Director, AML Compliance Model Validation
Company: Santander Holdings USA Inc
Location: New York
Posted on: October 25, 2024
Job Description:
Director, AML Compliance Model ValidationBoston, United States
of AmericaThe Director, AML Compliance Model Validation will be a
SME for the independent validation of models used by various
Compliance groups in conformance with regulatory guidance on model
risk SR11-07 and other regulatory requirements around Compliance
models. They will be responsible for performance robust
validations, quality of effective challenge and validation reports
of a wide variety of models against US supervisory guidance,
established internal standards. The role involves extensive
external communication with business, development, internal audit
and regulators. As part of the validation activities, the person is
expected to lead discussions with the model owners, model
developers and third-party vendors and developing in depth
perspective on model risk issues. Furthermore, the person is
expected to lead the day-to-day governance responsibilities such as
ongoing performance monitoring, orderly remediation of findings,
and annual reviews. The person will also be responsible to
represent model risk for all discussions and exams conducted by
internal audit and the US regulators such as FRB and OCC.
- Evaluates model assumptions and weaknesses, prepares reports
describing the results of the validation analyses and list the
recommendations for addressing any issues identified
- Conducts robust validations of a wide variety of models against
established standards, developing benchmark, challenger and
replication models where applicable
- Advises 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
organization.
- Develops and executes initiatives such as researching new
trends in modeling and approaches to the management of associated
model risk
- Manages the resolution of findings with model owners and
developers
- Partners with model owners and developers to understand the
business context for model use, producing technical guidance and
adding value to the business process.
- Reviews ongoing model performance, assess overall model health
within a given framework, identify potential problems and work with
stakeholders to resolve issues identified.Qualifications:
- Education: Bachelor's Degree in Mathematics, Physics,
Statistics or equivalent quantitative field or equivalent work
experience.
- PhD or Master's degree in Statistics/Econometrics, Finance, or
other relevant field of study preferred.
- Work Experience: 12+ years in Model Development and/or
Validation of, Compliance, transaction monitoring, Below the Line
testing, and Risk Management function at an investment bank or
hedge fund.
- 9+ years of quantitative experience in model development or
independent validation of Compliance systems , transaction
monitoring and Sanction screening models.
- Hands on programming skills required in common programming
languages and packages like R, Python, C++, SAS etc. Fluency in
Query languages like SQL is also desired.
- Understanding of strengths and weaknesses in application of
Machine Learning and Artificial intelligence to applications in
Transaction monitoring and Sanctions screening.
- -Solid communication skills
- Ability to work with senior management, auditors and
regulators.
- Excellent quantitative and qualitative analysis skills,
outstanding time and stress management skills, team-work spirit.
Ability to apply mathematical and programming skill in a highly
practical way in order to solve problems.
- As a responsible level the team member should be a self-starter
and need minimal direction from managers in pursuing projects.At
Santander, we value and respect differences in our workforce and
strive to increase the diversity of our teams. We actively
encourage everyone to apply.Santander is an equal opportunity
employer. All qualified applicants will receive consideration for
employment without regard to race, color, religion, sex, sexual
orientation, gender identity, national origin, genetics,
disability, age, veteran status or any other characteristic
protected by law.This job description does not list all of the job
duties of the job. You may be asked by your supervisors or managers
to perform other duties. You may be evaluated in part based upon
your performance of the tasks listed in this job description. The
employer has the right to revise this job description at any time.
This job description is not a contract for employment and either
you or the employer may terminate at any time for any reason.
Primary Location: -Boston, MA, Boston
Other Locations: -Massachusetts-Boston,New York-New York
Organization: -Santander Holdings USA, Inc.
Keywords: Santander Holdings USA Inc, West Babylon , Director, AML Compliance Model Validation, Executive , New York, New York
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