VP/FVP, Model Risk Manager
Location: El Monte
Posted on: June 23, 2025
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Job Description:
The FVP of Model Risk Management (MRM) is part of Risk
Management and is responsible for the Bank’s MRM Program. Must have
a foundational understanding of model risk, credit risk, market
risk, interest rate risk, pricing risk, market risk, and financial
risk. The position requires owning and managing model risk
management, ensuring business processes related to models are
following applicable governance and policy requirements including,
reviewing model risk and control process adherence by owners;
documenting and presenting observations to the SVP, Director of ERM
and to model owners and users, tracking remediation progress; and
ongoing updates and maintenance of model inventory logs. Should
possess a conceptual understanding of various model techniques used
in banking such as those involving interest rate risk, credit and
deposit models, asset liability models, cash flow valuation and
option pricing models; and economic capital estimation models used
within various Business units of the Bank. ESSENTIAL FUNCTIONS •
Manage and oversee the overall aspects of the Model Risk Program
inclusive of improvement, implementation and the execution of the
program, MRM policy, Standards, and procedures to ensure they
remain appropriate and consistent with regulatory requirements and
expectations. • Execute against the bank’s strategic Model Risk
roadmap. • Monitor compliance with the MRM policy by working
directly with key stakeholders. • Oversee and manage model risk
assessments process and assess results. • Oversee model
identification and attestation process and model inventory. •
Manage the model validation and schedule and assessing results. •
Assess the adequacy of actions taken by model owners to remediate
model issues. • Manage and access the results of the change log
report and ongoing monitoring process. • Accountable to establish
and monitor key risk indicators and model risk aggregation. •
Report on the status of the MRM Program to applicable Management
Board Committees. • Communicate and engage with regulators and
respond to requests as needed. • As needed, perform independent
validation of models, in accordance with supervisory guidance and
internal policies. • Possess functional knowledge of risk
management processes and functions. • Approve the use of the models
and monitor risks with the bank’s models. • Advise model owners
during the development of a new model or implement model overlays.
• Translate identifying model risks into business implications and
propose mitigation strategies to the business and senior
management. • Serve as Risk Management’s contact with Model owners.
• Provide training across the bank as required. • Collaborate with
business units to execute the governance framework, policies, and
procedures. • Recruit and manage external vendors as needed for
complex model validations. QUALIFICATIONS • Education: Masters’
degree preferably in a quantitative field (e.g. Statistics,
Engineering, Mathematics, Etc.) highly preferred, not required. •
Experience: At least 10 years of Model Risk Management experience
in financial services. Sound knowledge of statistical modeling
concepts and industry best practices with model owners, developers,
risk managers and other stakeholders. Experience with analytical or
data manipulation tools (e.g. SAS • Skills/Ability: Strong
analytical and reasoning skills. Good verbal and written
communication skills. Proficiency in statistical software a plus.
Strong data mining and management skills. Good general knowledge of
banking products. Strong presentation skills to all levels of
management. Demonstrated ability to influence without direct
authority. Strong project management skills. Ability to challenge
models and identify model risk, especially on conceptual soundness,
data, quality, and model development process.
Keywords: , Paramount , VP/FVP, Model Risk Manager, Accounting, Auditing , El Monte, California
