Bank of America

Model Validation Lead ("MVL") oversees the team conducting independent validation and quantitative analytics for AML models.. At Bank of America, models are used for a broad range of activities, including but not limited to valuation, risk management, capital and liquidity planning, stress testing, underwriting and other strategic or day-to-day decision-making purposes.. The Model Risk Management ("MRM") Team provides oversight for model risk across Bank of America's model inventory.. Enterprise Model Risk Management seeks a senior Model Validation Lead to oversee model risk of AML models.. Knowledge and experience in building and understanding of Anti-Money Laundering models and systems

model validation

<h3>Job Description</h3>
<h3>Role Overview</h3>
<p>Model Validation Lead ("MVL") oversees the team conducting independent validation and quantitative analytics for AML models. The MVL is responsible for providing risk oversight, acting as a subject matter expert and the second line of defense overseeing model performance, model risk and model governance. The MVL directly or indirectly provides oversight to a team of model validators and reports up to the Model Risk Officer. The MVL is accountable for managing execution of model risk framework activities including, but not limited to, independent validation, annual model review, ongoing monitoring report review, required action item review, and peer review.</p>
<h3>Job Description</h3>
<p>At Bank of America, models are used for a broad range of activities, including but not limited to valuation, risk management, capital and liquidity planning, stress testing, underwriting and other strategic or day-to-day decision-making purposes. Bank of America recognizes the risk and uncertainty associated with the use of its models and the need to effectively manage this risk both at an individual level and in the aggregate. The Model Risk Management ("MRM") Team provides oversight for model risk across Bank of America's model inventory.</p>
<p>The MRM Team independently validates and challenges models; is responsible for model risk assessments, limits and monitoring; communicates issues identified through validations to relevant businesses and governance and control functions; and escalates model use breaches and remediation plans to relevant governance committees.</p>
<p>Enterprise Model Risk Management seeks a senior Model Validation Lead to oversee model risk of AML models.</p>
<p>The qualified candidate will be responsible for overseeing a broad range of model risk management activities, including:</p>
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<p>Review, critical assessment, and challenge of AML models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation, and documentation</p>
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<p>Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation</p>
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<p>Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.</p>
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<p>Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.</p>
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<p>Communicating and working directly with relevant modeling teams and their corresponding Front Line Units; and if needed, communicating and interacting with the third line of defense (e.g. internal audit) as well as external regulators</p>
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<p>Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators</p>
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<p>Acts as a leader and SME to help management's decision making, actively participate in senior level committees and guide junior team members</p>
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</ul>
<h3>Required Skills</h3>
<ul>
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<p>PhD or Masters in a quantitative field such as Mathematics, Physics, Finance, Engineering, Computer Science, Statistics.</p>
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<p>Advanced knowledge of statistical and machine learning methods, techniques, formulas, and tests</p>
</li>
<li>
<p>Knowledge and experience in building and understanding of Anti-Money Laundering models and systems</p>
</li>
<li>
<p>Strong familiarity with the industry practices in the field and knowledge of up-to-date Anti Money Laundering techniques</p>
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<p>CAMS certification (preferred)</p>
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<p>Fluency in Python, SAS and SQL</p>
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<p>Excellent written and oral communication skills with stakeholders of varying analytic skill and knowledge levels.</p>
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<p>Strong financial services and risk management experience</p>
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<p>Strong analytical & problem-solving skills</p>
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<p>Inquisitive nature, ability to ask right questions and escalate issues</p>
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<p>Ability to learn and adapt in an unexplored field, if necessary</p>
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<p>Team player attitude</p>
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<p>Technical curiosity and interest in learning new skills</p>
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<p>Minimum of 7 - 10 years of experience in AML with a focus on risk modeling</p>
</li>
</ul>
<h3>Shift</h3>
<p>1st shift (United States of America)</p>
<h3>Hours Per Week</h3>
<p>40</p>

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