Responsibilities
RBSCFG hires interns during their graduate program years in college to take part in a structured program that provides technical and professional skills training, formal coaching, Learning Days with senior management and meaningful work assignments and projects. Through the program, we identify individuals who have the potential to be a part of the firm following graduation. An internship with RBSCFG is a great way to enhance one's college learning and gain valuable work experience in a dynamic industry.
The Model Risk Governance Analyst Intern focuses primarily on model inventory management while working as a member of the Validation Report Processing Unit in the governance operation. Each Risk Analyst Intern assists team members by analyzing and evaluating model data, structure and classification needs, as well as assisting with projects that support the governance program for model risk. The Risk Analyst Intern also be exposed to a current RBSCFG project around model risk quantification and will deliver a final, end of summer presentation to peers, coaches and other colleagues.
The Director's specific duties in which the Risk Analyst Intern will assist and/or gain exposure to include:
- Work closely with Director of Model Risk Governance as the point person leading governance efforts surrounding the development and validation of RBS Americas models and providing a management framework for the associated risk within those models;
- Integrate model risk management framework within the larger RBS Americas risk governance structure and develop insight and guidance for senior management;
- Work with business unit risk managers to synthesize and analyze the interaction of the individual and aggregate model risks, and developing insights and recommendations on possible actions to manage and mitigate those risk exposures;
- Assess and advise management on model risk exposure and the impact on business decisions, including the development of appropriate reporting methods and mechanisms;
- Identify emerging model risks that may impact RBS Americas;
- Prepare and set standards of practice/policies for model development, use and validation, including refinements and parameter changes, facilitate the Director's ownership responsibilities under the Group Policy Framework for the Model Risk Management and Validation Policy Standard;
- Manage policy standard non-compliance, issues and deficiencies in models, parameters etc., and track remediation;
- Ensure business lines understand and cooperate with their requirements regarding the model inventory of all models and their status;
- Interact with Group Internal Audit and the external regulators or rating agencies as required;
- Manage and coordinate the model approval authorities (e.g. various model risk committees in the Division and any needed coordination with the Group authorities) to insure consistent application of model risk management and validation guidelines and the model lifecycle processes across the Division;
- Work closely with the CRO's Chief Operating Officer's Office to ensure model risks are incorporated and monitored at an enterprise level;
- Performs other related duties as assigned.
We seek creative and well-rounded self-starters who have both the qualitative and quantitative aptitude to excel in a challenging and highly competitive environment. Students of financial are strongly encouraged to apply. The ideal candidate will have a modeling background and who is looking to expand their experience to encompass a broader risk management role. The Director is looking for someone who desires a position that can assist in keeping day-to-day model risk controlled while looking to expand the field of applied model risk management particularly as this pertains to measuring model risk, model risk appetite and capital allocation. Diplomacy and negotiating skills within an enterprise context must be demonstrated both orally and in written form. Some regulatory knowledge in this position could prove useful.
About Model Risk Management Validation
The mandate of Model Risk Management and Validation is:
- To be an effective challenge to reveal the limitations and test the assumptions of the models used across the enterprise, in order to assess their performance relative to when they were originally developed.
- To identify and assess the level and type(s) of model risk to which the Bank is exposed in comparison to the Board and Executive Management's risk appetite.
- To set and ensure bank-wide compliance with the Divisional Model Risk Management Policy Standard, rationalizing the Group requirements.
To accomplish this mandate, they:
- Conduct independent validations/annual reviews of existing models and provide reviews of our Findings in a timely manner;
- Review and opine on the quality and sufficiency of model documentation;
- Note potential areas for future model enhancements.
- Ensure transparency in model development and maintain an effective challenge process;
- Conduct independent validations of new models and model recalibrations and provide our review prior to their submission to approval/governance committees;
- Maintain an effective issues management process to ensure model risks are appropriately mitigated prior to a model's implementation,
- Oversee ongoing model performance monitoring;
- Represent, for models and model risk management, RBSCFG and RBS Americas to the regulators and in industry/regulatory forums; and
- Provide expert opinions and guidance to the business unit model development teams and model users where possible without compromising our independence.
