What are the responsibilities and job description for the Vice President of Model Risk Management position at Amalgamated Bank of NY?
Position Summary
This role resides within the Bank’s Enterprise Risk Management function and serves as part of the second line of defense. The Vice President of Model Risk Management (MRM) is responsible for overseeing the Bank’s Model Risk Management Program, ensuring that model risk is identified, assessed, monitored, and controlled across the full model lifecycle in accordance with internal policy and regulatory guidance. The role provides independent oversight and effective challenge to the first line of defense and supports senior management and the Board through strong model risk governance and reporting.
Key Responsibilities
• Maintain and enhance the Model Risk Management framework, policies, procedures, and standards.
• Oversee the model inventory, including model identification, tiering, materiality, and lifecycle status.
• Provide independent challenge of model development, implementation, assumptions, limitations, and intended use.
• Review model documentation, validation results, and ongoing monitoring to assess fit-for-use.
• Oversee model validation scope, frequency, and remediation of findings.
• Develop model risk metrics, KRIs, and reporting for senior management and the Board.
• Serve as a primary point of contact for regulators and internal audit on model risk matters.
Required Qualifications
• Bachelor’s degree in a quantitative discipline (e.g., mathematics, statistics, economics, finance, engineering) or equivalent experience.
• 5 years of experience in Model Risk Management, quantitative risk, or model validation within financial services.
• Quantitative background with the ability to understand and challenge statistical, econometric, or financial models.
• Demonstrated experience providing independent challenge in a second line of defense role.
• Strong written and verbal communication skills, including the ability to explain complex quantitative concepts.
Preferred Qualifications
• Experience with GRC platforms and model inventory or validation tools.
• Familiarity with a broad range of model types (credit, capital, stress testing, liquidity, AML/fraud).
• Professional certifications such as FRM, PRM, or CFA.
Our job titles may span more than one career level. The starting base salary for this role is between $120,000 – $140,000. The actual base pay is dependent upon many factors, such as: training, transferrable skills, work experience, business needs and market demands. The base pay range is subject to change and may be modified in the future.
Amalgamated Bank is an Equal Opportunity and Affirmative Action Employer, Minorities / Females / Individuals with Disability / Veterans. AmeriCorps, Peace Corps and other national service alumni are encouraged to apply. View our Pay Transparency Statement. Submission of a resume or any information regarding your qualifications does not constitute a promise or offer of employment. At Amalgamated Bank, we consider an applicant to be someone who has interviewed at least once, in person, with the hiring manager. Amalgamated Bank does not sponsor applicants for work visas.
Effective February 18, 2025, employees in office-based positions will be working a Hybrid work schedule consisting of three days or more, on-site per week, Monday - Thursday, although the specific days may vary by site or organization, with Friday designated as a remote-working day, unless business critical tasks require an on-site presence. This Hybrid work model does not apply to, and daily in-person attendance is required for, the contact center, branch service roles, and general services where the work to be performed is located at a Company site; positions covered by a collective-bargaining agreement (unless the agreement provides for hybrid work); or any other position for which the Company has determined the job requirements cannot be reasonably met working remotely. Please note, this Hybrid work model guidance does not apply to roles that have been designated as “remote”.
Amalgamated Bank does not accept unsolicited assistance from search firms for employment opportunities. All CVs / resumes submitted by search firms to any employee at our company without a valid written search agreement in place for the position will be deemed the sole property of our company. No fee will be paid in the event a candidate is hired by our company as a result of an agency referral where no pre-existing agreement is in place. Where agency agreements are in place, introductions are position specific. Please, no phone calls or emails.
Salary : $120,000 - $140,000