Director, Model Validation

Discover Financial Services Riverwoods, IL
The Director, Model Validation, reports to the Chief Model Risk Officer and plays a key leadership role in the enterprise model risk management program. The role provides effective challenge by assessing model risk and independently validating models used in business decision, regulatory compliance, and financial planning including capital adequacy. Specifically, the Director oversees a team that validates models on card behavior (revolving loans) other retail loans such as personal and student loans including machine learning and decision science models (e.g. fraud, authorization, AML, etc.).

Responsibilities:

* Plan and lead model validation activities in compliance with key regulatory exams such as Safety and Soundness Exam etc.

* Prioritize resources based on model risk, business needs and regulatory requirements.

* Provide effective challenge in evaluating model risk across various families of models card behavior (acquisition, portfolio, fraud and authorization), personal loans, student loans, response models, Machine Learning models and other decision science models such as AML.

* Maintain robust documentation, procedures, and controls (validation reports/results, working papers) in conformance with regulatory guidelines (e.g., SR 11-7 and SR 15-18) and internal policies and standards.

* Lead the development of alternative model benchmarks and compare the outcome of various models, etc.).

* Review model overlays and recommend model buffers to overcome model limitations.

* Develop and deliver presentations (validation results and findings) to senior management, business partners, governance committees (Model Risk Committee, etc.), and regulatory bodies and support the business in interactions with regulators and external auditors.

* Stay abreast of emerging modeling techniques and evolving regulatory expectations, develop validation approaches, and incorporate them into model risk practices as appropriate.

* Proactively identify emerging model risk issues impacting the company and communicate to model developers, senior management and the Model Governance Committee.

* Support the business and corporate risk management in interactions with regulators and external auditors on matters related to model risk management.

* Promote a risk-aware culture, ensure efficient and effective risk and compliance management practices by adhering to require standards and processes.

Skills

* Master's Degree or equivalent advanced degrees in a quantitative field such as Economics, Agricultural Economics, Statistics, Mathematical Finance, Operations Research or Engineering required. Ph.D. preferred.

* 10+ years of experience with model validation and/or development within the Financial Services industry.

* Experience with SAS; R, other statistical programming language and Microsoft Office

* CFA; FRM; PRM designations desired.

#LI-KB1

We are an Equal Opportunity Employer and do not discriminate against any employee or applicant for employment because of race, color, sex, age, national origin, religion, sexual orientation, gender identity, status as a veteran, and basis of disability or any other federal, state or local protected class.