Northern Trust - Senior Consultant - Model Governance (6-10 yrs)

Note : If shortlisted, you will be invited for initial rounds on 1st March'25 (Saturday) in Bengaluru

About Company :

For more than a century, Northern Trust has worked hard building our legacy of outstanding service, expertise and integrity. From a Chicago-based bank founded in 1889, we now have more than 20 international locations and 16,500 employees globally. We serve the world's most-sophisticated clients - from sovereign wealth funds and the wealthiest individuals and families, to the most-successful hedge funds and corporate brands.

We burnished our reputation as a global leader delivering innovative investment management, asset and fund administration, fiduciary and banking solutions enabled by sophisticated, leading technology. And through it all, we continually laid a solid, forward-looking foundation on which future generations can continue growing and achieving greater.

Job Title : Sr. Consultant Model Governance

Summary :

The Model Risk Management Group (MRMG) is a centralized model risk management function within the Bank. It has seen fast growth in the past few years reflecting global regulators increasing attention on model risk. Model Governance function sits within MRMG. Model Governance team is responsible for developing and maintaining Corporate Model Risk Management Policy and Procedures and providing Board and senior management with timely reporting regarding the state of model risk across Northern Trust.

This role will report to the Head of Model Governance and will be primary responsible for the following duties.

Major Duties :

- Assist in the design, development, and implementation of model governance processes to ensure all models across Northern Trust are managed in accordance with the Corporate Model Risk Management (MRM) Policy and applicable regulatory requirements across different jurisdictions such as SR 11-7 (FRB).

- Be aware of the new trends in analytics such as generative Artificial Intelligence and propose appropriate enhancements to the program so that model risk emanating from these advancements can be adequately managed.

- Conduct training sessions to raise awareness about the model risk management program and related expectations across the enterprise.

- Participate in various gate keeping forums to identify potential new models being onboarded in the firm.

- Lead the onboarding of new model owners and ensure that the models are properly registered in the model inventory.

- Ensure that model inventory is complete and meta data regarding models is accurately captured in the model inventory management system.

- Support design, development, and enhancement of the model risk tiering process and ensure that models are consistently tiered across different business units and model types.

- Support Board and senior management reporting by working with other partners in the team and designing, developing, implementing, and enhancing KPIs (Key Performance Indicators) and KRIs (Key Risk Indicators) of model risk.

- Assist in preparation and enhancement of material for Model Risk Oversight Committee (MROC) every month.

- Research industry best practices around model risk management and identify areas where current program can be enhanced.

- Day to day activities will include advising model owners and model validators on the MRM policy/procedures expectations, coordinating with model owners on timely delivery of model documentation to the model validation team to ensure validation reviews can be conducted timely, and closely working with other partners in the team to ensure smooth execution of various processes.

Skills & Experience Required :

- Strong statistical background and excellent analytical and problem solving skills with a graduate degree in one or more of the following areas : statistics, economics, finance, mathematics, computer science and engineering.

- Strong knowledge of control design, implementation, testing, and documentation.

- Strong writing, oral communication, and presentation skills are mandatory.

- Familiarity with relevant regulations such as SR 11-7, SR 15-18/19, SS1/23, and Basel Final rules is preferred.

- A masters degree in any STEM field (engineering, math, computer science, etc.).

- 6+ experience in a risk management or an audit role at a large financial institution.

- Experience with MRM governance and enterprise-wide risk management software and reporting is preferred.