Senior Risk Officer - Model Risk Management

This position may be located at any of the offices within First Interstate Bank's fourteen state footprint, including Arizona, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oregon, South Dakota, Washington and Wyoming.

What's Important to You

We know your career is just one aspect of a meaningful, complex, and demanding life. That's why we designed our compensation and benefits package to provide employees and their families with as much choice as possible.

• Generous Paid Time Off (PTO) in addition to paid federal holidays.
• Student debt employer repayment program.
• 401(k) retirement plan with a 6% match.
• The health and happiness of the places we call home matter to us. Learn a little more about what we do for the communities we serve, and why we want YOU to be a part of it.

We encourage you to apply. Reach for what you want and tell us why your work ethic and willingness to learn make you a natural fit for #TeamFirstInterstate.

SUMMARY

The Risk Officer is responsible for carrying out the Model Risk Management (MRM) oversight within the Enterprise Risk Management (ERM) group. Responsibilities include developing, implementing, maintaining, and managing model risk management functions that are aligned with regulatory expectations and corporate guidelines. The position requires sound knowledge of the financial institution landscape with a broad understanding of MRM.

The Risk Officer will proactively work with business units and model owners to lead both model validation engagements and implement ongoing monitoring and testing strategies that meets enterprise policies and standards. This position is responsible for identifying, evaluating, mitigating and reporting on model risks. Responsible for ensuring models meet compliance and regulatory requirements, and aligns with and supports the model risk posture of the enterprise.

ESSENTIAL DUTIES & RESPONSIBILITIES

• Oversee the management of the model risk management framework and works with model owners, business units and the ERM team to ensure model risk is appropriately monitored and assessed within established policies and regulatory best practices.
• Work with third-party model validators to challenge and establish action plans with model owners with any identified findings or enhancement recommendations.
• Manage and maintain the Bank's model inventory by working with model owners to timely classify all active, retired and/or in development models.
• Responsible for annually assessing complex models to confirm they are fit for purpose; ensure proper change control logs and model release documentation are provided by model owners in accordance with established policies.
• Develop measurement methodologies and monitoring methods, which aggregate model risk exposures and performance on an enterprise-wide basis.
• Support model owners in the organization and maintenance of model documentation; Lead meetings and conduct interviews with business units to better understand processes being modeled and/or systematized in non-model tools (calculators, databases, EUCs).
• Enhance the existing model governance framework to include policies and procedures, ensuring they meet changing business landscapes and emerging risk challenges.
• Conduct model risk management education and training in accordance with established timelines.
• Support the reporting of risk exposures and monitoring results to the Board, CEO, the Audit Committee, Executive Committee, and the Enterprise Risk Management Committee.

EDUCATION and/or EXPERIENCE

• Minimum of a Bachelor's degree required, Master's preferred (Economics, Finance, Mathematics or Statistics preferred).
• A background in compliance, audit or risk preferred with at least 3 years of banking experience. Knowledge of SR 11-7 desired.
• Experience with advanced modeling techniques with an established knowledge of foundational data management and data governance fundamentals.
• Must have excellent interpersonal skills in order to interface with enterprise stakeholders.
• Must have the ability to work independently and to prioritize projects/responsibilities with strong organizational skills and attention-to-detail.

LANGUAGE SKILLS

• Ability to read, analyze, and interpret common scientific and technical journals, financial reports, and legal documents.
• Ability to respond to common inquiries by and to effectively present information to regulators, management and/or boards of directors.

REASONING ABILITY

• Ability to define problems, collect data, establish facts, and draw valid conclusions.
• Ability to interpret an extensive variety of technical instructions in mathematical or diagram form and deal with several abstract and concrete variables.

PHYSICAL DEMANDS

While performing the duties of this job, the employee is regularly required to walk and talk or hear. The employee frequently is required to stand and sit. The employee is occasionally required to use hands to finger, handle, or feel; reach with hands and arms; and stoop, kneel, crouch, or crawl. The employee must frequently lift and/or move up to 50 pounds. Specific vision abilities required by this job include close vision.

WORK ENVIRONMENT

The work environment characteristics described here are representative of those an employee encounters while performing the essential functions of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. The noise level in the work environment is usually moderate.

The noise level in the work environment is usually moderate.

COMPENSATION & BENEFITS

We offer a competitive total compensation package including base salary and benefits. The anticipated pay range for this position is $98,100 to $161,900 per year (in CO & WA) and $107,910 to $178,090 per year in MN, and depends on a variety of non-discriminatory factors including, but not limited to, job-related knowledge, skills and experience, education, and geographic location. Additionally, this role is eligible to receive annual discretionary cash and stock bonuses. Benefits available for this position include, but are not limited to, medical, dental, vision, short-term and long-term disability benefits and life insurance, flexible spending accounts, health savings account, employee assistance program, 401(k), Paid Time Off (new hires accrue at .069 per hours worked which equates to approximately 18 days per year inclusive of paid sick time) and up to 11 paid Federal holidays. Please note this information is provided for those hired in Minnesota, Colorado and Washington only, and this role is open to candidates outside of Minnesota, Colorado and Washington with compensation that aligns with your location. For more information regarding our benefits, please visit https://www.firstinterstatebank.com/company/about/employee-benefits.php.