Model Risk Governance Lead

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Date: Jan 16, 2021

Location: New York, NY, US

Company: New York Life Insurance Co

 

A career at New York Life offers many opportunities. To be part of a growing and successful business. To reach your full potential, whatever your specialty. Above all, to make a difference in the world by helping people achieve financial security. It’s a career journey you can be proud of, and you’ll find plenty of support along the way. Our development programs range from skill-building to management training, and we value our diverse and inclusive workplace where all voices can be heard. Recognized as one of Fortune’s World’s Most Admired Companies, New York Life is committed to improving local communities through a culture of employee giving and service, supported by our Foundation. It all adds up to a rewarding career at a company where doing right by our customers is part of who we are, as a mutual company without outside shareholders. We invite you to bring your talents to New York Life, so we can continue to help families and businesses “Be Good At Life.” To learn more, please visit LinkedIn, our Newsroom and the Careers page of www.NewYorkLife.com.

 

The Model Risk Governance Lead will report to the Head of Model Risk Management and be responsible for implementing firm-wide model risk governance standards and procedures.  Collaborating with the business units, the actuarial function and other Risk Management colleagues, he/she will be responsible for maintaining and updating comprehensive model inventories, risk policies and model control standards appropriate for the risk profile of the company and consistent across all businesses.  Working with the Head of Model Risk Management, this individual will also be responsible for developing and maintaining model risk reporting for Senior Management and the Board.

 

Description of Responsibilities

  • Implement model risk standards and procedures consistent across all business lines
  • Collaborate with business units, actuarial and risk management functions to develop appropriate model control standards for all businesses consistent with firm-wide policies
  • Design appropriate reporting and develop metrics for model risk and model risk governance to be shared with Senior Management and the Board
  • Collaborate with business units to execute various model risk management initiatives
  • Work with the Model Validation unit to update and maintain a firm-wide comprehensive model inventory to be housed in the NYL model risk system
  • Collaborate with members of the Model Risk team to develop a consistent approach for assessing model risk and for aggregating model risk across the company
  • Advise business areas to help ensure adherence to model risk governance frameworks and policies
  • Develop appropriate tools to monitor effectiveness of model risk governance practices
  • Respond to regulatory guidance and requests as needed

 

Requirements

  • BA or advanced degree in Econometrics, Statistics or other quantitative discipline
  • Minimum 10 years of experience in Model Governance, Model Risk Management or Quantitative Risk
  • Experience in risk, finance and regulatory aspects
  • Experience in drafting documentation and reports for executives and regulators
  • Exceptional interpersonal skills and ability to collaborate successfully
  • Proven success as a trusted partner who implements change and positively influences change adoption by end users
  • Proven track record and demeanor to handle highly confidential and sensitive matters in a changing environment
  • Experience with both insurance and banking institutions a plus

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EOE M/F/D/V

 

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Job Requisition ID: 82805 


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