Model Validation Manager
Who We Are
Cross River is a highly profitable, fast-growing financial technology company powering the future of financial services. Our comprehensive suite of innovative and scalable embedded payments, cards, and lending products deliver financial services for millions of businesses and consumers around the globe. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion.
We are on a mission to build the infrastructure that propels access, inclusion, and the democratization of financial services. While our company has tripled in size over the last three years, our strong sense of purpose led Cross River to be named to American Banker’s list of Best Places to Work in Fintech for the last 6 years. The reason for this success is simple – our nimble and collaborative family culture lives in every member of our growing team. Together we are at the forefront of technology and innovation, and we invite passionate, collaborative, and motivated high performers to join our expanding team.
What We’re Looking For
Cross River’s Risk Management group provides a structured approach for identifying, assessing, monitoring and reporting the risks faced by the Bank in alignment with the Bank’s strategic objectives. It provides a framework that drives effective, risk-based decision making, and firm-wide governance structures that supports an enterprise-wide approach to risk management, and as Model Validation Manager, you will play a key role in facilitating the same.
The candidate must be self-motivated, analytical, results-driven, and be comfortable working with people. If you are a sharp thinker and problem solver, this is a rewarding career opportunity for you. The team cares about building partnerships, and we have fun doing it. If you like challenging problems, are analytical, and a great team player—we want to hear from you!
- Accountable for validations or reviews (initial, annual) of Models, and Critical Tools (EUCs).
- Review and edit Model Validation reports written by external vendors to ensure reports are adequate, accurate, complete, and compliant with Model Risk Policy and Procedures.
- Engage with Model Owners to communicate Model Findings. Escalate issues to requisite Sr. Mgmt., and review action plans, and deliverables to mitigate identified issues.
- Review compensating controls for models with issues to ensure adequate remediation
- Reviewing Ongoing Monitoring Plans and monitoring reports to identify model issues.
- Ensure any Regulatory, and Audit issues are effectively remediated on a timely basis.
- Review the application of Model Tiering Methodology by Model Owners to ensure Model Risk for the model has been adequately and accurately captured.
- Significant experience with credit modeling for consumer underwriting and pricing (scoring), reserves, CECL and loss forecasting.
- Familiar with building and reviewing models that use scoring, competing risk, logistic regression, and new ML techniques.
- General techniques and methodologies to generate forward-looking probability of default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) under different economic scenarios.
- Familiarity with of consumer bureau data and scoring models, and with (retail) consumer models, preferably models for unsecured installment loans.
- Knowledge of SQL, SAS, Python, VBA or other programming languages; familiarity with AWS
- Strong verbal and written communication skills and ability to communicate technical information to non-technical audience.
- Knowledge of Interagency guidance of model risk management (SR 11-7)
- BA/BS Degree in a quantitative discipline (e.g., Finance, Economics, Operational Research, Statistics, Data Science, advanced degree preferred.
- At least 5-7 years' experience in risk management at a bank or credit union, fintech organization.
- Experience as a Model Developer, and as a Model Validator preferred.
- Prefer experience interacting with regulators (FDIC, or other US regulators) on Validation Issues
- Ability to negotiate, and comfortable with different points of view with a key focus on ensuring Safety and Soundness.
- Results oriented, ability to meet deadlines, and strong attention to details.
- Integrity, ability to work independently, and strong problem-solving skills.
- Exceptional collaboration skills and a desire to work as part of a high-performance team.
Salary Range: $150,000.00 - $180,000.00
Cross River is an Equal Opportunity Employer. Cross River does not discriminate on the basis of race, religion, color, sex, gender identity, sexual orientation, age, non-disqualifying physical or mental disability, national origin, veteran status or any other basis covered by appropriate law. All employment is decided on the basis of qualifications, merit, and business need.
By submitting your application, you give Cross River permission to email, call, or text you using the contact details provided. We will only contact you with job related information.