CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
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 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.
• Conduct research into new and/or different modeling methodologies to facilitate IMV benchmarking and effective challenge of models used at CIT.
• 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 group
• 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 development 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, Physics, Economics, Financial Engineering, etc., Ph.D. preferred
• Minimum 6+ years of relevant work experience, with a strong preference for experience working with sophisticated models in banking/financial service industry (e.g., credit risk, PPNR, fixed income, ALM, Monte Carlo simulation, Value-at-Risk)
• Strong working knowledge and proficiency with analytic/quantitative software such as SAS, Matlab, R, S+, or Python
• Knowledge of ALM modeling and familiarity with QRM a plus.
• Willingness to work on diverse types of models
• 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 complex technical matters to non-technical audience.
• Prior experience in independent model validation a plus
• Knowledge of Basel, regulatory guidelines on model risk management (SR 11-7/OCC 2011-12) a plus