The Senior Director responsible for leading the Model Risk Oversight Unit (the “Unit”) within Data & Analytics leads a cross-functional team responsible for supporting Member Supervision in identifying risks posed by member firms’ use of models. The Senior Director provides subject matter expertise, and operational and technical guidance, to enhance FINRA’s ability to identify and mitigate risks to investors and the financial markets through the oversight of member firms’ model risk management a... more details
The Senior Director responsible for leading the Model Risk Oversight Unit (the “Unit”) within Data & Analytics leads a cross-functional team responsible for supporting Member Supervision in identifying risks posed by member firms’ use of models. The Senior Director provides subject matter expertise, and operational and technical guidance, to enhance FINRA’s ability to identify and mitigate risks to investors and the financial markets through the oversight of member firms’ model risk management and governance programs.
Essential Job Functions:
- Develops and implements strategic vision and objectives for Unit and establishes metrics to measure performance.
- Oversees and assesses the level of model risk present at member firms and across the industry, as well as directly supporting Member Supervision’s risk monitoring, investigatory and examination teams. Serves as single point of accountability for the Unit.
- Enhances FINRA’s existing model risk management oversight scope, guidance, and relevant risk reviews.
- Supports the ability of FINRA’s regulatory programs to understand and mitigate growing model risk exposures across the industry.
- Initiates and/or recommends initiatives related to Unit’s specialization that may include sweeps, thematic reviews, programs to facilitate staff inquiries, and staff educational/informational outreach.
- Provides guidance to FINRA staff and management on high-level issues.
- Ensures Unit’s operations effectively support Member Supervision and other RegOps and FINRA departments as necessary. Establishes Unit’s internal policies and procedures.
- Fosters a functional team-oriented culture that supports Unit’s mission. Responsible for the professional development and performance management of team members.
- Provides guidance to, and shares best practices with external parties, including member firms and financial regulatory authorities on high-level regulatory issues and observations.
- Reviews and approves related reports and letters (i.e. strategy, exit, exam, disposition, etc.).
- Represents FINRA at relevant industry events.
Education/Experience Requirements:
- Bachelor's Degree in Financial Modeling, Computer Science, Data Analytics, Risk Management, Accounting, Finance, Economics, Business Administration, or related discipline required.
- Master’s degree and past Financial Services industry experience with significant model risk management expertise highly desired.
- Minimum ten (10) years of relevant experience, or equivalent combination of training and/or work experience.
Knowledge Requirements:
- At a minimum, substantive knowledge of risks, rules, and regulations pertaining to model risk management and governance within financial services.
- Substantive knowledge of model risk regulatory guidance and experience with regulatory interactions on model risk management.
- Substantive knowledge of member firm’s operating models, business lines, customer bases, products, and services.
- Knowledge and experience in the application of model validation governance frameworks and testing of model control environments.
- Knowledge of risk management processes (e.g., methods for assessing and mitigating risk).
- Substantive knowledge of regulatory compliance issues.
Skills Requirements:
- Expert ability to understand model risk management policies and procedures, controls, and design of risk metrics.
- Expert ability in building trust and aligning high performing teams around common objectives.
- Encourages open dialogue and fosters healthy discussions when faced with conflict.
- Fosters culture of accountability at all levels.
- Demands clarity and closure.
- Facilitates team commitment to the Unit's goals and objectives.
For work that is performed in CA, Washington DC, CO, HI, New York, NY and WA, the chart below outlines the proposed salary range for the corresponding location. In addition to location, actual compensation is based on various factors, including but not limited to, the candidate’s skill set, level of experience, education, and internal peer compensation comparisons.
California: Minimum Salary $171,900, Maximum Salary $351,200
Washington DC: Minimum Salary $171,900, Maximum Salary $336,600
Colorado/Hawaii: Minimum Salary $149,600, Maximum Salary $292,600
New York, NY: Minimum Salary $179,600, Maximum Salary $351,200
Washington State: Minimum Salary $149,600, Maximum Salary $336,600
#LI-Hybrid
To be considered for this position, please submit an application. Applications are accepted on an ongoing basis.
The information provided above has been designed to indicate the general nature and level of work of the position. It is not a comprehensive inventory of all duties, responsibilities and qualifications required.
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Employees may be eligible for a discretionary bonus in addition to base pay. FINRA provides comprehensive health, dental and vision insurance. Additional insurance includes basic life, accidental death and dismemberment, supplemental life, spouse/domestic partner and dependent life, and spouse/domestic partner and dependent accidental death and dismemberment, short- and long-term disability, long-term care, business travel accident, disability and legal. FINRA offers immediate participation and vesting in a 401(k) plan with company match and eligibility for participation in an additional FINRA-funded retirement contribution, tuition reimbursement and many other benefits.
Time Off and Paid Leave*
FINRA encourages its employees to focus on their health and wellness in many ways, including through a generous time-off program of 15 days of paid time off, 5 personal days and 9 sick days (all pro-rated in the first year). Additionally, we are proud to support our communities by providing two volunteer service days (based on full-time schedule). Other paid leave includes military leave, jury duty leave, bereavement leave, voting and election official leave for federal, state or local primary and general elections, care of a family member leave (available after 90 days of employment); and childbirth and parental leave (available after 90 days of employment). Full-time employees receive nine paid holidays.
*Based on full-time schedule
Important Information
FINRA’s Code of Conduct imposes restrictions on employees’ investments and requires financial disclosures that are uniquely related to our role as a securities regulator. FINRA employees are required to disclose to FINRA all brokerage accounts that they maintain, and those in which they control trading or have a financial interest (including any trust account of which they are a trustee or beneficiary and all accounts of a spouse, domestic partner or minor child who lives with the employee) and to authorize their broker-dealers to provide FINRA with duplicate statements for all of those accounts. All of those accounts are subject to the Code’s investment and securities account restrictions, and new employees must comply with those investment restrictions—including disposing of any security issued by a company on FINRA’s Prohibited Company List or obtaining a written waiver from their Executive Vice President—by the date they begin employment with FINRA. Employees may only maintain securities accounts that must be disclosed to FINRA at one or more securities firms that provide an electronic feed (e-feed) of data to FINRA, and must move securities accounts from other securities firms to a firm that provides an e-feed within three months of beginning employment.
You can read more about these restrictions here.
As standard practice, employees must also execute FINRA’s Employee Confidentiality and Invention Assignment Agreement without qualification or modification and comply with the company’s policy on nepotism.
Search Firm Representatives
Please be advised that FINRA is not seeking assistance or accepting unsolicited resumes from search firms for this employment opportunity. Regardless of past practice, a valid written agreement and task order must be in place before any resumes are submitted to FINRA. All resumes submitted by search firms to any employee at FINRA without a valid written agreement and task order in place will be deemed the sole property of FINRA and no fee will be paid in the event that person is hired by FINRA.
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FINRA abides by the requirements of 41 CFR 60-741.5(a). This regulation prohibits discrimination against qualified individuals on the basis of disability, and requires affirmative action by covered prime contractors and subcontractors to employ and advance in employment qualified individuals with disabilities.
FINRA abides by the requirements of 41 CFR 60-300.5(a). This regulation prohibits discrimination against qualified protected veterans, and requires affirmative action by covered prime contractors and subcontractors to employ and advance in employment qualified protected veterans.
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