Model Validation Analyst – Corporate & Investment Banking at Santander

New York, New York, United States

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Not SpecifiedCompensation

Mid-level (3 to 4 years), Senior (5 to 8 years)Experience Level

Full TimeJob Type

UnknownVisa

Banking, Financial Services, Corporate & Investment BankingIndustries

Requirements

Bachelor's Degree in Statistics, Mathematics, Economics or equivalent quantitative discipline or equivalent work experience. - Required
An advanced degree, masters/PhD in a quantitative discipline such as Financial Engineering, Mathematics, Physics, Quantitative Finance, Economics, Statistics, or other relevant field of study. - Preferred
3+ years of experience in Model Validation and/or Model Risk Management function at a large corporate and investment bank
Detailed familiarity with advanced quantitative analysis and applied statistical techniques in relevant asset/liability categories, including regression, time series forecasting, econometric modelling, PCA analysis, data mining, survival analysis, sensitivity, back-testing, model performance measurement
Familiarity with QRM, ADCo and Intex or similar systems. - Preferred
Sound knowledge of financial numerical methods

Responsibilities

Performing independent validation of models and expert judgement models used by the bank in conformance with regulatory guidance on model risk SR11-07, including input data, model methodology, model outcome, usage and related controls and governance around model risk
Conducting internal communication with business and model development and external communication with vendors and third-party servicers
Taking day-to-day model risk governance responsibilities such as ongoing performance monitoring, orderly remediation of findings, and model annual reviews
Evaluating model assumptions and weaknesses, preparing reports describing the results of the validation analyses and listing recommendations for addressing any issues identified
Conducting robust validations of a wide variety of models against established standards, developing benchmark, challenger, and replication models where applicable
Advising senior personnel in their communications with risk committees, auditors, regulators, and senior management regarding model risk and its potential effects on the risk profile of the bank
Managing the resolution of findings with model owners and developers
Reviewing ongoing model performance, assessing overall model health within a given framework, identifying potential problems and working with stakeholders to resolve issues identified
Partnering with model owners and developers to understand the business context for model use, producing technical guidance and adding value to the business process
Developing and executing initiatives such as researching new trends in modeling and approaches to the management of associated model risk

Skills

Key technologies and capabilities for this role

Model ValidationModel Risk ManagementSR11-07Statistical ModelingData AnalysisRisk AssessmentBenchmarkingRegulatory ComplianceFinancial ModelingGovernance

Questions & Answers

Common questions about this position

What is the employment type for this Model Validation Analyst role?

The position is full-time.

Is this Model Validation Analyst position remote or office-based?

This information is not specified in the job description.

What key skills are required for the Model Validation Analyst role?

The role requires the ability to perform independent model validations, evaluate model assumptions and weaknesses, conduct robust validations including benchmark and challenger models, and manage model risk governance such as performance monitoring and remediation.

What is the company culture like at Santander for this role?

Santander fosters an enriching environment focused on continuous learning, personal growth, collaboration with talented global colleagues, engagement, and commitment to employee success.

What makes a strong candidate for the Model Validation Analyst position?

A strong candidate can perform independent model validations in line with SR11-07, evaluate assumptions, conduct benchmark validations, manage governance like monitoring and remediation, and communicate effectively with stakeholders, regulators, and senior management.

Santander

Provides banking, investment, and insurance services

About Santander

Santander Bank provides a variety of financial services to individuals, small businesses, and large corporations in the United States. Its offerings include savings and checking accounts, loans, credit cards, and investment products. The bank also has specialized services through Santander Investment Services and insurance products via Santander Securities LLC. Santander stands out from its competitors by focusing on community growth, committing $13.6 billion to support initiatives like the 'Cultivate Small Business' program, which aids early-stage entrepreneurs, especially from underrepresented groups. The bank generates revenue through interest on loans, service fees, and commissions, while promoting responsible banking practices and financial education. Santander's goal is to empower individuals and businesses, enhance community prosperity, and provide comprehensive financial solutions.

Boston, MassachusettsHeadquarters

1902Year Founded

$75MTotal Funding

POST_IPO_DEBTCompany Stage

Fintech, Financial ServicesIndustries

10,001+Employees

Benefits

Health, dental, & vision

401k

Flexible PTO

Parental & sick leave

Discounts: technology, travel, auto, fitness, & tuition

Risks

ISO 20022 transition may challenge smaller business partners.

'Quishing' attacks pose a growing threat to consumer security.

Openbank faces competition in the U.S. high-yield savings market.

Differentiation

Santander's Openbank offers a 5.00% APY high-yield savings account nationwide.

The bank's Inclusive Communities Plan pledges $13.6 billion for community initiatives.

Santander's ISO 20022 adoption enhances operational efficiency and data management.

Upsides

Openbank's high-yield savings account attracts more U.S. customers.

Santander's renewable energy financing highlights commitment to sustainable investments.

Proactive cybersecurity measures enhance customer trust and protect digital assets.

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