What are the responsibilities and job description for the Model Risk Management Associate - Internal Controls Testing position at Sumitomo Mitsui Banking Corporation?
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.
In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.
The anticipated salary range for this role is between $95,000.00 and $135,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.
Role Description
SMBC is seeking a Model Risk Management Associate with a strong internal controls and quantitative background to join the Model Risk Controls Testing Team within the Model Risk & Validation (MVG) Group. The Model Risk Controls Testing Team will be responsible for the development of internal control activities within Model Risk and drive the development of a testing program to verify the effectiveness of Model Risk owned controls.
Role Objectives: Delivery
- As part of the second line of defense function, the Model Risk Management Associate will support the establishment of a Model Risk Controls Testing Program. This program will involve the development of a Model Risk Controls Library, and the development of a testing program to verify the effectiveness of Model Risk-owned Controls
- Identify the control activities performed by Model Validation and Governance team, and document the control activities in a formal control library
- Develop a testing approach and methodology over the identified controls
- Independently challenge the work performed by the Model Validation and Governance Team by developing and implementing a control testing approach and methodology.
- Discuss testing results with Model Validation and Governance team, and agree on remediation actions
- Support the control testing activities as part of the RCSA program
- Develop reporting summarizing the status of Model Risk controls testing
- The Model Risk Management Associate will also be involved in other initiatives related to the enhancement of the Model Risk Control Framework
- The Model Risk Management Associate may also be involved in End-User Computing (EUC) controls testing initiatives, which is also managed under the Model Validation and Governance function
Qualifications and Skills
- Bachelor's degree in finance, accounting, business, or hard science field or related training.
- Excellent communication (verbal and written), organizational, and interpersonal skills.
- Banking experience in credit, capital markets, asset liability management, financial reporting, regulatory reporting, or operational risk areas. Specific experience within Model Risk Management or End-User Computing (EUC) Risk Management function is ideal
- Deep knowledge of internal controls design and controls effectiveness testing concepts
- Prior experience with control evaluation within model risk, operational risk, compliance risk, financial reporting, regulatory reporting, or internal audit is ideal
- Prior experience within a second line of defense function, ideally within Model Risk, EUC, financial reporting, or regulatory reporting quality assurance
- Familiarity with regulations such as SR 11-7 (Model Risk), Basel, CCAR, BCBS 239, and SOX is ideal
- Internal Audit background is good to have
- Excel proficiency, including experience with macros is good to have
- PowerPoint proficiency is also ideal
SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.
SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.
Salary : $95,000 - $135,000
