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.
We are searching for a Consultant, Risk analytics to join our team.
The Model Risk Management Group (MRMG) is a centralized model risk management function within the Bank. It has seen fast growth in the past few years reflecting global regulators' increasing attention on model risk. Model Governance function sits within MRMG. The Model Governance team is responsible for developing and maintaining Corporate Model Risk Management Policy and Procedures and providing Board and senior management with timely reporting regarding the state of model risk across Northern Trust.
The key responsibilities of this role include:
- Assist in the design, development, and implementation of model governance processes to ensure all models across Northern Trust 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).
- Be aware of the new trends in analytics such as generative Artificial Intelligence and propose appropriate enhancements to the program so that model risk emanating from these advancements can be adequately managed.
- Conduct training sessions to raise awareness about the model risk management program and related expectations across the enterprise.
- Participate in various gate keeping forums to identify potential new models being onboarded in the firm.
- Lead the onboarding of new model owners and ensure that the models are properly registered in the model inventory.
- Ensure that model inventory is complete and meta data regarding models is accurately captured in the model inventory management system.
- Support design, development, and enhancement of the model risk tiering process and ensure that models are consistently tiered across different business units and model types.
- Support 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.
- Assist in preparation and enhancement of material for Model Risk Oversight Committee (MROC) every month.
- Research industry best practices around model risk management and identify areas where current program can be enhanced.
- Day to day activities will include advising model owners and model validators, who are creating the models, on the MRM policy/procedures expectations, as well as, coordinating with model owners on timely delivery of model documentation to the model validation team to ensure validation reviews can be conducted timely, and closely working with other partners in the team to ensure smooth execution of various processes.
The successful candidate will benefit from having:
- A bachelor's degree, or master's degree in any STEM field (engineering, math, computer science, etc.), preferred.
- 5+ experience in a risk management or an audit role at a large financial institution.
- Experience with MRM governance and enterprise-wide risk management...
Equal Opportunity Employer - minorities/females/veterans/individuals with disabilities/sexual orientation/gender identity
