently and serve more clients at a lower cost. Unlike competitors, Truist provides these services for free, monetizing through a custodian service that helps RIAs reduce overhead costs. The goal is to empower RIAs to grow their businesses and enhance client experiences.

Company Stage

Series E

Total Funding

$437.2M

Headquarters

Culver City, California

Founded

N/A

Growth & Insights
Headcount

6 month growth

5%

1 year growth

19%

2 year growth

46%
Simplify Jobs

Simplify's Take

What believers are saying

  • The recent $169M Series E funding round indicates strong investor confidence and provides substantial capital for further innovation and expansion.
  • Collaborations with leading providers like Orion Advisor Solutions and Kwanti enhance Altruist's platform capabilities, making it more attractive to RIAs.
  • Acquiring Shareholders Service Group expands Altruist's service offerings and client base, positioning it to compete with industry giants like Schwab and Fidelity.

What critics are saying

  • The competitive landscape in the RIA market includes established players like Schwab and Fidelity, which could challenge Altruist's growth and market penetration.
  • Rapid expansion and multiple integrations may lead to operational complexities and potential service disruptions.

What makes Truist unique

  • Altruist offers a simplified tech stack specifically designed for RIAs, unlike broader financial platforms that cater to multiple financial service providers.
  • Their commission-free fractional share trading and automated rebalancer features provide cost-effective solutions that are not commonly bundled together in competing platforms.
  • The vertically-integrated custodian service allows Altruist to streamline operations and reduce overhead costs for RIAs, setting it apart from traditional custodial services.
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