U.S. Bank Quantitative Model Governance Oversight Analyst - Minneapolis or Remote in Honolulu, Hawaii
At U.S. Bank, we’re on a journey to do our best. Helping the customers and businesses we serve to make better and smarter financial decisions and enabling the communities we support to grow and succeed. We believe it takes all of us to bring our shared ambition to life, and each person is unique in their potential. A career with U.S. Bank gives you a wide, ever-growing range of opportunities to discover what makes you thrive at every stage of your career. Try new things, learn new skills and discover what you excel at—all from Day One.
The Model Risk Governance (MRG) group is responsible for designing, implementing, maintaining and enforcing the Model Risk Management (MRM) program within the Bank. This includes design and execution of policies, standards, and internal procedures for all phases of the model life cycle from identification and inventorying to implementation, maintenance, and retirement. MRG provides oversight of model development and validation and reports on the Bank’s overall model risk. The MRM Compliance and Governance Oversight Analyst role supports the MRG function by:
Collaborating and communicating with business lines, model owners, and model validation to ensure Model Risk Management program requirements are communicated and understood
Overseeing execution of Validation Quality Assurance program, including:
Allocating resources, performing/overseeing peer reviews, vetting the findings and ensuring their effective remediation.
Managing the peer review process designed to ensure model weaknesses and limitations are appropriately identified in the course of the inaugural, periodic, and targeted validations, as well as annual reviews performed by the validation teams across all models used within the Company
Additional focus will be on ensuring consistency of the validation program execution across all validation teams and all model types utilized within the institution and staying current with changes in regulatory expectations and leading industry practices
Being involved in assessments of business lines’ compliance with MRM program requirements, which includes:
Interviewing business line personnel on products, services, business processes, risk management programs, and model use related to these efforts, as well as implementation of MRM program requirements
Assessing model documentation, including development, monitoring, certifications, implementation, and validation documentation, for consistency and completeness against program standards and templates
Summarizing and providing context for conclusions and findings in a written report, and verbally communicating findings to the business lines and senior management
Thinking critically in executing the business line assessment process and for all activities in support of MRM program objectives and continuous process improvements therein
Reviewing the bank’s internal policy updates and regulatory changes for potential impact to the MRM program and its key stakeholders
Performing other work as required, to support the MRM program
- Bachelor’s degree in a quantitative field, and eight or more years of relevant experience
- MA/MS in a quantitative field, and five or more years of related experience
- PhD in a quantitative field, and four or more years of related experience
Master's or PhD degree in a quantitative field and seven years of experience in model development, validation and/or governance within the financial services industry.
Advanced understanding of how models are used and implemented in a business environment
Advanced understanding of the construction, implementation, and assumptions and limitations of various regression techniques, parametric and non-parametric algorithms, times series techniques, and other statistical models, various model validation tests/methodologies, using SAS or similar statistical packages.
Advanced knowledge of quantitative and qualitative risk factors affecting models, industry risks, risk management approaches, and administration / management of the model life cycle.
Intimate understanding of how models are used and implemented in financial institutions
Previous experience conducting or managing audits or assessments is highly desirable, including project management, report writing, and communication with senior management
Advanced understanding of applicable laws, regulations, and regulatory trends that affect the financial services industry
Adept at working in a multifaceted organization and adapting to evolving needs
Strong project management skills, proven self-starter, and ability to work both independently and in a project / team environment.
Excellent written and verbal communication skills, including strong soft skills to effectively communicate, influence change, and ultimately enforce Model Risk Management program requirements through formal and informal channels
If there’s anything we can do to accommodate a disability during any portion of the application or hiring process, please refer to our disability accommodations for applicants (https://careers.usbank.com/global/en/disability-accommodations-for-applicants) .
Learn how the way we work at U.S. Bank (https://assets.phenompeople.com/CareerConnectResources/prod/UBNAGLOBAL/documents/Thewaywework-1666895142717.pdf) drives meaningful relationships with our customers and collaboration across the company.
Our approach to benefits and total rewards considers our team members’ whole selves and what may be needed to thrive in and outside work. That's why our benefits are designed to help you and your family boost your health, protect your financial security and give you peace of mind. Our benefits include the following (some may vary based on role, location or hours):
Healthcare (medical, dental, vision)
Basic term and optional term life insurance
Short-term and long-term disability
Pregnancy disability and parental leave
401(k) and employer-funded retirement plan
Paid vacation (from two to five weeks depending on salary grade and tenure)
Up to 11 paid holiday opportunities
Sick and Safe Leave accruals of one hour for every 30 worked, up to 80 hours per calendar year unless otherwise provided by law
EEO is the Law
U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors. Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal KNOW YOUR RIGHTS (https://eeoc.gov/sites/default/files/2022-10/EEOC_KnowYourRights_screen_reader_10_20.pdf) EEO poster.
U.S. Bank participates in the U.S. Department of Homeland Security E-Verify program in all facilities located in the United States and certain U.S. territories. The E-Verify program is an Internet-based employment eligibility verification system operated by the U.S. Citizenship and Immigration Services. Learn more about the E-Verify program (https://careers.usbank.com/verification-of-eligibility-for-employment) .
The salary range reflects figures based on the primary location, which is listed first. The actual range for the role may differ based on the location of the role. In addition to salary, US Bank offers a comprehensive benefits package, including incentive and recognition programs, equity stock purchase 401k contribution and pension (all benefits are subject to eligibility requirements). Pay Range: $112,880.00 - $132,800.00 - $146,080.00
Due to legal requirements, U.S. Bank requires that the successful candidate hired for some positions be fully-vaccinated for COVID-19, absent being granted an accommodation due to a medical condition, pregnancy, or sincerely held religious belief or other legally required exemption. For these positions, as part of the conditional offer of employment, the successful candidate will be asked to provide proof of vaccination or approval for an accommodation or exemption upon hire.
U.S. Bank will consider qualified applicants with criminal histories in a manner consistent with the San Francisco Fair Chance Ordinance.
U.S. Bank is an equal opportunity employer committed to creating a diverse workforce. We consider all qualified applicants without regard to race, religion, color, sex, national origin, age, sexual orientation, gender identity, disability or veteran status, among other factors.