Risk Analyst III, CCAR/CECL Model Validation (Remote)

This position can work remote from anywhere within the United States.

This Risk Analyst III position is within First Citizens Bank's Model Risk Management (MRM) team, with a primary focus on validating the Bank's CCAR and CECL models. These models are integral to the Bank's financial stability, playing a key role in stress testing, capital adequacy assessments, and credit loss provisioning.

The analyst will collaborate with validation manager to conduct independent model validations for one or more specific areas based on their background and expertise. The primary objective is to verify that models are performing as expected and aligning with their design objectives and business use cases while identifying potential limitations and assumptions and assessing their potential impact.

• Comprehensive Model Validation: Conduct thorough and comprehensive validations of various model components, ensuring that they are accurate, reliable, and aligned with the intended business objectives and regulatory requirements. This includes but is not limited to:
  • Model Inputs Analysis: Apply data analysis techniques to assess the quality, integrity, and appropriateness of data used in the models. Examine data extraction, cleaning, transformation processes, and evaluate data-related assumptions and limitations.
  • Model Framework Evaluation: Scrutinize the model design and construction, verifying the suitability of the modeling framework and theory for the intended use. Review model segmentation, variable selection, model testing procedures, and evaluation of model assumptions, limitations, and risks.
  • Model Code Review: Review model code to ensure correctness, accuracy, and absence of material errors. Collaborate with model developers to address any identified issues.
  • Outcomes Analysis: Assess both in-sample and out-of-sample back test results; evaluate sensitivity and scenario testing, stress testing, and quantitative and business performance metrics.
  • Benchmark Model Development: Develop and implement benchmark models utilizing a variety of methods to evaluate the performance, accuracy, and robustness of the Bank's key model suites.
• Risk Identification and Mitigation: Provide effective challenges and identify potential model risks. Recommend appropriate mitigation measures and enhancements to improve model quality and compliance with regulatory standards.
• Documentation and Reporting: Produce high-quality, comprehensive validation reports that clearly communicate findings, recommendations, and potential risks to both technical and non-technical stakeholders. Ensure that validation documentation adheres to internal standards.
• Audit and Regulatory Review Support: Assist model validation manager in gathering and providing materials requested by internal audit and regulators, drafting responses to questions, and defending validations in exams.
• Continuous Learning and Improvement: Stay up-to-date with emerging trends and best practices in model validation and regulatory requirements. Contribute to the enhancement of the model validation framework by suggesting process improvements and implementing industry-leading methodologies.

Bachelor's Degree and 2 years of experience in Risk Analytics or Analytics OR High School Diploma or GED and 6 years of experience in Risk Analytics or Analytics

Preferred Qualifications

• Advanced degree (Master's or Ph.D.) in a quantitative field (e.g., Statistics, Data Science, Financial Engineering, Mathematics, Economics, or a related quantitative discipline).
• A Master's degree with over 2 years of experience, or a PhD with at least 1 year of relevant experience in model development, model validation, or model implementation within the financial industry, is required.
• Proficiency in both traditional statistical methods and machine learning techniques; Advanced programming skills (e.g., Python, R, SAS, SQL).
• Strong understanding of regulatory requirements, particularly those related to stress testing and capital planning.
• Excellent problem-solving skills, attention to detail.
• Excellent written and verbal communication skills.

This job posting is expected to remain active for 45 days from the initial posting date listed above. If it is necessary to extend this deadline, the posting will remain active as appropriate. Job postings may come down early due to business need or a high volume of applicants.

If hired in NC, PA, SC, or UT, the base pay for this position is generally between $90,000.00 and $105,000.00. If hired in AZ, TX, or CA the base pay for this position is generally between $105,000.00 and $120,000.00. Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.