Director, Model Risk Management

Overview Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family. PenFed is hiring a Director, Model Risk Management at our Tysons, Virginia location. The primary purpose of this job is to lead PenFed’s Model Risk Management program, with a particular focus on governance, validation, and monitoring of model performance of models critical to executive decision-making in areas of interest rate and liquidity risk, balance sheet management, capital planning and stress testing, and forecasting, hedging, and capital adequacy efforts. Responsibilities Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned. Responsible for developing and managing governance standards for all models in use at PenFed, leading to more optimal use of models, and increased confidence in model outcomes. Lead the second-line challenge responsibility for integrated capital planning and stress testing models, model usage, model overlays, and model documentation. Lead interaction with regulatory partners in all areas related to model standards, management and documentation, encompassing quality/use/overlay/governance/construction/validation and monitoring of model performance. Provide clear and insightful analysis, feedback and critique of models by way of written and/or oral reports to business units, senior management and the Board. Perform independent validation of models in use at Penfed on an iterative basis. Maintain effective relationships and communication channels with model user, owners, and governance partners Continually improve and enhance capital planning and stress testing, interest rate risk and quantitative modeling approaches and methodologies to promote alignment with industry best practices. Provide senior leadership to the department by maintaining awareness of evolving market trends which could impact efficacy of modeling efforts, and remaining abreast of regulatory developments impacting PenFed’s model risk management profile. Act as liaison with model validation teams, internal and external auditors and NCUA examiners. Lead the Model Risk Management working group. Qualifications Equivalent combination of education and experience is considered. Advanced degree in a quantitative subject such as Finance, Economics, Mathematics, or Statistics; or a combination of education and experience that provides the necessary skills and knowledge to satisfactorily perform the job Experience creating, adjusting, validating, testing, monitoring and documenting of quantitative models required. Minimum of twelve (12) years’ experience in quantitative modeling of market risk; capital markets management; capital planning and stress testing; risk management; and/or model risk management in a financial institution. Minimum of five (5) years’ related experience in a Senior Manager or Director role required. Facility with QRM Balance Sheet Management, Mortgage Banking System, or QRM Mortgage Servicing Rights System preferred. Deep understanding of regulatory capital stress testing and model risk management standards and best practices. Experience in governance or second-line roles; familiarity with COSO risk framework. Experience working directly with regulators and preparation of material designed to report to Board and regulators. Ability to condense highly technical subject matter into clear, effective presentation-quality communications to senior management. Supervisory Responsibility This position will supervise employees. Licenses and Certifications CFA professional certification is preferred. Work Environment While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise. *Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.* Travel Ability to travel to various worksites and be on-call will be required. Special Message Regarding COVID 19 PenFed is continuing to hire and train exceptional individuals to help us serve our 2 million members both here and around the world. In light of the current situation with COVID-19, we have modified our hiring, onboarding, training, and deployment protocols in order to comply with applicable current local and state guidance. About Us Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2 million members and over $26 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day. We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more. Equal Employment Opportunity PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same. PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at 240-224-4256.
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