Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of Dec. 31, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. 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. For more information, visit cit.com.
This role will be 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.
Principle Duties and Responsibilities:
• Lead, conduct, or review the evaluations performed on CIT's models, ensuring the validations adhere to IMV standards established to adhere to CIT Policy, regulatory guidance, and industry best practices.
• As appropriate, present summaries of model evaluations to CIT's Model Governance Committee, management groups, regulators, auditors and other constituents; and assist those constituents regarding matters related to model performance and reliability.
• Assist in maintaining CIT's Model Inventory, including identification and risk assessment of models used within CIT, and other Model Governance related activities.
• Assist in scheduling regular evaluations of CIT's models in accordance with CIT Policy
• Assist in maintaining the list of action items assigned in conjunction with validation findings as defined in CIT Policy, ensuring timely and complete performance of those assigned actions
• As appropriate, assist in the activities of the Model Governance Committee, the enhancement of CIT policies, and all other aspects of model governance and model risk management within CIT
• Graduate degree in a quantitative field such as Statistics, Econometrics, Financial Engineering, etc., Ph.D. preferred
• Minimum 3+ years of relevant work experience, with a strong preference for experience working with sophisticated financial models (e.g., credit risk, PPNR, fixed income, credit, Monte Carlo simulation, Value-at-Risk)
• Strong working knowledge and proficiency with analytic/quantitative software such as SAS, Matlab, R, S+, or Python; programming knowledge or experience in C# or C++ a plus.
• Willingness and ability to work both independently and as a team member
• Strong quantitative abilities; ability to draw from numerous quantitative approaches and theories to design and implement new quantitative analyses applicable to business goals
• Strong communication skills both written and verbal, and ability to explain technical matters to non-technical audience.
• Prior experience in independent model validation a plus
• Knowledge of Basel, SR11-7, and Model Risk Management a plus