Job Description

The Director responsible for performing in depth reviews of models (e.g., financial and non-financial model oversight (NFMO)) within the Model Risk Oversight (MRO) function supports Member Supervision in identifying risks posed by member firms’ use of models, such as those in the financial, operational and business conduct areas. The Director effectively provides subject matter expertise related to the technical aspects of modeling and model risk management and governance to relevant internal and external stakeholders, to enhance FINRA’s ability to identify and mitigate risks to investors and the financial markets through the oversight of member firms’ model risk management and governance programs. Essential Job Functions: Works collaboratively with the Model Risk Oversight (MRO) leadership team in the development and implementation of the MRO Unit’s strategic vision and objectives and establishes analytics to measure performance. Gathers, analyzes and disseminates intelligence to help monitor the industry’s adoption of new models and associated threats and risks, provides guidance and shares best practices with external parties, including member firms and regulatory authorities, on high-level regulatory issues and observations. Oversees and assesses the level of non-financial model risk present at member firms and across the industry, as well as directly supporting Member Supervision’s Risk Monitoring, Investigations and Examinations teams. May serve as a key point of accountability for the Unit. Enhances FINRA’s existing model risk management oversight scope, guidance, relevant risk reviews, and associated policies and procedures. Supports the ability of FINRA’s regulatory programs to understand and mitigate growing model risk exposures across the industry. Initiates and/or recommends initiatives related to Unit’s specialization that may include sweeps, thematic reviews, programs to facilitate staff inquiries, and staff educational/informational outreach. Serves as a subject matter expert in the area of NFMO and MRO and provides guidance to FINRA staff and management on high-level issues. Works to ensure Unit’s operations effectively support Member Supervision and other RegOps and FINRA departments as necessary. Contribute to establishment of Unit’s internal policies and procedures. Fosters a functional team-oriented culture that supports Unit’s mission. Reviews and approves related reports and letters (i.e. strategy, exit, exam, disposition, etc.). Represents FINRA at relevant industry events. Education/Experience Requirements: Bachelor's degree in Financial Modeling, Computer Science, Data Analytics, Risk Management, Accounting, Finance, Economics, Business Administration, or related discipline required. Master’s or doctorate degree in computational or mathematical finance, computer science, statistics, physics or related field, and past Financial Services industry experience with significant model risk management expertise, highly desired. Minimum ten (10) years of relevant experience, or equivalent combination of training and/or work experience. Experience developing benchmark models to evaluate production choices spanning various machine learning techniques; and monitoring and assessing performance of financial non-financial models, highly desired. Knowledge Requirements: Advanced knowledge to analyze risk factors of trading instruments covering a wide range of financial instruments, including equities, fixed income, currencies, futures, commodities, and/or derivatives, highly desired. Substantive knowledge of risks, rules, and regulations pertaining to model risk management and governance within financial services. Substantive knowledge of model risk regulatory guidance and experience with regulatory interactions on model risk management. Substantive knowledge of member firm’s operating models, business lines, customer bases, products, and services. Substantive knowledge and experience in the application of model validation governance frameworks and testing of model control environments. Substantive knowledge of risk management processes (e.g., methods for assessing and mitigating risk). Substantive knowledge of regulatory compliance issues. Skills Requirements: Expert ability to understand model risk management policies and procedures, controls, and design of risk metrics. Excellent analytical and problem-solving skills to thoroughly review complex models and model-related applications; and ability to identify potential issues or weaknesses in model conceptual soundness, highly desired. Strong programming skills and experience with an object-oriented programming language (such as Python, C++, or Java), highly desired. Experience with modeling for regulatory rules related to margin and capital modeling (e.g., portfolio margining, TIMS, Appendix E of SEA 15c3-1) is a plus. Expert ability in building trust and aligning high performing teams around common objectives. Encourages open dialogue and fosters healthy discussions when faced with conflict. Fosters culture of accountability at all levels. To be considered for this position, please submit an application. Applications are accepted on an ongoing basis. The information provided above has been designed to indicate the general nature and level of work of the position. It is not a comprehensive inventory of all duties, responsibilities and qualifications required. #J-18808-Ljbffr FINRA

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