Principal Quantitative Consultant, Model Validation - Financial Crimes & Compliance

Overview

This is a remote role that may be hired in several markets across the United States.

The Principal Quantitative Consultant role is part of the First Citizens Bank's Model Risk Management (MRM) team, with a primary focus overseeing the validation of the Bank's Financial Crimes and Compliance models. The Principal Quantitative Consultant is accountable for providing risk oversight, acting as a subject matter expert and the second line of defense overseeing model risk, model governance, and model performance. The Principal Quantitative Consultant is responsible for managing execution of model risk framework activities including, but not limited to, independent validation, annual review, ongoing monitoring review, and peer review.

• The qualified candidate will be responsible for overseeing model risk of Anti-Money Laundering (AML) models, Customer Risk Rating (CRR) models, Sanction models, Fraud Models, and Fair Lending models. Model Risk Management seeks a Principal Quantitative Consultant to oversee a broad range of model risk management activities, including:
  • Team Management & Collaboration: Supervise quantitative analysts, providing guidance and mentorship. Collaborate closely with senior leaders, model developers, and business units to coordinate validation efforts and foster a collaborative working environment.
  • Model Validation Leadership: Lead and manage comprehensive model validation processes across the Bank's key models, ensuring accuracy, reliability, and alignment with business objectives, regulatory requirements, and risk management strategies.
  • Model Inputs & Framework Evaluation: Oversee the evaluation of data integrity, assumptions, and limitations in model inputs. Guide quantitative analysts in assessing the adequacy of model design and framework, ensuring they meet regulatory standards and business needs.
  • Model Code & Outcome Evaluation: Ensure the team reviews model code for accuracy and compliance. Oversee the analysis of back-testing results and sensitivity testing ensuring that models meet regulatory and business performance metrics.
  • Risk Identification & Mitigation Strategy: Lead the identification and management of model risks, providing strategic insights and recommendations for risk mitigation. Work closely with stakeholders to implement measures that improve model quality and regulatory compliance.
  • Documentation & Reporting: Ensure the production of high-quality validation reports, effectively communicating complex technical findings, risks, and recommendations to both technical and non-technical stakeholders. Oversee the documentation process to ensure compliance with internal standards and regulatory requirements.
  • Audit & Regulatory Support: Take ownership of managing validation responses during internal audits and regulatory exams. Lead the preparation of materials, draft responses to regulatory inquiries, and represent the model validation team during examinations.
  • Continuous Improvement & Thought Leadership: Stay abreast of emerging trends in model validation, and regulatory changes. Lead process improvements within the team, contributing to the development of industry-leading validation methodologies.

• Advanced degree: Master's or Ph.D. in a quantitative field (e.g., Statistics, Data Science, Financial Engineering, Mathematics, Economics, or related discipline).
• Experience: At least 10+ years of experience in model development, validation, or implementation within the financial industry, including 2+ years in a leadership role.
• Technical Proficiency: Expertise in statistical methods, machine learning, and advanced programming languages (e.g., Python, R, SAS, SQL).
• Regulatory Knowledge: In-depth understanding of regulatory requirements related to fraud prevention and AML compliance.
• Leadership Skills: Strong ability to manage, mentor, and guide a team. Proven track record of overseeing productive teams and driving successful collaborative projects.
• Problem-Solving & Analytical Skills: Exceptional ability to think critically, identify potential issues, and develop strategic solutions.
• Communication Skills: Excellent written and verbal communication skills, with the ability to convey complex technical information to both technical and non-technical stakeholders.