- Establish and enforce regional/divisional Standards for model risk management and validation;
- Maintain an up-to-date model inventory that best reflects the list of current models within the Bank, comprising their use, materiality, ownership and history;
- Ensure that an effective governance framework exists for model risk management;
- Ensure, in partnership with Group Internal Audit and Regulatory Risk and Compliance Management, that models deployed within RBSCFG and RBS Americas' business units are consistent with best practice and compliant with regulations, regulatory guidance and the Group Policy Framework;
- Manage/facilitate the relevant agenda items and meetings for the Model Risk Committee (a.k.a. Parameter Review Groups) and Executive Risk Committee to which models and model risk are presented for review;
RBSCFG Model Risk Management Validation is committed to the Citizens Credo: Customers, Colleagues and Community.
About the Risk Management Division
With over 500 RBSCFG colleagues, the Risk Management Division supports the entirety of RBS Citizens Financial Group and RBS Americas including its bank and broker-dealer subsidiaries, RBS Citizens, N.A.; Citizens Bank of Pennsylvania, RBS Securities, Inc. and the Multinational Investment Banking Americas division of the Royal Bank of Scotland, plc. foreign branches in the U.S. We look forward to welcoming the incumbent and have them join our other risk colleagues alongside the Model Risk Management team working in the other Risk Management functions such as the Office of the CRO, the Office of the Chief Risk Operating Officer, Risk Architecture including Risk Infrastructure, Operational Risk, Credit Risk, Market Risk, Office of the Chief Compliance Officer, Credit Risk Policy et al.
Qualifications
- Must hold unrestricted right to work for an employer in the U.S. for an indefinite period of time
- Progress towards an undergraduate degree, with a minimum GPA of 3.0 out of 4.0
- Superior analytical, research and problem-solving skills
- Keen attention to detail
- Strong oral and written communications skills
- High level of proficiency with basic computer application skills
- Ability to multi-task and work effectively in a fast-paced team environment.
Hours and Work Schedule
Hours per Week: 40
Work Schedule: Monday-Friday 8:00AM-5:00PM
Other Information
About RBS America
RBS America is the sixth largest banking company by assets in the US and the sixth largest bank by deposits. It employs 24,800 staff through RBS Citizens Financial Group and Multination and Investment BankingAmericas, including RBS Securities, Inc. Last year (2011) RBS Americas accounted for 26% of RBS Group operating profit. Its businesses comprise of:
- RBS Citizens Financial Group, which is headquartered in Providence, Rhode Island, and employs 23,100 people.It has retail and business banking operations in 13 states stretching from New England to the Mid-West and covering 30% of the US population. It has the 8th largest retail branch network in the US and is the 2nd largest supermarket bank.It also includes card issuing based in Bridgeport, and RBS Citizens Asset Finance headquartered in Chicago.
- Markets International Banking, Americas (MIB America), comprises RBS Securities, Inc. and RBS Corporate and Institutional Banking based in New York. It employs 1,730 in its main offices in Stamford, New York, Chicago and Houston. It plays a leading role in the fixed income markets, and has risen in the U.S. Loan Markets from No. 27 in 2004 to No. 7 in 2006.MIB is a leading banking partner to major corporations and financial and government institutions around the world providing an extensive range of debt, risk and investment services. The MIB business brings to the American market the experience of a No. 1 ranking for Asset-Backed Securities and Project Finance globally, and No. 4 for loans, No. 5 for Foreign Exchange, No. 6 for all Debt and No. 8 for international bonds.
Equal Employment Opportunity
It is the policy of RBS Citizens, N.A. to provide equal employment and advancement opportunities to all colleagues and applicants for employment without regard to race, color, ethnicity, religion, gender, pregnancy/childbirth, age, national origin, sexual orientation, gender identity or expression, disability or perceived disability, genetic information, citizenship, veteran or military status, marital or domestic partner status, or any other factor protected by federal, state and/or local laws.
