What are the responsibilities and job description for the Sr. Director, Financial Model Risk Management position at PenFed Credit Union?
Overview
Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family.
PenFed is hiring a (Hybrid) Sr. Director, Financial Model Risk Management at our Tysons, Virginia location. The purpose of this role is to lead a critical component of the second-line Model Risk Management (MRM) function, overseeing Quantitative Risk Management (QRM) and models related to asset/liability management (ALM), financial planning and analysis (FP&A), income forecasting (NII), capital planning & stress testing (CPST), funds transfer pricing (FTP), and liquidity risk management. This role ensures the integrity, compliance, and effectiveness of quantitative risk models through validation, monitoring, and governance. The candidate will leverage extensive quantitative expertise and strategic judgment to independently challenge and enhance model frameworks, ensuring alignment with organizational objectives and regulatory standards.
Responsibilities
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned.
Equivalent combination of education and experience is considered.
This position will supervise employees.
Licenses and Certifications
There are no licenses or certifications needed for this position.
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
Ability to travel to various worksites and be on-call may be required.
About Us
Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2.9 million members and over $31 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam and Puerto Rico. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568.
Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family.
PenFed is hiring a (Hybrid) Sr. Director, Financial Model Risk Management at our Tysons, Virginia location. The purpose of this role is to lead a critical component of the second-line Model Risk Management (MRM) function, overseeing Quantitative Risk Management (QRM) and models related to asset/liability management (ALM), financial planning and analysis (FP&A), income forecasting (NII), capital planning & stress testing (CPST), funds transfer pricing (FTP), and liquidity risk management. This role ensures the integrity, compliance, and effectiveness of quantitative risk models through validation, monitoring, and governance. The candidate will leverage extensive quantitative expertise and strategic judgment to independently challenge and enhance model frameworks, ensuring alignment with organizational objectives and regulatory standards.
Responsibilities
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties, and the position will perform other duties as assigned.
- Contribute to development and governance standards for all treasury risk models in use at PenFed, leading to more optimal use of models, and increased confidence in model outcomes.
- Lead independent validation activities to assess model design, performance, and compliance with internal policies and regulatory standards for QRM/Polypath applications including ALM, FP&A, FTP, PPNR, liquidity risk, and CPST.
- Provide effective challenges on business assumptions and judgmental based qualitative adjustments, key metrics monitoring and reporting process, including, but not limited to IRRBB, LCR, etc.
- Provide clear and insightful analysis, feedback, and critique of models by way of written reports and presentations to business units and senior management.
- Perform and lead independent validation of models in use at PenFed based Model Risk Policy required schedule.
- Maintain effective relationships and communication channels with model user, owners, and governance partners.
- Identify issues and lagging practices in interest rate risk and quantitative modeling approaches and methodologies to promote best model risk management practices.
- Manage all effective challenges for model risk, include model validations, model reviews, issue resolution reviews using internal staff and consultants for all quantitative models, including market risk, credit loss forecast, underwriting models, etc.
Equivalent combination of education and experience is considered.
- Advanced degree in quantitative subjects, such as Data Science (AI/ML), Economics, Finance, Physics, Mathematics, or related quantitative subjects.
- Minimum of twelve (12) years’ experience in QRM Balance Sheet Management, capital planning and stress testing, treasury risk, liquidity risk, risk management or model risk management; strong familiarity with QRM forecasting capabilities and the integration of externally developed models into the QRM framework.
- Minimum of five (5) years’ direct management experience in modeling or model risk management.
- Familiar with QRM settings, data quality controls, fundamental models’ integrations
- Extensive experience in model development or model risk management with the financial service industry
- Strong understanding of advanced econometric, statistical, and/or forecasting tools using ALM, FP&A FTP, CCAR, liquidity and other financial risk management models
- Demonstrated knowledge of model risk management and associated regulatory requirements (FRB SR11-7, SR 15-18, and SR 16-11)
- Understanding of regulatory capital stress testing and model risk management standards and best practices.
- Experience in governance or second-line roles
- Experience working with regulators on model validation processes.
- Experience in managing technical staff and consultant.
- Ability to condense highly technical subject matter into clear, effective presentation-quality communications to senior management.
- Prior knowledge or experience with PolyPath is desirable.
- Strong communication skills and ability to lead effective discussions with the key stakeholders and influence decisions.
- Strong technique report written skills.
- Strong analytical and problem-solving skills, critical thinking.
This position will supervise employees.
Licenses and Certifications
There are no licenses or certifications needed for this position.
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
- Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*
Ability to travel to various worksites and be on-call may be required.
About Us
Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2.9 million members and over $31 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam and Puerto Rico. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day.
We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 402-639-8568.
