Principal Model Validation at Discover (Chicago, IL)
Discover. A brighter future.
With us, you’ll do meaningful work from Day 1. Our collaborative culture is built on three core behaviors: We Play to Win, We Get Better Every Day & We Succeed Together. And we mean it — we want you to grow and make a difference at one of the world's leading digital banking and payments companies. We value what makes you unique so that you have an opportunity to shine.
Come build your future, while being the reason millions of people find a brighter financial future with Discover.Job Description
Responsible for managing the execution of validation activities for financial models, acquisition and portfolio management scorecards, AML models and anti-fraud tools in accordance with the governance framework, policies and procedures, and provide recommendations for continuous model enhancements across the enterprise.
- Manages independent model validations and effective challenge of financial and account management models such as balance sheet/ALM, revenue, expense, credit loss, economic capital, regulatory capital, treasury, interest rate, acquisition scorecards, ML/AI models, AML models, and operational risk models
- Interprets model validation test results and establish required action plans with model owners/developers and provide value-added recommendations to model owners/developers.
- Maintains current/develop new analytical reports and presentations for senior management, executive committees and regulatory exams.
- Manages the work flow of a team of off-shore model
- Actively participates in the production, maintenance and compliance with model validation policies, standards and procedures.
- Proactively identifies emerging model risk issues impacting the Company and communicates to model developers, senior management and the DFS Model Governance Committee.
- Maintains standardized model validation documentation, and keeps up to date with regulations, regulatory exam requirements and regulatory guidance.
- Interacts with external regulators and internal auditors to demonstrate the operational soundness and effectiveness of the model validation process.
- Responsible for conducting and managing DFS collection and bank marketing model validation activities, including model replication, building benchmark models, challenging modelling process, identifies model limitations and recommend future action & provides recommendations for model enhancements. Delivers effective presentations of findings and recommendations to all stakeholders & multiple levels of leadership. Develops and automates processes solving for model risk analytical needs & efficiency.
- Be able to leverage data science analytical tools such as Python, R, SAS, Teradata SQL.; queries data from multiple sources and platforms and able to design and implement validation tests. Capable to challenge Machine Learning modelling techniques and their related risk.
- Minimum-Masters in Economics, Statistics, Business, Engineering
- 4+ years of experience building, testing, implementing and validating complex and sophisticated models used in the financial services industry, or related experience
- Ph.D. in Economics, Statistics, Business, Engineering
- 6+ years of experience building, testing, implementing and validating complex and sophisticated models used in the financial services industry, or related experience FRM, PRM certification
What are you waiting for? Apply today!
The same way we treat our employees is how we treat all applicants – with respect. Discover Financial Services is an equal opportunity employer (EEO is the law). We thrive on diversity & inclusion. You will be treated fairly throughout our recruiting process and without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or veteran status in consideration for a career at Discover.