at Northern Trust Company in Chicago, Illinois, United States
Job Description
About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
The Investment Platform Services Model Risk Manager uses specific knowledge of model risk methodologies and construction to achieve goals through own work. Has specific knowledge or expertise typically gained through formal education or equivalent experience. Uses expertise to provide guidance to others as a manager. Requires specialized depth and/or breadth of expertise in model risk. Leads others to solve complex problems. Works independently, with guidance in only the most complex situations. Will lead functional model risk team for Investments' (1LOD) use of models.
The key responsibilities of the role include:
- Lead the design, development, and implementation of model governance processes to ensure all models across Asset Management Investments are managed in accordance with the Corporate Model Risk Management (MRM) Policy and applicable regulatory requirements across different jurisdictions such as SR 11-7 (FRB) and SS1/23 (PRA). Bring an independent perspective to model risk management and promote new approaches for Asset Management within the Corporate Model Risk Management program.
- Be aware of the new trends in analytics such as generative Artificial Intelligence and introduce appropriate enhancements to the program so that model risk emanating from these advancements can be adequately managed.
- Educate Investments partners and model users to raise awareness about the model risk management program and related expectations across the enterprise.
- Represent Asset Management Investments as Model Owner in various forums and help develop and identify potential new models being utilized within the Investments team.
- Lead the onboarding of new models and work with MRMG to ensure that the models are properly registered in the model inventory.
- Support Model oversight by developing back-testing methodologies and supporting the ongoing monitoring of the Investments' team models, including documented rationale for how, where and why using a vendor's back-testing is appropriate.
- Design and develop an Asset Management approach to model risk management that includes an approach to defining a Model's materiality or impact to the Northern Trust.
- Design and deliver Board and senior management reporting by working with other partners in the team and designing, developing, implementing, and enhancing KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators) of model risk.
- Research industry best practices around model risk management and identify areas where the Investments' team current approaches can be enhanced.
- Day to day activities will include advising model owners and model validators on the MRM policy/procedures expectations, model development and documentation, model back-testing, ongoing model monitoring, and general support of the Investments' team use of models.
The successful candidate will benefit from having:
- A bachelor's degree, or preferably a master's degree in a designated STEM field (engineering, computer science, quantitative finance). If no master's degree,...
Equal Opportunity Employer - minorities/females/veterans/individuals with disabilities/sexual orientation/gender identity
