U.S. Bank ALM Quantitative Model Validation Analyst in Minneapolis, Minnesota
At U.S. Bank, we're passionate about helping customers and the communities where we live and work. The fifth-largest bank in the United States, we’re one of the country's most respected, innovative and successful financial institutions. 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.
The Quantitative Model Validation Analyst role resides within the Bank’s Risk Management and Compliance organization. Specifically, this position supports the Model Risk Management program at the bank. The overall MRM program is designed to provide governance and control to manage financial model risks.
Quantitative Model Analysts within MRM provide independent validation of models that the bank relies on for making financial decisions. A robust and comprehensive model validation comprises steps that independently challenge a model’s conceptual framework and methodology, reference data used in the model, implementation process, as well as model usage and performance. The validation process also identifies corrective actions to ensure timely remediation of model risk.
More specifically, the incumbent is expected to work with Model Owners and Developers to validates, test, and document and oversees usage of complex statistical Asset and Liability Management (ALM) models, including those used for Interest Rate Risk (IRR), Net Interest Income (NII), PPNR/CCAR/Stress-Testing and others. The validation should be in compliance with both OCC 2011-12 and USB's Model Risk Management Policy and Guidelines. The incumbent is responsible for assessing model risks and limitations and provide recommendations and conclusions with respect to model validation. Specific results focus on documenting the creation and/or testing of advanced statistical tests and communicating such models to stakeholders within the Bank. Deliverables include the creation of model validation documentation such as: presentations, written validation and annual review reports, and related code reviews, review and closure of issues and findings, etc.
The incumbent is expected to document and present the model validation findings to model owners, developers and will interface with key stakeholders, regulators (OCC/FED), and internal auditors to discuss the justification and reasoning behind the overall model approval and various validation and review findings.
- 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
Strong statistical modeling or model validation background based on technical training or advanced education in a quantitative field
Strong knowledge of various regression techniques, times series techniques, parametric and non-parametric models, and other statistical models, various model validation tests/methodologies, using R, SAS, Python or similar statistical package
Strong data compilation, coding skills, qualitative analysis skills, and knowledge of SQL
General competence in a programming language such as Python, R, Matlab, SAS or similar
Advanced knowledge of quantitative and qualitative risk factors, industry risks, competition risks, and risk management approaches
Demonstrated independence, team work and leadership skills
Strong project management skills
Excellent written and verbal communication skills
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) .
Take care of yourself and your family with U.S. Bank employee benefits. We know that healthy employees are happy employees, and we believe that work/life balance should be easy to achieve. That's why we share the cost of benefits and offer a variety of programs, resources and support you need to bring your full self to work and stay present and committed to the people who matter most - your family.
Learn all about U.S. Bank employee benefits, including tuition reimbursement, retirement plans and more, by visiting careers.usbank.com .
EEO is the Law
Applicants can learn more about the company’s status as an equal opportunity employer by viewing the federal EEO is the Law (https://www.dol.gov/sites/dolgov/files/ofccp/regs/compliance/posters/pdf/eeopost.pdf) 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) .
Salary range reflected is an estimate of base pay and is for the primary location. Base pay range may vary if an offer is made for work in a different location. 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 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.