Quantitative Model Risk Associate

Position Title

Quantitative Model Risk Associate

Location

Hicksville, NY 11801

Job Summary

A Quantitative Model Risk Associate supports the implementation and execution of the Bank-wide model risk management policy. This includes the review of complex models used within the organization, model development documentations, model code, and model performance. Prepares written validation reports, makes recommendations, and follows up and tracks ongoing model risk issues.

$22.16 - $41.52

Pay Range: Local Minimum Wage - $0.00 - $0.00

Job Responsibilities

JOB RESPONSIBILITIES

• Performs independent validation of selected models to assess the conceptual soundness of model design and development, ongoing monitoring, and outcomes analysis.
• Replicates the model code, reviews model development documentation and model inputs, processing, and outputs.
• Develops and maintains effective partnerships with analysts, model owners, business level risk management teams and auditors, internal and external.
• Prepares written model validation reports and provides recommendations for the design, development, back testing, implementation and recalibration of models owned by the model development team.
• Tracks remediation progress and resolution status for identified model deficiencies.
• Assists in the development and maintenance of comprehensive reporting on the deficiencies identified, remediation status, and other critical data elements with respect to remediation.
  
  

Additional Accountabilities

• Performs special projects, and additional duties and responsibilities as required.
• Consistently adheres to regulatory and compliance policies and standards linked to the job as listed and complete required compliance trainings. Accountable to maintain compliance with applicable federal, state and local laws and regulations.
  
  

Job Requirements

Required Qualifications:

• Education level required: Undergraduate Degree (4 years or equivalent) in Economics, Finance, Mathematics, Computational Finance or related field required.
  
  

Preferred Qualifications

• Education level preferred: Master's Degree (or Postgraduate equivalent).
  
  

Job Competencies

• Knowledge of banking.
• Knowledge of basic risk management concepts and principles, valuation of basic instruments and basic accounting principles.
• Knowledge of financial markets, interest rates and potential impact of current economic activity.
• Excellent quantitative and analytical skills.
• Excellent knowledge of statistics, mathematics and financial risk modeling.
• Proficiency in SAS, Excel, Matlab, R and/or VBA.
• Strong problem solving and research abilities.
• Excellent verbal and written communication skills.
• Good project coordination and organizational skills.
• Ability to multi-task and prioritize work appropriately.
• Ability to work with all levels of management and staff across all lines of business in the Bank.
• Ability to work independently and on a team and follow through assignments to completion.
• Demonstrates a strong ability to build and maintain effective relationships with stakeholders by communicating clearly, engaging in proactive collaboration, and leveraging cross functional insights. Aligns relationship building efforts with enterprise goals to accelerate performance and drive strategic results.
• Builds trusted client relationships, whether internal or external, by identifying needs and delivering tailored solutions to enhance the overall client experience.
• Physical demands (ADA): No unusual physical exertion is involved.
  
  

Flagstar is an Equal Opportunity Employer

Flagstar provides teammates access to a variety of benefits including medical, dental, vision, life, and disability insurance, as well as a comprehensive leave program. Please click the following link for detailed information: Benefits | Flagstar Bank