Model risk is the potential for adverse consequences (e.g., financial loss, poor business or strategic decisions, reputational damage) arising from decisions based on incorrect or misused model outputs and reports. Navy Federal needs to ensure models are tested, challenged, and assessed for effectiveness.
Requirements
- Leverage technologies – including Python and R – to analyze and gain insights within large data sets
- Evaluate model design and performance and perform champion/challenger development.
- Analyze model input data, assumptions, and overall methodology.
- Using statistical practices, analyze current and historical data to make predictions, and identify risks, and opportunities, enabling better decisions on planned/future events
- Provide analytics insights and solutions to solve complex business problems
- Examine data from multiple sources and share insights with leadership and stakeh
- Conduct a complete independent model validation, which may include, but is not limited to, assessments of the following: Model theoretical framework, fitting methods, assumptions
Responsibilities
- Leverage technologies – including Python and R – to analyze and gain insights within large data sets
- Evaluate model design and performance and perform champion/challenger development.
- Analyze model input data, assumptions, and overall methodology.
- Using statistical practices, analyze current and historical data to make predictions, and identify risks, and opportunities, enabling better decisions on planned/future events
- Provide analytics insights and solutions to solve complex business problems
- Examine data from multiple sources and share insights with leadership and stakeh
- Conduct a complete independent model validation, which may include, but is not limited to, assessments of the following: Model theoretical framework, fitting methods, assumptions
Other
- Complete an end-to-end validation of one of Navy Federal’s predictive models.
- Present identified model risk findings to the Model Owner for remediation.
- Review model documentation and meet with business owners as needed to gain an understanding of the model
- Document and quantify the materiality of each finding
- Develop recommendations for model developers to mitigate the risks identified
