Vice President, Model Risk Management II

Overview The Bank of New York Mellon seeks a Vice President, Model Risk Management II for its New York, NY location. DUTIES: Contribute to highly visible enterprise-wide model development functions in the organization that make estimates that are a key input to management decisions and are reported to Senior Management and the Board of Directors on a regular basis. Execute enterprise standards for model validation, by setting the scope of a validation effort. Design the tests and review activities necessary to evaluate a model. Responsible for evaluating the strengths and weaknesses of a model's conceptual framework to identify situations where a model may become less useful.  This includes work in one of five disciplines, each responsible for a different type of modeling: 1) Credit Risk Modeling; 2) Treasury Modeling; 3) Market Risk Modeling; 4) Pricing Modeling; 5) Forecasting. Evaluating the strengths and weaknesses of a model's conceptual framework to identify situations where a model may become less useful. Identify and evaluate model risk as well as propose controls to manage that risk. Investigate the weaknesses of a framework and setting the scope and designing tests for a validation effort, appropriate to that framework. Reviews accuracy of reports, calculations, test, risks, and controls proposed by less experienced colleagues to formulate an overall plan.  Review the risks identified by more junior analysts and formulating the proposed controls into a plan of action for management. Responsible for the technical direction, accuracy and soundness of quantitative methods in the assigned area. Recommend decisions and assumptions with an impact on the financial and risk position of the Bank or legal entity supported. Remote work may be permitted within a commutable distance from the worksite. REQUIREMENTS: Master's degree, or foreign equivalent, in Financial Engineering, Mathematics, Physics, Statistics, Econometrics, or related field, and two (2) years of experience in the job offered or in a related occupation. Two (2) years of experience must include: Performing quantitative modelling, numerical analysis, and computational methods using programming languages including C/C++, C#, Java, FORTRAN, MATLAB, SAS as well as mathematical/statistical software packages; Performing financial modeling techniques, including value-at-risk type of models, interest rate models, risk quantification and forecast models, and stochastic calculus to execute enterprise standards for model valuation and identify model risk; Using data summary and visualization, hypothesis testing, estimation, regressions, time series analysis, and machine learning; Conducting independent research, analyzing problems, formulating, and implementing solutions, and producing quality results on time, with a strong focus on validating and assessing complex financial models including in-depth examination of model assumptions, methodologies, and strengths and weaknesses, as well as identifying of model usage under different scenarios. Salary Range: $128,211.00 to $179,000.00/yr. Qualified applicants please apply online at  and utilize reference code #58356. Please indicate "referral source - advertisement - WEB." The Bank of New York Mellon assesses market data to ensure a competitive compensation package for our employees. The base salary/range for this position is expected to be $128,211.00 to $179,000.00 per year at the commencement of employment. Base salary if hired will be determined on an individualized basis, including as to experience and market location, and is only part of the BNY total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, short and long-term incentive packages, and Company-sponsored benefit programs. This position is at-will, and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation) at any time, including for reasons related to individual performance, change in geographic location, Company or individual department/team performance, and market factors. Employer Description: For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments and safeguards nearly one-fifth of the world's financial assets. BNY Mellon remains one of the safest, most trusted and admired companies. Every day our employees make their mark by helping clients better manage and service their financial assets around the world. Whether providing financial services for institutions, corporations or individual investors, clients count on the people of BNY Mellon across time zones and in 35 countries and more than 100 markets. It's the collective ambition, innovative thinking and exceptionally focused client service paired with a commitment to doing what is right that continues to set us apart. Make your mark: /careers. EEO Statement: BNY Mellon is an Equal Employment Opportunity/Affirmative Action Employer. Minorities/Females/Individuals With Disabilities/Protected Veterans. Our ambition is to build the best global team - one that is representative and inclusive of the diverse talent, clients and communities we work with and serve - and to empower our team to do their best work. We support wellbeing and a balanced life, and offer a range of family-friendly, inclusive employment policies and employee forums.

Created: 2024-11-11