Sr. Associate, AML - OFAC Model Developer

Florham Park, United States of America

The Sr. Associate, AML - OFAC Model Developer supports the AML and Model Risk Management teams to establish and leverage appropriate systems and processes to develop, validate, and maintain optimal efficiency and effectiveness of OFAC and Customer Risk Rating models. Participates in the design and evolution of the Company's existing suite of AML OFAC and Customer Risk Rating models, ensuring they meet regulatory and internal requirements. Collaborates on model risk assessments and participates in model validation exercises performed by Model Risk Management Group (MRMG) to evaluate model accuracy, performance, and compliance with internal and regulatory standards.

• Develop and manage testing and tuning framework, including processes to identify, measure, report, and remediate existing and emerging OFAC and Risk Rating risks.
• Provide effective governance and/or oversight of OFAC and Customer Risk Rating models, upstream and downstream sources, and IT infrastructure.
• Serve as OFAC and Risk Rating liaison to internal and external partners to represent AML Risk Compliance on projects, changes, new business initiatives, and other processes with AML impact.
• Work closely with business stakeholders to provide detailed model documentation, including validation reports, assumptions, limitations, and compliance metrics. Assess model health within a given framework using statistical methods, evaluation of assumptions, and drive timely remediation efforts.
• Develop complex inquiries with SQL, SAS, Python and ETL to perform analyses of the underlying data in our systems and highlight trends, issues, and findings. Develop reporting solutions, including designing stored procedures, view queries, and tables.
• Researches and maintains regulatory requirements and publications relevant to model risk
• Assist in the development and maintenance of model risk and model policies, guidelines, validation and development procedures, controls, tools and templates.
• Execute on Book of Work for Compliance Risk Models, support project implementation impacting Compliance and its areas of oversight and collaborate with SHUSA and its subsidiaries to design various performance metrics.
• Ensure that all the company's activities adhere to the necessary rules and regulations, and that the company complies with legal/regulatory statutes and jurisdictions and provide requisite information in support of independent audit activities.
• Perform analytical research in support of the Compliance Department, with a strong focus on AML/BSA, including the design, development, and implementation of information-based business solutions.
• Supports key Subject Matter Expert in the implementation of new technology initiatives to enhance the Compliance data repositories, reporting, analytics, and overall program with a strong focus on AML/BSA compliance.
• Provides procedural guidance and support to junior analysts in the various functions of the department, and in the methods of tools of analysis.
• Evaluates the strengths and weaknesses of existing controls and provides recommendations on opportunities for improvement.
• Assists senior level staff and management as requested.
• Performs other duties and responsibilities as assigned.

• Demonstrated practical and theoretical knowledge of financial data, their structure and behavior in various environments.
• Demonstrated knowledge of data querying languages and software.
• Experience in model development, tuning, and optimization of Anti Financial Crime / Anti Money Laundering (AFC/AML) models especially in OFAC transaction and client screening models.
• Strong quantitative capabilities and analytical skills, including an investigative mindset.
• Strong problem solving and critical thinking skills.
• Strong verbal and written communication skills.
• Strong experience in Python, SAS, SQL, statistical methods and model development in cloud environments. Experience in scheduling and automation tools is a big plus.
• Strong organizational and time management skills.
• Ability to analyze risk and provide recommendations and/or resolutions to minimize risk.
• Ability to summarize, document, and communicate information in a clear and concise manner.
• Ability to organize and prioritize multiple tasks to meet deadlines.
• Ability to work independently as well as collaboratively within a team environment.
• Ability to interpret, analyze and apply data/information.
• Ability to stay abreast of industry best practices, procedures, and techniques.
• Ability to change direction as project demand dictates.
• Ability to effectively and clearly communicate instructions to others, summarize and articulate issues, and document findings in a clear and concise manner.