Massachusetts Veterans Jobs

MassHire JobQuest Logo

Job Information

U.S. Bank Sr. Model Validation Quantitative Analyst – Minneapolis, MN or Remote in Boston, Massachusetts

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.

Job Description

Job Description

The position resides within the Bank’s second line of defense Risk Management and Compliance organization. Specifically, this position supports the Model Risk Management (“MRM”) program at the Bank. The overall MRM program is designed to provide governance and control to manage financial models and associated risks that may impact the company, including financial, liquidity, market, operational, reputational, strategic, and other risks as appropriate. Validation 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.

The incumbent is expected to work with Model Owners and Developers and independently validate models related to the Bank's fraud detection strategies. The validation should be in compliance with both OCC 2011-12 and USB's Model Risk Management Policy and Guidelines. He/she is expected to document and present the model validation findings to model owners, developers as well as interface with key stakeholders, regulators (OCC/FED), and internal auditors to discuss the justification and reasoning behind various validation and review findings. As a senior member of the team, the position may also be responsible for mentoring junior team members and assuming some project oversight.

Essential Functions:

  1. Performs complex mathematical analysis utilizing various statistical methods or techniques. Areas of focus are models using machine learning (GBTs, Neural Networks), logistic regression and various other ensemble techniques.

  2. Retrieves, analyzes and interprets data from various sources (internal and external). Aggregates and creates data from different databases to facilitate statistical/econometric analysis for development or validation. Performs ad hoc analysis used for statistical/econometric analysis as required.

  3. Creates, validates, tests, documents, implements, and/or oversees usage of complex statistical models. Evaluates and documents the creation and/or testing of advanced quantitative models. Deliverables include the creation of validation documentation such as: presentations, written reports, model or reporting code documentation, business requirements, monitoring reports and related code, and procedures.

  4. Interprets findings from statistical analyses performed for communication to senior and executive level management in written and verbal form.

  5. Prepares and communicates statistical analyses and findings to audit and regulatory examiners.

  6. Reads, understands, and interprets regulatory rules and guidance related to the models under development and/or being reviewed/validated. In addition, quantitative resource should have an understanding of the business product or structure to ensure models capture key business elements and risks.

  7. Ability to understand and use various programming languages to identify, investigate and resolve data and programming issues.

Basic Qualifications

  • Bachelor’s degree in a quantitative field, and eight or more years of relevant experience

OR

  • MA/MS in a quantitative field, and five or more years of related experience

OR

  • PhD in a quantitative field, and four or more years of related experience

Preferred Skills/Experience

  • Strong statistical modeling and machine learning background based on technical training or advanced education in a quantitative field. Understanding of and experience with machine learning methods, including classification theory, tree-based modeling methods (Random Forest, GBT, XGBoost), neural networks, logistic regression and others.

  • Considerable knowledge of various model validation tests/methodologies, using Python, R, SAS or similar statistical packages

  • Advanced knowledgeable of quantitative and qualitative risk factors, industry risks, competition risks, and risk management approaches

  • Advanced understanding of applicable laws, regulations, financial services, and regulatory trends that affect assigned line of business

  • Strong data compilation, programming skills and qualitative analysis skills

  • Experience working with fraud models is helpful

  • 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) .

Benefits:

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.

E-Verify

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: $108,545.00 - $127,700.00 - $140,470.00

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.

DirectEmployers