Officer, Model Risk Management

Wintrust Financial Corporation is a $66 billion financial institution based in Rosemont, Illinois, providing community and commercial banking, specialty finance, and wealth management services. The Officer, Model Risk Management will conduct model risk validation and governance, ensuring the technical and functional soundness of bank-wide models.

Responsibilities

• Perform independent and comprehensive validation of bank-wide statistical/econometric/ mathematical/AI/Machine Learning and qualitative (expert judgment) models in compliance with SR 11-7/OCC 2011-12 and Model Risk Management (MRM) policy and procedures
• Develop a model validation testing plan commensurate with the model risk tier and perform quantitative and qualitative tests to assess models for conceptual soundness, implementation accuracy, data integrity, and performance accuracy, including back testing, sensitivity analysis, scenario analysis, benchmarking, and governance
• Provide effective and meaningful challenge during the following processes of model validation: Review of conceptual soundness; Review adequacy of modeling data; Materiality analysis of model assumptions and limitations; Review of model theoretical framework and design; Review of model performance
• Review of Model Documentation to ensure compliance with regulation/policy. Model documentation review should consist, amongst others, the following: Assessing the quality of model documentation; Reviewing documentation of developmental evidence; Review documentation of model governance; Review testing results in the model methodology document
• Design and execute a comprehensive and granular program for the following: Data Validation; Model theoretical framework and design; Assumptions and Limitations testing; Model Conceptual soundness; Back-testing; Model Effectiveness Testing, Sensitivity Analysis; and Benchmarking for material portfolios
• Maintain status updates and facilitate resolution/escalations of issues in a timely fashion
• Use MRM Model Validation tool to perform model validation activities
• The analyst in collaboration with the VP of Model Risk Management interfaces with key stakeholders throughout validation process to discuss justification and reasoning behind validation and review findings
• Manage activities related to model governance and assist VP model risk management in creating reports for the senior management, executive management, risk committees, and regulatory exams
• In collaboration with VP, Model Risk Management, determine whether response and remediation plan received from model owners and users in response to a finding adequately address findings. Follow up with model owners to ensure findings are remediated in a timely manner

Skills

• 0-3 Years of experience with models related to credit risk (Consumer and Commercial), Liquidity, Compliance (BSA/AML, Fair Lending), CECL, AI, and Machine Learning
• Master's degree or equivalent

Benefits

• Medical Insurance
• Dental Vision Life insurance
• Accidental death and dismemberment
• Short-term and long-term Disability Insurance
• Parental Leave
• Employee Assistance Program (EAP)
• Traditional and Roth 401(k) with company match
• Flexible Spending Account (FSA)
• Employee Stock Purchase Plan at 5% discount
• Critical Illness Insurance
• Accident Insurance
• Transportation and Commuting Benefits
• Banking Benefits
• Pet Insurance

Company Overview

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