VP/FVP, Model Risk Manager

GENERAL SUMMARY

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.

OTHER DETAILS

VP: $123K - $158K / year
FVP: $123K - $200K / year
Pay determined based on job-related knowledge, skills, experience, and location.
This position may be eligible for a discretionary bonus.

Cathay Bank offers its full-time employees a competitive benefits package which is a significant part of their total compensation. It is our goal to provide employees with a comprehensive benefits package to fit their needs which includes, coverage for medical insurance, dental insurance, vision insurance, life insurance, long-term disability insurance, and flexible spending accounts (FSAs), health saving account (HSA) with company contributions, voluntary coverages, and 401(k).

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