Senior Specialist, Model Development @ BNY Mellon - New York, NY

Job Overview

2 months ago

Senior Specialist, Model Development

BNY Mellon - New York, NY

Role description and opportunities:

The Specialist (Model Risk Analyst) will contribute to highly visible enterprise-wide model validation function in the organization. The models make estimates that are a key input to management decisions and are reported to Senior Management and the Board of Directors on a regular basis. The role will be to execute enterprise standards for model validation.

Responsibilities - External

The incumbent will be responsible for identifying and evaluating model risk and propose controls to manage that risk. This will entail following the scope of a validation effort and executing tests and reviews.

  • The incumbent may work in one of five disciplines, each responsible for a different type of modeling: Credit Risk Modeling 2) Treasury Modeling 3) Market Risk Modeling 4) Pricing Modeling 5) Forecasting
  • Execute enterprise standards for model validation by applying techniques and methodologies to test assumptions and review outcomes of a model.
  • Tests and reviews align to the validation scope established by more senior colleagues.
  • The incumbent will be responsible for identifying and evaluating model risk and proposing controls to manage that risk.
  • Subsequent to the validation of a model, the incumbent is expected to lead projects that automate prior testing, allowing risk to be assessed on a dynamic basis.
  • The incumbent may be required to construct shadow models that run alongside those in production, allowing Model Risk Management to monitor performance in real time.
  • No formal supervisory responsibility. Primarily responsible for the accuracy and quality of own work. Modified based upon local regulations/requirements.

A successful candidate should ideally have these qualifications:

  • Master's Degree or PhD in a quantitative discipline, including engineering, mathematics, physics, statistics, econometrics. The candidate must have a superb quantitative and analytical background with a solid theoretical foundation coupled with strong programming, documentation and communications skills.
  • 2-5 years of experience in a related field is required for PhD Candidates. 3 years of experience in a related field is the minimum requirement for Masters Degreed candidates.
  • Must have experience with complex quantitative modeling, numerical analysis, and computational methods using programming languages (such as C/C++, C#, Java, FORTRAN, MATLAB, SAS) as well as mathematical/statistical software packages.
  • Must have a proven track record of being able to efficiently and effectively conduct independent research, analyze problems, formulate and implement solutions, and produce quality results on time.
  • The candidate must have excellent scientific and technical documentation and presentation skills, assertiveness & influencing skills, and the skills to explain abstract theoretical concepts to a non-expert audience in easy-to-understand language.

BNY Mellon is an Equal Employment Opportunity/Affirmative Action Employer. Minorities/Females/Individuals With Disabilities/Protected Veterans.

Our ambition is to build the best global team – one that is representative and inclusive of the diverse talent, clients and communities we work with and serve – and to empower our team to do their best work. We support wellbeing and a balanced life, and offer a range of family-friendly, inclusive employment policies and employee forums.

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