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Risk Management/Compliance
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76107 Requisition #
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The primary responsibility of this role is to support the model validation function. Under general supervision (but works independently most of the time) responsible for discovering and diagnosing model related risks including input data, assumption, conceptual soundness, methodology, process and implementation. 


Specific Responsibilities 


Assist in reviews of bank-wide quantitative models including models used for CECL and CCAR/DFAST stress testing, credit risk loss projections (PD, LGD, EAD), interest rate risk models, AML (Anti-Money Laundering and Fraud Detection), and various vendor models. 


Ensure model development, monitoring, and validation approaches meet regulatory expectations and internal risk management needs. 

 

Evaluate conceptual soundness of model specifications; reasonableness of assumptions and reliability of inputs; completeness of testing performed to support the correctness of the implementation; robustness of numerical aspects; suitability and comprehensiveness of performance metrics and risk measures associated with model use. 


Review model documents, and conduct test runs on model codes. 


Assess and measure the potential impact of model limitations, parameter estimation, error and/or deviations from model assumptions; compare model outputs with empirical evidence and/or outputs from model benchmarks. 


Document and present observations to Model Validation Team Lead and to model owners and users, recommend remediation action plans, track remediation progress and evaluate remediation evidence.


Monitor model performance reports on an on-going basis to ensure models remain valid, as well as contribute in the bank-wide model risk and control assessment.


Support development of comprehensive documentation and testing of risk management framework. Deliver a work product that requires little revision. 


Establish and maintain strong relationship with key functional stakeholders such as model developers, model owners, and users.

Minimum 1 year of modeling or quantitative analysis experience, preferably in a discipline relevant to risk management to include statistical/mathematical and financial modeling. 


A College or University degree in risk, finance, mathematics, actuarial science, engineering or statistics or related discipline (Advanced degree preferred). Related industry qualification (CFA, FRM) is preferred. 


Excellent interpersonal, verbal, and written communication skills. 


Knowledgeable about model risk management and associated regulatory requirements such as SR 11-7, SR 15-18/19. 


Analytical and problem solving skills are preferred. Experience with analytical tools, such as, Excel/VBA is required. 


Programming experience in SAS, R, or Python is preferred. Ability to work autonomously, shift priorities, and manage multiple tasks. 


For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 18,500 employees globally.


We serve the world’s most-sophisticated clients – from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands. 


We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater. 


As of March 31,2019, Northern Trust Corporation had: 

$10.9 trillion in assets under custody/administration

$8.2 trillion in assets under custody

$1.2 trillion in assets under management

 $122 billion in banking assets

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Reasonable Accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If, because of a medical condition or disability, you need a reasonable accommodation for any part of the employment process, please email our HR Service Center or call 1-800-807-0302 (North America), +630-276-5353 (Asia Pacific), +44(0)207 982 4357 (Europe, Middle East and Africa) and let us know the nature of your request and your contact information.

Equal Employment Opportunity Statements
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    • APAC EEO STATEMENT

      It is the policy and practice of Northern Trust to provide equal employment opportunities to all employees and applicants. Northern Trust does not discriminate on the basis of race, colour, religion or belief, nationality, ethnic or national origin, sex, marital status, sexual orientation, disability or age. All employment decisions will be made in a non-discriminatory manner in accordance with our obligations under the law and codes of practice. This includes human resources’ decisions relating to recruitment, terms and conditions of employment, transfers, promotions and access to learning and development.

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