CIT Group Inc.

  • VP, Model Monitoring

    Location US-NJ-Livingston | US-NY-New York
    Job ID
    30729
    # Positions
    1
    Job Family
    Risk Management - Model Validation
    Type
    Full-Time
  • Overview

    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.

    Responsibilities

    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, supervise and/or review ongoing model performance monitoring for all models used at CIT on a regular basis; ensure the monitoring adhere to IMV standards established to adhere to CIT Policy, regulatory guidance, and industry best practices
    • Perform hands-on analytical work as well as lead a small team
    • Conduct analysis on data, data processing, and model performance metrics used in monitoring to facilitate and support IMV’s independent review and opinion
    • Develop additional or alterative model performance metrics and establish acceptable performance thresholds
    • Present summaries of model performance monitoring 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
    • Lead or coordinate annual reviews of CIT's models in accordance with CIT Policy
    • Assist in maintaining CIT's Model Inventory, including identification and risk assessment of models used within CIT group
    • As appropriate, assist in the activities of the Model Governance Committee, the development of CIT policies, model risk management training, and other model governance and model risk management activities within CIT

    Qualifications

    • Graduate degree in a quantitative field such as Statistics, Physics, Economics, Financial Engineering, etc., Ph.D. preferred
    • 7+ years of relevant work experience, such as development, validation and performance monitoring of sophisticated models in banking/financial service industry (e.g., credit risk, PPNR, fixed income, ALM, Monte Carlo simulation, Value-at-Risk);
    • Prior experience in ongoing monitoring and model validation strongly preferred
    • Strong working knowledge and proficiency with analytic/quantitative software such as SAS, Matlab, R, S+, or Python
    • Strong quantitative abilities, including research into numerous quantitative approaches and theories underlying the diverse types of models
    • Strong communication skills both written and verbal, and ability to explain complex technical matters to non-technical audience
    • Knowledge of Basel, regulatory guidelines on model risk management (SR 11-7/OCC 2011-12) and successful direct interaction with federal regulators

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