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Req ID:  3340
Location: 

Chicago, IL, US, 60631

Model Risk Analyst

FT/PT:  Full-Time

First Midwest, with assets over $15 billion, is the premier relationship-based banking franchise in the dynamic Chicagoland banking market. As one of the Chicago metropolitan area's largest independent bank holding companies, First Midwest provides the full range of commercial, retail banking, and wealth management services through some 120+ offices located in communities in metropolitan Chicago, Northwest Indiana, Central and Western Illinois, and Eastern Iowa. 

POSITION SUMMARY:

This position supports the Bank’s Model Risk Management (“MRM”) Program and reports to the Operational Risk, SOX and Model Risk Manager.  The Model Risk Analyst will be responsible for independently evaluating and validating line of business models and ensuring compliance with the Bank’s MRM Program and all required regulatory requirements.

REQUIRED EDUCATION, EXPERIENCE AND SKILLS:

  • Bachelor’s degree in Statistics, Mathematics, Economics, Engineering or other quantitative discipline.  An advanced degree is a plus.
  • 5+ years model development, validation or equivalent experience within the Financial Services industry.
  • Solid understanding of quantitative financial modelling techniques and theories, qualitative documentation standards and regulatory requirements, such as Federal Reserve Bank Supervisory Guidance 11-7; Ability to interpret and apply regulatory concepts to the tasks performed.
  • Must have a strong background in statistical modeling, including knowledge of techniques such as linear regressions, logistic regressions, VaR, Markov chain models, and monte carlo simulation.
  • Proficient with Excel, including VBA scripts, and ability to understand common model code and logic written in languages such as: SAS, SQL, R, Mathlab,
  • Understanding of data validation and quality control techniques and requirements.
  • Ability to communicate model validation requirements, results and recommendations in a clear, concise and informative manner to bank employees and executives.
  • Proven ability to work independently and multi-task.

LI-TP1

DUTIES/RESPONSIBILITIES:

  • Guide model owners through the model validation process, including assisting in confirming that a tool/evaluation qualifies as a model and informing model owners of the validation efforts required.
  • Perform validation on all models within the company, including but not limited to credit risk models, market risk models, operational risk models, loss forecasting models, compliance models (AML or Fair Lending) and financial models.  Validation work will include concept development, statistical process developing, coding, hypothesis testing, assumption testing, and model performance assessment.
  • Review and analyze data quality associated with key models.
  • In rare cases where external expertise is required to assist with model validation, coordinate the selection and validation process between the model owner and the external party.
  • Monitor the performance of models and work closely with the model owners when changes in performance occurs; Proactively initiate communication with model owners when subsequent or periodic validation is required.
  • Prepare reports on model performance and validation status for executive management and others.
  • Provide information regarding model validation efforts, as may be requested, to regulators, audit teams and others.
  • Stay current on industry developments related to model risk management, including participating in industry groups. 

Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities.
Please view Equal Employment Opportunity Posters provided by OFCCP here and Supplement here.


Nearest Major Market: Chicago

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