Model Risk Manager

HomeStreet, Inc Shoreline, WA
EO/AA Employer including Vets and Disabled

Qualified applicants with arrest and conviction records will be considered in accordance with legal requirements.

Job Description Summary

This position will build, implement, and maintain a company-wide model risk management program that comprises a governance structure, well-defined policies and standards, internal and/or external model validation and change control processes, back-testing and benchmarking practices, gap remediation and model assumptions documentation. The Model Risk Manager is an independent second line of defense position that provides effective challenge to models through validation processes, authoritative guidance and recommendations to senior management on model limitations, and institutes discipline to mitigate model risks across the Bank. The Model Risk Manager will be the advocate on behalf of the Risk Division to educate business units and front line managers to embrace model risk management in their development and usage of models.

Job Details

Primary Functions:

* Build, implement and maintain a company-wide model risk management function with rigor that prepares the Bank for DFAST compliance.

* Chair the senior management level Model Risk Management Committee and provide periodic reporting to the Boards Enterprise Risk Management Committees, all of which provide governance and oversight to model risk management disciplines across the company.

* Create, implement and maintain a company-wide model risk management policy that defines and governs the development and usage of models in accordance with regulatory requirements and industry practices.

* Complete a company-wide model inventory including risk prioritization for model validation and internal review.

* Develop, implement and maintain a model risk management program that includes proper control of input data, model validation and change control on key assumptions, back-testing and benchmarking on model results, gap remediation and documentation on model operations and internal reviews.

* Provide guidelines in model development during model acquisition and development of the ITGC process.

* Educate model owners and front line managers to embrace model risk management in their development and usage of models.

* Perform model validation on the theoretical soundness, development, operations, documentation and use of mission critical models, including pricing, interest rate risk management, mortgage pipeline hedging, credit risk, BSA/AML and operational risk models employed by the company.

* Provide authoritative guidance and recommendations to senior management on model limitations and institute disciplines to mitigate model risks across the company.

* Provide effective challenges to the development, acquisition and usage of the company's critical models.

* Achieve best practices, proactively stays informed of industry, capital market and risk management trends.

* Train and develop the expertise of others in roles that support model risk management.

* Continuously develop expertise in all aspects of model risk management through attendance at professional and vendor seminars and conferences.


* Advance degree in Finance, Economics or Math required. MBA, CFA, and/or FRM strongly preferred.

* 10 years of financial institution experience, capital markets, interest rate risk management, credit risk modeling and/or model validation.

* Experience in a DFAST and FASB regulatory environment highly desirable

* Proven record in managing and empowering technical/quantitative staff and mobilizing resources to implement company- wide initiatives.

* Proven ability to perform model validation involving application of statistics, calculus, option theory, and other concepts pertaining to balance sheet, secondary market and credit risk management. Thorough understanding of asset/liability management, secondary market hedging and loan loss reserve concepts such as NII simulation modeling, MVPE, DV01, OAS, Value at Risk and CECL.

* Ability to formulate recommendations based on relevant, objective and logical analysis of data and modeling assumptions and to persuasively present findings to model owners and senior management.

* Computer skills - Proficiency in Microsoft Office PC software, experience and knowledge in asset liability and mortgage pipeline hedging system such as QRM or PolyPaths highly desired.

* Demonstrated work history which includes ability to accept responsibility, good judgment and decision making, ability to prioritize.

* Unquestionable integrity and demonstrated ability to maintain confidentiality in handling sensitive and confidential information.

* Excellent interpersonal skills: ability to develop and maintain effective and positive working relationships with people at all levels of the organization

* Excellent written and verbal communication skills: ability to write clear and concise reports, business correspondence, procedures and management presentations.

* Highly organized, accurate and detail-oriented: must possess a big-picture and strategic perspective.

* Ability to accept and facilitate change, whether indicated by corporate needs, market, or regulatory requirements.

* Excellent judgment in prioritizing and managing multiple projects and deadlines

Mental and Physical Considerations:

* Able to operate a Personal Computer and view information on a monitor.

* Must be able to sit for many hours each day.

* Must be able to communicate via telephone and possess dexterity to include filing document, reaching and bending.

* May be required to stand for extended periods of time.

* Ability to lift or carry up to 10 pounds

* Ability to speak and understand English and express ideas and have difficult conversation in person and over the telephone

* Ability to listen and comprehend speech.

* Ability to problem solve, make decisions, interpret data and information, read, write and organize information in an orderly manner.

* Willing and able to travel occasionally as needed.

Work Environment:

* Normal business office environment.

* Ability to work in artificial light for extended periods of time

This Position Description may not be limited to the Functions and Requirements as outlined, now or in the future. For example, changes in corporate needs, position demands, or individual performance may result in changes to the Functions or Requirements of this position.


Finance and Treasury (Corporate)