- Develops and implements strategic vision and objectives for Unit and establishes metrics to measure performance.
- Oversees and assesses the level of model risk present at member firms and across the industry, as well as directly supporting Member Supervision's risk monitoring, investigatory and examination teams. Serves as single point of accountability for the Unit.
- Enhances FINRA's existing model risk management oversight scope, guidance, and relevant risk reviews.
- Supports the ability of FINRA's regulatory programs to understand and mitigate growing model risk exposures across the industry.
- Initiates and/or recommends initiatives related to Unit's specialization that may include sweeps, thematic reviews, programs to facilitate staff inquiries, and staff educational/informational outreach.
- Provides guidance to FINRA staff and management on high-level issues.
- Ensures Unit's operations effectively support Member Supervision and other RegOps and FINRA departments as necessary. Establishes Unit's internal policies and procedures.
- Fosters a functional team-oriented culture that supports Unit's mission. Responsible for the professional development and performance management of team members.
- Provides guidance to, and shares best practices with external parties, including member firms and financial regulatory authorities on high-level regulatory issues and observations.
- Reviews and approves related reports and letters (i.e. strategy, exit, exam, disposition, etc.).
- Represents FINRA at relevant industry events.
- Bachelor's Degree in Financial Modeling, Computer Science, Data Analytics, Risk Management, Accounting, Finance, Economics, Business Administration, or related discipline required.
- Master's degree and past Financial Services industry experience with significant model risk management expertise highly desired.
- Minimum ten (10) years of relevant experience, or equivalent combination of training and/or work experience.
- At a minimum, substantive knowledge of risks, rules, and regulations pertaining to model risk management and governance within financial services.
- Substantive knowledge of model risk regulatory guidance and experience with regulatory interactions on model risk management.
- Substantive knowledge of member firm's operating models, business lines, customer bases, products, and services.
- Knowledge and experience in the application of model validation governance frameworks and testing of model control environments.
- Knowledge of risk management processes (e.g., methods for assessing and mitigating risk).
- Substantive knowledge of regulatory compliance issues.
- Expert ability to understand model risk management policies and procedures, controls, and design of risk metrics.
- Expert ability in building trust and aligning high performing teams around common objectives.
- Encourages open dialogue and fosters healthy discussions when faced with conflict.
- Fosters culture of accountability at all levels.
- Demands clarity and closure.
- Facilitates team commitment to the Unit's goals and objectives.
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Senior Director, Model Risk Oversight - Rockville, United States - finra
Description
The Senior Director responsible for leading the Model Risk Oversight Unit (the "Unit") within Data & Analytics leads a cross-functional team responsible for supporting Member Supervision in identifying risks posed by member firms' use of models. The Senior Director provides subject matter expertise, and operational and technical guidance, to enhance FINRA's ability to identify and mitigate risks to investors and the financial markets through the oversight of member firms' model risk management and governance programs.Essential Job Functions:
Education/Experience Requirements:
Knowledge Requirements:
Skills Requirements:
For work that is performed in CA, Washington DC, CO, HI, New York, NY and WA, the chart below outlines the proposed salary range for the corresponding location. In addition to location, actual compensation is based on various factors, including but not limited to, the candidate's skill set, level of experience, education, and internal peer compensation comparisons.
California: Minimum Salary $171,900, Maximum Salary $351,200
Washington DC: Minimum Salary $171,900, Maximum Salary $336,600
Colorado/Hawaii: Minimum Salary $149,600, Maximum Salary $292,600
New York, NY: Minimum Salary $179,600, Maximum Salary $351,200
Washington State: Minimum Salary $149,600, Maximum Salary $336,600
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