Northern Trust
Consultant, Risk Analytics (Finance)
Specific Responsibilities
Provide technical and theoretical expertise to evaluate the conceptual and theoretical soundness of model design, validity of selected model methodologies and assumptions, effectiveness of model development approaches, and integrity and representativeness of the data.
Ensure compliance with internal policies and external regulatory requirements for model risk.
Evaluate existing model risk framework and validation requirements and actively provide solutions to enhance the model risk framework.
Provide communication and support training efforts to promote understanding of model risk measurement throughout the company.
Perform reviews of bank-wide quantitative models including models used for CECL and CCAR/DFAST stress testing, credit risk loss projections (PD, LGD, EAD), interest rate risk models, AML (Anti-Money Laundering and Fraud Detection), and various vendor models.
Use statistical models that involve least squares regression, logistic regression, Value-at-Risk, Monte Carlo simulation, and machine learning methodologies. Perform analyses using statistical programs such as SAS, R, or Python.
Review model documents, and conduct test runs on model codes.
Assess and measure the potential impact of model limitations, parameter estimation, error and/or deviations from model assumptions; compare model outputs with empirical evidence and/or outputs from model benchmarks.
Document and present observations to Model Validation Team Lead and to model owners and users, recommend remediation action plans, track remediation progress and evaluate remediation evidence.
Monitor model performance reports on an on-going basis to ensure models remain valid, as well as contribute in the bank-wide model risk and control assessment.
Support development of comprehensive documentation and testing of risk management framework.
Deliver a work product that requires little revision.
Establish and maintain strong relationship with key functional stakeholders such as model developers, model owners, and users.
Requirements
Position requires a Master's degree in Finance, Statistics, Mathematics, Econometrics, Business Administration, or a related field, and 1 year of experience developing, implementing, or validating quantitative models within risk management.
Experience must include a minimum of:
2 years of experience with any three of the following tools: SAS, R, Python, in addition to SQL;
2 years of experience developing advanced statistical predictive models, including linear and logistic regression, time series techniques, and machine learning
2 years of experience with conducting statistical analysis handling large amounts of data
2 years of experience with understanding corporate financial statements, including balance sheets, income statements, and cash flow statements, and applying regulatory requirements for model risk
1 year of experience with utilizing modeling techniques supporting Capital Planning, CECL, Stress Testing (DFAST and CCAR), Pricing models, and Marketing models.
About Northern Trust:
Northern Trust provides innovative financial services and guidance to corporations, institutions and affluent families and individuals globally. With 130 years of financial experience and nearly 20,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
Working with Us:
As a Northern Trust partner, you will be part of a flexible and collaborative work culture, which has a strong history of financial strength and stability. Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company that is committed to strengthening the communities we serve!
We recognize the value of inclusion and diversity in culture, in thought, and in experience, which is why Forbes ranked us the top employer for Diversity in 2018.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and ethical companies.