Model Risk Audit Associate

Role Description

Conduct regular 3LOD audits of a business unit or functional area to evaluate the effectiveness and sustainability of internal controls relating to business risks. Create audit reports for review with senior audit management and business leadership. Facilitate audit issue tracking to ensure timely remediation.

Responsibilities

• Support regular Third Line of Defense (3LOD) audits of covered business units and functional areas in accordance with IAD audit methodology, evaluating the completeness, sustainability, and effectiveness of internal controls related to models and model risk management.
• Participate in model audits from inception through completion, including planning, risk assessment, testing, issue identification, workpaper preparation and review, and audit reporting.
• Effectively communicate with business stakeholders and senior audit management, clearly articulating audit strategy and scope, testing results, identified control gaps, and recommended corrective actions.
• Draft high-quality, clear, and well-supported audit reports for review by senior audit management and subsequent issuance to relevant business stakeholders.
• Facilitate audit issue tracking and remediation monitoring to promote timely and sustainable resolution of identified issues and support business stakeholders through the issue-closure process.
• Perform or support the independent validation of remediation and closure of issues identified by Internal Audit and regulators, including assessing whether corrective actions adequately address the underlying control deficiencies.
• Participate in quarterly and annual continuous monitoring and risk assessment activities to identify emerging risks, business and regulatory developments, control environment changes, and shifts in the business risk profile.
• Develop, promote, and maintain strong and collaborative working relationships with audit stakeholders, while preserving Internal Audit independence and appropriate professional skepticism. Provide input, as appropriate, regarding business or functional-area self-assessments of key risks and controls.
• As needed, support the execution of IAD’s broader audit plan and assurance responsibilities, including participation in ad hoc reviews, special projects, and investigations.

Qualifications and Skills

• Minimum of two years of relevant experience in the banking, financial services, or consulting industry, preferably in Second Line of Defense (2LOD) and/or Third Line of Defense (3LOD) roles involving model risk management, model validation, or model audit.
• Working knowledge of banking and capital markets products, including an understanding of the associated risks and the use of models within financial institutions.
• Understanding of applicable regulatory requirements and supervisory guidance governing model risk management, including SR 26-2, as applicable.
• Understanding of internal audit methodologies and techniques, internal control frameworks, and audit workpaper and documentation standards.
• Excellent written and verbal communication, presentation, and interpersonal skills, with the ability to communicate technical and audit matters clearly and effectively with stakeholders at various levels of the organization.
• Advanced degree (master’s or Ph.D.) in Finance, Mathematics, Statistics, Economics, Engineering, Computer Science, or another quantitative discipline.