What are the responsibilities and job description for the Manager - Model Risk Management position at Stifel?
Why Stifel
Stifel strives for a culture that puts its clients and associates first: a culture where everyone belongs, everyone is welcome, and everyone contributes to the success of our clients, their careers, and the firm as a whole.
Let’s talk about how you can find your place here at Stifel, where success meets success.
What You'll Be Doing
Under the direction of the Model Risk Management Directors, Stifel (or "the Firm") is seeking a Model Risk Management Manager with a strong interest in model risk management to play an active role in performing governance and independent reviews of the Firm's models and non-models (e.g., EUCs, Tools, etc.) where applicable. The role spans multiple aspects of model risk governance applicable to Stifel and its subsidiaries. The position is responsible for helping ensure that all aspects of the model's lifecycle comply with regulations, and internal policies and procedures.
What We're Looking For
•Manage and maintain firmwide model inventories (i.e., active models, pipeline models, decommissioned models) as well as non-model inventories (e.g., tools, databases, EUCs) and ensure that these inventories are periodically affirmed by the respective Model Owner(s) and/or BURM(s).•Perform annual model reviews for selected models to ensure that: Change control logs/model release notes are obtained from Model Owners periodically, at least annually, for review and assessment with MRM Directors. Ongoing performance monitoring activities are performed by Model Owners at least annually, and supporting evidence is provided by the Model Owners. Model documentation is reviewed, at least annually, to ensure consistency with regulatory expectations throughout the Firm and that updates are performed, where applicable. Model theory, methodology, and assumptions used by the model are consistent with business unit expectations.•Remain proactive in keeping abreast of regulatory expectations related to model risk management, including but not limited to SR11-7/SR15-18/OCC 2021-39/CECL, as well as industry practices that may affect specific models and potentially impact both firmwide and individual model governance and risk, including potential updates to the firmwide Model Risk Management Policies, Procedures, and Training materials.•Perform the annual model risk assessments with the assistance of external consultants to ensure that each model's evaluation is effectively challenged and formally documented.•Support the maintenance and execution of model validations by scheduling meetings and acting as the primary contact for interactions between the Model Owner and external Model Validators, including remediation of observations and review and maintaining support for the closure of observations.•Assist with preparing and presenting the appropriate level of reporting for BURMs, the ERM Managing Director, the Model Risk Working Group, the Operational Risk Committee, the Risk Management Committee, and other ad hoc reporting as needed.•Assist the MRM Directors with remediating any internal audit and/or regulatory MRM findings before the due date, which may include developing an action plan.•Assist with the MRM Program's governance, including but not limited to performing model analysis, updating MRM Policies and Programs, ensuring that stakeholders are trained on MRM Programs and updates, etc.•Assist with the configuration and testing of the GRC tool before implementation.•Assist in the development of a Non-Model Program.•Train business units around the model and non-model risk management to strengthen compliance and adherence to the program.
What You'll Bring
•Some degree of familiarity with various lines of business units/ support areas (i.e., Fixed Income, Wealth Management, Investment Banking, Equity, Research, Compliance, Corporate Accounting, Treasury, etc.) using models and the model's intended use.•Ability to work both independently and in a team-orientated, collaborative environment is essential.•The ability to multi-task and execute tasks effectively in a high-profile and high-pressure environment is crucial.•Competent in probability theory, stochastic processes, partial differential equations, numerical analysis, and option pricing theory (quant models for pricing and hedging derivatives).•Sound knowledge of various simulation techniques (i.e., Monte Carlo Simulation, discrete event, continuous event, etc.).•Strong conceptual and quantitative problem-solving skills and curiosity in researching and evaluating issues and potential resolutions.•Effective communication skills and ability to relay information well in both written and verbal form at all levels of management, as well as lead or participate in presentations.•Able to manage priorities, deadlines, and tasks to meet and accomplish goals.•Good interpersonal interaction and ability to work well with others.•Sound knowledge and understanding of model risk regulatory expectations, including FRB SR 11-7, OCC 2021-39, and other related regulations.
Education & Experience
•Minimum Required: Bachelor's degree in Finance, Accounting, Economics, Statistics, Mathematics, Computer Science, or a Business/Finance related discipline.•Minimum Required: 6 years of experience in the Risk Management/Analytics division in large banks and/or consulting organizations, captive finance companies, or top-tier banks.
Licenses & Credentials
•Financial Risk Manager (FRM) certification, Chartered Financial Analyst (CFA) designation, or an advanced degree in a related field is preferred.
Systems & Technology
•Proficient and demonstrated skills in Microsoft Outlook and Microsoft Office Suite (Word, Excel, PowerPoint, Visio, Power BI).
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About Stifel
Stifel is more than 130 years old and still thinking like a start-up. We are a global wealth management and investment banking firm serious about innovation and fresh ideas. Built on a simple premise of safeguarding our clients’ money as if it were our own, coined by our namesake, Herman Stifel, our success is intimately tied to our commitment to helping families, companies, and municipalities find their own success.
While our headquarters is in St. Louis, we have offices in New York, San Francisco, Baltimore, London, Frankfurt, Toronto, and more than 400 other locations. Stifel is home to approximately 9,000 individuals who are currently building their careers as financial advisors, research analysts, project managers, marketing specialists, developers, bankers, operations associates, among hundreds more. Let’s talk about how you can find your place here at Stifel, where success meets success.
At Stifel we offer an entrepreneurial environment, comprehensive benefits package to include health, dental and vision care, 401k, wellness initiatives, life insurance, and paid time off.
Stifel is an Equal Opportunity Employer.
