Navy Federal’s model risk management program is mission critical in identifying model risk and helping the credit union elevate the outcomes of its modeling and business uses. The group is looking to expand its team that validates finance and retail banking models. This position will play a critical role in designing, implementing, and maintaining model governance processes and controls for the end-to-end model lifecycle and effective oversight of model risk management. This will require close interaction with our Data Scientists, Quantitative Analysts, and other business stakeholders. The incumbent will work with internally-developed models and vendor models (e.g., QRM) while applying knowledge of balance sheet/income statement dynamics, investment security valuation concepts, and retail banking strategies.

Provide independent effective challenge to the models used by the organization’s business units, ensure that models are used appropriately in the business context, and that model users are aware of the models’ weaknesses and limitations and how these can impact their decisions. This includes conducting model validation, statistical analyses, building benchmark/challenger models, assessing model risk, assessing model performance, ensuring documentation completeness, and identifying and presenting findings to various stakeholders within the business units. Conduct complex work under minimal supervision and with wide latitude for independent judgment. Individual contributor and mentor to more junior staff.

Responsibilities

• Conduct model validations, assess model performance, and evaluate model conceptual soundness, including input data, assumptions, statistical and analytical testing, and general development methodology
• Conduct model outcomes analysis, including backtesting
• Assess new and existing model’s overall fit/suitability with its intended use and purpose
• Provide subject matter expertise to identify models’ key assumptions, limitations and weaknesses, and recommend practical solutions to mitigate model risk
• Develop benchmark/challenger models to assess strength of model under review
• Prepare and present clear, thorough reports to model developers and model owners explaining the analysis performed, results of the analysis and recommendations for improvement
• Provide analytics insights and solutions to solve complex business problems
• Transform data presented in models, charts, and tables into a format that is useful to the business and aids in effective decision making
• Leverage a broad set of modern technologies – including Python, R, Scala, and Spark – to analyze and gain insights within large data sets
• Verify model assumptions, review data sources and mathematical formulas to evaluate new models prior to acceptance and use
• Determine correct model implementation and appropriate model use
• Analyze and provide an independent view on model reliability, stability, and robustness including back¿ testing and benchmarking with internal and external data
• Communicate the validation results and identified model weaknesses and limitations to model users, appropriate governance committees, regulators and senior management
• Collaborate with model stakeholders to understand potential business drivers of model variance and to ensure optimal outcomes for the model validation process
• Develop and maintain an understanding of relevant industry standards, best practices, business processes and technology used within related business areas to ensure compliance with policy, vendor contractual requirements, procedures, processes and standards
• Ensure compliance with internal and external documentation and disclosure requirements
• Stay abreast of and ensure compliance with applicable federal, state and industry laws, regulations and guidelines
• Support activities defined in the model risk management framework
• Performs other duties as assigned

Qualifications and Education Requirements

• Bachelor’s degree in statistics, mathematics, physics, quantitative finance, economics or related field, or the equivalent combination of experience, education and training
• Proven ability to analyze and interpret complex statistical and financial data
• Significant experience in using models, developing forecasts and mining data from a variety of systems and applications such as SAS, Python, R, SPSS, MATLAB, Excel/VBA, MS Access, and SQL
• Experience in multiple modeling approaches such as classification, regression, time series, clustering, text analytics, survival, association, optimization, reinforcement learning. Alternatively, deep expertise in at least one of the above modeling types
• Experience developing and/or validating models for a variety of business use cases
• Proficient knowledge of model frameworks and how they influence business decisions
• Proficient with researching and analyzing complex data, with ability to draw solid conclusions, and make prompt and sound decisions
• Proficient at manipulating raw data within visualization tools to create effective dashboards that communicate end¿to¿end data outcomes visually
• Proficient in communicating facts and conclusions related to complex analytical results and issues
• Proficient in research, analytical, problem¿solving and technical writing skills
• Proficient in data mining, data wrangling, and data transformation
• Proficient in interpreting, extrapolating, and interpolating data for statistical research and modeling
• Proficient in influencing and partnering to reach agreeable solutions and positive outcomes
• Proficient in working with all levels of staff, management, stakeholders, vendors

Desired Qualifications and Education Requirements:

• Master’s degree in statistics, mathematics, physics, quantitative finance, economics or related field
• Experience in every aspect of the full life cycle of model development
• Advanced knowledge of Navy Federal products, services, programs, policies and procedures
• Experience developing and/or validating models for a variety of business use cases

Hours: Monday - Friday, 8:00AM - 4:30PM

Location: 820 Follin Lane, Vienna VA 22180 | Remote

• Due to COVID-19 and social distancing, this position will be temporarily working from home with plans to return to campus at the desired location listed once Navy Federal is back to normal operations. The specific logistics for returning to campus will be determined at a future date by individual leadership.

Salary: Navy Federal Credit Union assesses market data to establish salary ranges that enable us to remain competitive. You are paid within the salary range, based on your experience, location and market position.

The salary range for this position is: $83,100 to $142,000 #LI-Remote