Model Risk Management Officer
Wsfs Financial

Job Info

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WSFS Bank is seeking a Model Risk Management Officer. The Model Risk Management Officer role is responsible for managing the Model Risk Management function within the Company and assisting in the evolution of the program commensurate with best practices and Company growth. The incumbent will work with the first line of defense to identify models existing throughout the Company and ensuring the proper governance of them in accordance to the Model Risk Management Policy.

Model Risk Management Officer is a key position in achieving the Company’s objective of properly managing the risk and maintaining high quality of models used across the enterprise in critical decision making. The Model Risk Management Officer is expected to perform validation tests to identify the potential model risk through the entire model lifecycle, discuss findings with internal and external stakeholders, collaborate with model owners, developers, and third-party model validators to address the findings, and document validation activities and results.

In addition to these core duties, the Model Risk Management Officer supports all aspects within Enterprise Risk Management (ERM) as needed. The Associate will be responsible for understanding risks within lines of business. Supports organizational compliance with risk policies through regular risk monitoring, analysis, and reporting. Participates in cross functional risk management initiatives.

Role Responsibilities:

• Maintaining a comprehensive and centralized model inventory consistent with the Model Risk Management Policy and Program

• Enhance the Company’s Model Risk Management Program consistent with best practices and Company growth

• Ensuring thorough identification of all firm-wide models to maintain a consistent approach with regards to assigning risk ratings

• Developing partnerships with model owners, developers, third-party model validators

• Interacting with senior leadership and collaborate with colleagues across the enterprise

• Identify and manage model risk across the model lifecycle including model development, implementation, and utilization.

• Prepare written analysis of validation work. Perform validation and provide credible challenge to model components throughout the model lifecycle, including modelling data and input, model methodology and performance, model implementation and ongoing monitoring, model assumptions and limitation, and model governance and documentation.

• Present model validation results, including findings and model ratings, to model owners, senior management, Management Risk Committee (MRC) and, when requested, regulators and internal audit.

• Review and monitor the remedial actions taken by model owners and developers to ensure the findings are properly and timely addressed.

• Support the execution of various reporting projects in compliance to model risk management policy and procedures.

• Being a resource for the business for model related questions and concerns

• Contribute to other initiatives within ERM.

Minimum Qualification:

• 5-7 years of experience in model risk, financial risk, or a related role (the incumbent may be a former Bank quantitative model operator)

• Bachelor’s degree and/or Master’s Degree in a quantitative field (Finance, Mathematics, Statistics, or a related field of study)

• Highly proficient with Excel

• Banking industry experience is a must

• Strong analytical skills and understanding of processes, technology, and operational concepts

• Ability to communicate effectively, both orally and in writing

• Ability to present technical/ numerical information in a clear and understandable manner

• Ability to motivate others and promote teamwork

WSFS Bank is inclusive and supportive of individual needs. If you have a physical or other impairment that might require an accommodation, including technical assistance with the WSFS Bank Careers website or submission process, please contact us via email at careers@ wsfsbank.com.

How do you get to be nearly 200 years old in a world that's constantly changing? For us, the answer has always been the same: create a team of Associates who are passionate about serving the community, and success will follow. Our Mission and Values serve as essential reminders about who we are and how we do business. WSFS is an equal opportunity employer. We do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.

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