Vice President of Model Risk Management

Job description

Position Summary This role resides within the Bank’s Enterprise Risk Management function and serves as part of the second line of defense. The Vice President of Model Risk Management (MRM) is responsible for overseeing the Bank’s Model Risk Management Program, ensuring that model risk is identified, assessed, monitored, and controlled across the full model lifecycle in accordance with internal policy and regulatory guidance. The role provides independent oversight and effective challenge to the first line of defense and supports senior management and the Board through strong model risk governance and reporting. Key Responsibilities: - Maintain and enhance the Model Risk Management framework, policies, procedures, and standards. - Oversee the model inventory, including model identification, tiering, materiality, and lifecycle status. - Provide independent challenge of model development, implementation, assumptions, limitations, and intended use. - Review model documentation, validation results, and ongoing monitoring to assess fit-for-use. - Oversee model validation scope, frequency, and remediation of findings. - Develop model risk metrics, KRIs, and reporting for senior management...