Are you ready to make an impact at DTCC? Do you want to work on innovative projects, collaborate with a dynamic and supportive team, and receive investment in your professional development? At DTCC, we are at the forefront of innovation in the financial markets. We are committed to helping our employees grow and succeed. We believe that you have the skills and drive to make a real impact. We foster a thriving internal community and are committed to creating a workplace that looks like the world that we serve.
Pay and Benefits:
Competitive compensation, including base pay and annual incentive
- Comprehensive health and life insurance and well-being benefits, based on location
- Pension / Retirement benefits
- Paid Time Off and Personal/Family Care, and other leaves of absence when needed to support your physical, financial, and emotional well-being.
- DTCC offers a flexible/hybrid model of 3 days onsite and 2 days remote (onsite Tuesdays, Wednesdays and a third day unique to each team or employee).
The Impact you will have in this role:Model Risk Management (MRM) is responsible for overseeing enterprise-wide model risk management and supporting front-line units in managing model risk. MRM provides oversight of day-to-day model risk management activities to identify, measure, monitor, and manage risk related to the design, development, implementation, and use of models. Per the Federal Reserve Supervision & Regulation guidance (SR 11-7), Model Risk Governance (MRG) provides explicit support and structure to risk management functions through policies defining relevant risk management activities, procedures that implement those policies, allocation of resources, and mechanisms for testing that policies and procedures are being carried out as specified. MRG requires evaluation of model development and validation documentation to ensure that they are sufficiently detailed and allow parties unfamiliar with a model to understand how the model operates, as well as its limitations and key assumptions. MRG manages the operational and regulatory risks throughout a model's lifecycle. As part of the overall Model Risk Management function, MRG is a second line of defense under the Group Chief Risk Office.
Your Primary Responsibilities:
- Assist with daily issue management process, including reviewing and entering issue descriptions, monitoring the progress of action plans, and reporting.
- Responsible for attending firm-wide initiatives meetings and reviewing third party requests to proactively identify models, making model determinations on potential models, and documenting rationale.
- Produce and maintain reports for stakeholders, including senior management and Board members, in order to provide transparency and to facilitate decision-making.
- Assist with annual model survey process, including the administration of the survey, analysis of the survey responses, collection and documentation of effective challenge from subject matter expert (SME), and collation of results.
- Develop and implement automation tools for enhanced reporting and team efficiency.
- Assist in writing and maintaining procedures and job aids and identify procedure gaps, update procedures to fill gaps as needed.
- Assist in performing ad hoc analysis to identify gaps in quality of various MRM processes, design, and implement solutions.
- Basic understanding of quantitative models and the financial market.
- Basic knowledge of the regulatory environment surrounding model risk management (SR11-7 and Security Exchange Commission Covered Clearing Agency Standards).
Qualifications:
- Minimum of 2 years of financial services industry experience
- Bachelor's degree in a related field, preferably in statistics, computer science, economics or finance
Talents Needed for Success:
- Collaborates well within and across teams.
- Communicates openly with team members and others.
- Works with the team to review deliverables and ensure quality and accuracy.
- Adheres to established rules and procedures when performing work.
The salary range is indicative for roles at the same level within DTCC across all US locations. Actual salary is determined based on the role, location, individual experience, skills, and other considerations. We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.
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