At Bank of the West, our people are having a positive impact on the world. We’re investing where we feel we can make the most impact, like advancing diversity and women entrepreneurship programs, financing for more small businesses, and promoting programs for sustainable energy. From our locations across the U.S., Bank of the West is taking action to help protect the planet, improve people’s lives, and strengthen communities. We are part of BNP Paribas, a global leader supporting the UN Sustainable Development Goals (SDGs). Yes, we’re a bank, but as the bank for a changing world, we are continually seeking to improve the ways we help our customers, while contributing to more sustainable and equitable growth.Job Description Summary
Quantitative models support some of the
most important processes and decisions at Bank of the West, including credit
review, risk forecasting, asset/liability management, market risk management,
and transaction monitoring for anti-money laundering. This position is in the
Model Risk Management Group which manages the risk of adverse consequences due
to incorrect or misused models. To manage this risk, the Bank needs to validate
and periodically monitor over 100 models. Model validation is responsible for reviewing
and effectively challenging models including: empirical evidence for model
development, model theory, model performance, underlying model assumptions and
limitations. Model validators conduct
testing and provide critical review of conceptual soundness and model
performance. Model validators write
reports describing the results of validation and interface with internal
stakeholders and regulators to communicate findings of model risk.
Essential Job Functions
- Identify sources of
risk in models. Conduct validations for quantitative
and complex financial models. Thoroughly
and comprehensively review all model components and developmental evidences.
Responsible for providing effective challenges to conceptual soundness of
models and conducting quantitative analytics.
- Present validation
work through formal validation reports, as well as thorough presentations to
model owners and senior management. Clearly and concisely document and
communicate validation findings.
- Present and
effectively support findings to model developers, users and senior management.
Develop and prioritize constructive recommendations for model changes or enhancements.
Communicates data quality and completeness concerns to model owners.
- Maintain detailed and
comprehensive records of validation projects through work papers and other
acceptable project artifacts.
- Maintain accurate
data in the bank’s model inventory.
Track and review model performance monitoring results. Review evidences for closure of model
- Build strong working
relationships with key model stakeholders, in particular model developers and
users. Facilitate communication between model validation teams and other
stakeholders, including model owners.
Other Job Duties
- Work effectively as a
team member with other quantitative analysts at the company, as well as with
- Keep abreast with
developments in quantitative risk management and industry best practices in
- Work effectively
either independently or as part of a team.
- Manage time and
resources in a dynamic multi-task environment.
- Performs other duties
- Advanced knowledge of
quantitative models obtained through advanced degree (PhD, MS, or MFE) and/or
prior work experience.
- Strong quantitative
skills and practical experiences in areas such as financial theories,
econometrics, statistics, hazard modeling and time series analysis.
- Working knowledge of
key interest rate and liquidity risk metrics such as NII, EVE, liquidity gap, and FTP desirable
- Working knowledge of
trading products and their valuations.
- Familiarity with
model risk management and market risk management practices and applicable
- Good writing and
verbal communication skills.
- Statistical skills
and SAS experience a plus.
- A minimum of 3-5
years prior relevant work experience.
- Bachelor's Degree in Quantitative field or similar area of
- Master's Degree Quantitative field or MBA with quantitative focus
Equal Employment Opportunity Policy
- Experience with loss forecasting, stress testing, credit score cards, Basel II.
- Strong quantitative skills in such areas as econometrics, statistics, hazard modeling, and time series analysis.
- Experience working with large data sets.
- SAS experience desirable.
- Strong knowledge of bank products, processes and business practices.
- Familiarity with leading model risk management practices and applicable regulatory guidance.
Bank of the West is an Equal Opportunity employer and proud to provide equal employment opportunity to all job seekers without regard to any status protected by applicable law. Bank of the West is also an Affirmative Action employer - Minority / Female / Disabled / Veteran.
Bank of the West will consider for employment qualified applicants with criminal histories pursuant to the San Francisco Fair Chance Ordinance subject to the requirements of all state and federal laws and regulations.
Primary Location: United States-California-San FranciscoJob Type: Full-timeJob: Risk Management