Vice President, Model Risk Management II
Company: Bank of New York Mellon
Location: New York
Posted on: September 19, 2023
The Senior Specialist, Model Risk will contribute to highly visible
enterprise-wide model development functions in the organization.
The models make estimates that are a key input to management
decisions and are reported to Senior Management and the Board of
Directors on a regular basis. The role will be to execute
enterprise standards for model validation. The incumbent will be
responsible for leading work to identify and evaluate model risk as
well as proposing controls to manage that risk. This will entail
investigating the weaknesses of a framework and setting the scope
and designing tests for a validation effort, appropriate to that
This role may work in one of five disciplines, each responsible for
a different type of modelling:
1) Credit Risk Modelling, 2) Treasury Modelling, 3) Market Risk
Modelling, 4) Pricing Modelling, 5) Forecasting
- Execute enterprise standards for model validation, by setting
the scope of a validation effort. This entails designing the tests
and review activities necessary to evaluate a model.
- Responsible for evaluating the strengths and weaknesses of a
model's conceptual framework to identify situations where a model
may become less useful.
- Reviews accuracy of reports and calculations performed by less
- The incumbent will be responsible for reviewing the risks
identified by more junior analysts and formulating the proposed
controls into a plan of action for management.
- Responsible for the technical direction, accuracy, and
soundness of quantitative methods in the assigned area. Decisions
and assumptions recommended by the incumbent have significant
impact on the financial and risk position of the Bank or legal
- Master's Degree or PhD in a quantitative discipline, including
engineering, mathematics, physics, statistics, econometrics. The
candidate must have a superb quantitative and analytical background
with a solid theoretical foundation coupled with strong
programming, documentation, and communications skills.
- Minimum 2 years (2 - 5 preferred) of modelling experience in
financial services. Must have experience with complex quantitative
modelling, numerical analysis, and computational methods using
programming languages (such as C/C++, C#, Java, FORTRAN, MATLAB,
SAS) as well as mathematical/statistical software packages.
- We look for individuals who are extremely focused,
detail-oriented, results-oriented and highly productive.
- A proven track record of being able to efficiently and
effectively: conduct independent research, analyse problems,
formulate and implement solutions, and produce quality results on
- Our teams must have excellent scientific and technical
documentation and presentation skills, assertiveness & influencing
skills, and the skills to explain abstract theoretical concepts to
a non-expert audience in easy-to-understand language
BNY Mellon assesses market data to ensure a competitive
compensation package for our employees. The base salary for this
position is expected to be between $85,000 and $115,000 per year at
the commencement of employment. However, base salary if hired will
be determined on an individualized basis, including as to
experience and market location, and is only part of the BNYM total
compensation package, which, depending on the position, may also
include commission earnings, discretionary bonuses, short and
long-term incentive packages, and Company-sponsored benefit
This position is at-will and the Company reserves the right to
modify base salary (as well as any other discretionary payment or
compensation) at any time, including for reasons related to
individual performance, change in geographic location, Company or
individual department/team performance, and market factors.
For over 230 years, the people of BNY Mellon have been at the
forefront of finance, expanding the financial markets while
supporting investors throughout the investment lifecycle. BNY
Mellon can act as a single point of contact for clients looking to
create, trade, hold, manage, service, distribute or restructure
investments and safeguards nearly one-fifth of the world's
financial assets. BNY Mellon remains one of the safest, most
trusted and admired companies. Every day our employees make their
mark by helping clients better manage and service their financial
assets around the world. Whether providing financial services for
institutions, corporations or individual investors, clients count
on the people of BNY Mellon across time zones and in 35 countries
and more than 100 markets. It's the collective ambition, innovative
thinking and exceptionally focused client service paired with a
commitment to doing what is right that continues to set us apart.
Make your mark: bnymellon.com/careers.
BNY Mellon is an Equal Employment Opportunity/Affirmative Action
Employer. Minorities/Females/Individuals With
Disabilities/Protected Veterans. Our ambition is to build the best
global team - one that is representative and inclusive of the
diverse talent, clients and communities we work with and serve -
and to empower our team to do their best work. We support wellbeing
and a balanced life, and offer a range of family-friendly,
inclusive employment policies and employee forums.
Keywords: Bank of New York Mellon, New York , Vice President, Model Risk Management II, Executive , New York, New York
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