Founded in 1908, CIT (NYSE: CIT) is a leading national bank empowering businesses and personal savers with the financial agility to navigate their goals. We believe in helping customers turn their ideas into outcomes. Whether those customers are building a business or building their savings, CIT has the experience and agility to empower them to achieve their goals. At CIT, how we do business is just as important as what we do. Our social responsibility programs focus on driving financial and personal empowerment, supporting the environment and advancing wellness. CIT contributes to communities where we live, work and do business through charitable donations, community investments and employee volunteerism.
The AVP, Model Validation Analyst 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
Education & Experience:
• Graduate degree in a quantitative field such as Statistics, Econometrics, Financial Engineering, Physics, 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, ALM)
• Strong working knowledge and proficiency with analytic/quantitative software such as SAS, Matlab, R, S+, or Python.
• Willingness and ability to work both independently and as a team member
• Willingness to work on diverse types of models, including compliance models
• 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