First Citizens Bank
Risk Analyst III, CCAR/CECL Model Validation (Remote)
First Citizens Bank, Raleigh, North Carolina, United States
Overview
Remote role available in multiple U.S. markets. The position is within First Citizens Bank’s Model Risk Management (MRM) team and focuses on ensuring the integrity, reliability, and regulatory compliance of the bank’s credit risk models. The primary focus is on independent validation of models used for CCAR (Comprehensive Capital Analysis and Review) stress testing and CECL (Current Expected Credit Loss) frameworks. Supported models span Residential Mortgages, Credit Cards, Auto Loans, Home Equity Lines of Credit (HELOC), Commercial & Industrial Loans, Commercial Real Estate (CRE), Equipment Finance, and Innovation Economy segments.
The analyst collaborates with the validation manager and director to conduct independent model validations for specific areas based on expertise. This role offers rotation within the team to gain a comprehensive understanding of CCAR and CECL.
Responsibilities
Comprehensive Model Validation: Conduct thorough and comprehensive validations of various model components, ensuring accuracy, reliability, and alignment with business objectives and regulatory requirements. This includes but is not limited to:
Model Inputs Analysis: Apply data analysis techniques to assess the quality, integrity, and appropriateness of data used in the models.
Model Framework Evaluation: Scrutinize the model design and construction, verifying the suitability of the modeling framework and theory for the intended use.
Model Code Review: Review model code to ensure correctness and absence of material errors.
Outcomes Analysis: Assess in-sample and out-of-sample back test results, evaluate sensitivity and scenario testing, stress testing, and quantitative and business performance metrics.
Benchmark Model Development: Develop alternative models to assess the performance of the champion model against benchmark models.
Risk Identification and Mitigation: Identify potential model risks and recommend mitigation measures to improve model quality and compliance.
Documentation and Reporting: Produce high-quality validation reports that communicate findings, recommendations, and risks to technical and non-technical stakeholders.
Audit and Regulatory Review Support: Assist in gathering and providing materials requested by internal audit and regulators, drafting responses and defending validations in exams.
Continuous Learning and Improvement: Stay up-to-date with emerging trends and best practices in model validation and regulatory requirements, contributing to framework enhancements.
Qualifications Bachelor's Degree and 2 years of experience in Risk Analytics or Analytics, or High School Diploma/GED and 6 years of experience in Risk Analytics or Analytics.
Preferred Qualifications
Advanced degree (Master's or Ph.D.) in a quantitative field (e.g., Statistics, Data Science, Economics, Applied Mathematics, Engineering).
Experience ranges from junior to senior levels; 2+ years may be considered for Risk Analyst III, 5+ years for Senior Risk Analyst.
Proficiency in modeling techniques (linear regression, logistic regression, survival analysis, time-series models, machine learning) and programming languages (SAS, Python, R, SQL).
Strong understanding of regulatory requirements, particularly stress testing and capital planning.
Excellent problem-solving skills and attention to detail.
Excellent written and verbal communication skills.
The posting is expected to remain active for 45 days from the initial posting date. Base pay ranges from $90,000 to $140,000, with variable incentives, bonuses, benefits, and other awards as outlined in the offer of employment. Benefits are an integral part of total rewards; more information can be found at https://jobs.firstcitizens.com/benefits.
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The analyst collaborates with the validation manager and director to conduct independent model validations for specific areas based on expertise. This role offers rotation within the team to gain a comprehensive understanding of CCAR and CECL.
Responsibilities
Comprehensive Model Validation: Conduct thorough and comprehensive validations of various model components, ensuring accuracy, reliability, and alignment with business objectives and regulatory requirements. This includes but is not limited to:
Model Inputs Analysis: Apply data analysis techniques to assess the quality, integrity, and appropriateness of data used in the models.
Model Framework Evaluation: Scrutinize the model design and construction, verifying the suitability of the modeling framework and theory for the intended use.
Model Code Review: Review model code to ensure correctness and absence of material errors.
Outcomes Analysis: Assess in-sample and out-of-sample back test results, evaluate sensitivity and scenario testing, stress testing, and quantitative and business performance metrics.
Benchmark Model Development: Develop alternative models to assess the performance of the champion model against benchmark models.
Risk Identification and Mitigation: Identify potential model risks and recommend mitigation measures to improve model quality and compliance.
Documentation and Reporting: Produce high-quality validation reports that communicate findings, recommendations, and risks to technical and non-technical stakeholders.
Audit and Regulatory Review Support: Assist in gathering and providing materials requested by internal audit and regulators, drafting responses and defending validations in exams.
Continuous Learning and Improvement: Stay up-to-date with emerging trends and best practices in model validation and regulatory requirements, contributing to framework enhancements.
Qualifications Bachelor's Degree and 2 years of experience in Risk Analytics or Analytics, or High School Diploma/GED and 6 years of experience in Risk Analytics or Analytics.
Preferred Qualifications
Advanced degree (Master's or Ph.D.) in a quantitative field (e.g., Statistics, Data Science, Economics, Applied Mathematics, Engineering).
Experience ranges from junior to senior levels; 2+ years may be considered for Risk Analyst III, 5+ years for Senior Risk Analyst.
Proficiency in modeling techniques (linear regression, logistic regression, survival analysis, time-series models, machine learning) and programming languages (SAS, Python, R, SQL).
Strong understanding of regulatory requirements, particularly stress testing and capital planning.
Excellent problem-solving skills and attention to detail.
Excellent written and verbal communication skills.
The posting is expected to remain active for 45 days from the initial posting date. Base pay ranges from $90,000 to $140,000, with variable incentives, bonuses, benefits, and other awards as outlined in the offer of employment. Benefits are an integral part of total rewards; more information can be found at https://jobs.firstcitizens.com/benefits.
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