CIT Group Inc.

Associate, Model Validation

US-NJ-Livingston
Job ID
29682
# Positions
1
Job Family
Risk Management - Model Validation
Type
Full-Time

Overview

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $65 billion in assets. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. It provides financing, leasing and advisory services principally to middle market companies across a wide variety of industries primarily in North America, and equipment financing and leasing solutions to the transportation sector. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

Responsibilities

A key contributor to CIT’s Independent Model Validation (IMV) team. The three primary functions of IMV are: Model Governance and Model Risk Management, Validation of Models, and Ongoing Monitoring of Models.

 

Key responsibilities include:

• Working on the quarterly monitoring process for models in CIT’s Model Inventory. This will include the acquisition of data for generating model metrics, which serves as an indication model’s performance. Work also includes generating model performance monitoring reports.
• Assisting with the creation of the quarterly management report and presentations for Model Performance monitoring of all the models in the model inventory
• Understanding the models (i.e., technical construct and implementation), as well as how the models are used
• Reviewing technical specifications, documentation, and reports related to models (e.g., Python code, SAS code, Excel implementation, and statistical metrics)
• Responsible for updating the Model inventory and other Model Governance activities
• Conducting research as needed (e.g., model development and model performance industry practices; regulatory issues, etc.)
• Participating in the growth and enhancement of the Model Performance Monitoring Program, as well as IMV

Qualifications

• Bachelors or Advanced degree in a quantitative field such as economics, finance, statistics, etc.
• Minimum 1+ years of relevant work experience, strong preference for experience in financial services industry.
• Excellent written and verbal communication skills, (in particular, an ability to communicate technical concepts to non-technical audience) is highly desired
• Proficient with Microsoft Office, especially excel
• Intermediate/advanced proficiency with Object-Oriented based programming (e.g. C++, Python, Java, Matlab, R or similar languages)
• Intermediate proficiency in statistical programing languages (e.g., SAS)
• Related experience in relevant applied modeling techniques and modeling
• Experience working with large and complex data sets
• Strong analytical skills, both qualitative and quantitative
• Intellectual curiosity; superior problem-solving abilities and attention to detail; and prompt follow-through
• Experience managing projects
• Knowledge of Basel, SR11-7, and regulatory issues a plus

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