Job Description

This is a direct hire role and hybrid downtown Chicago. Salary Range: 110k- 195k

Responsibilities

• Lead or execute quantitative reviews/audits/validations.
• Support financial risk management audits and validations as required.
• Perform audit activities including risk assessments, audit planning, audit testing, control evaluation, and complete work paper documentation in accordance with Internal Audit requirements (e.g. IIA GIA).
• Draft audit reports clearly communicate overall conclusions, key risks, findings and their root cause, and impact on overall risk exposure.
• Perform continuous monitoring of model risk identifying patterns and trends to understand their impact on overall risk level and controls.
• Effectively challenge risk management (first and second lines of defense) to adopt appropriate policies, procedures, and effective controls designed to mitigate financial risk.
• Support the development or enhancement of audit procedures and templates for auditing financial risk management.
• Proactively identify regulatory, operational, and/or strategic risks to the organization and present them to IA leadership.
• Ability to understand and apply professional principles and standards (e.g., AICPA, IIA GIA, COSO) and the relevancy to risk management and impact on policies and procedures. In addition, leveraging these principles and standards to test and evaluate corporate risk management processes and controls.
• Establish and maintain healthy relationships with key stakeholders across the 3 lines of defense and assist management in understanding, implementing and maintaining internal control principles.

Experience

• Experience using the principles, practices, and techniques involved in conducting audits in accordance with the requirements set forth in the Global International Audit Standards (IIA GIA).
• [Preferred] Consulting and/or accounting firm experience.
• [Preferred] Experience in Internal Audit, Model Risk Management, Financial Services/Securities Industry and working with regulatory organizations such as: Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority (FINRA), Federal Reserve.
• ​Experience in evaluating complex derivatives and performing advanced statistical analysis on underlying risk factors.
• Experience with reviewing credit/counterparty risk and stress testing models for derivative instruments (e.g., Historical VaR, Monte Carlo, TIMS and SPAN).
• Experience in data analysis and programming languages such as Python, C++, and Java.
• [Required] Minimum 5 years of experience in model risk management methodology.
• [Preferred] master’s degree in mathematics or Statistics, Financial Engineering, Economics, or other field possessing strong quantitative, analytical, and problem-solving skills. Alternatively, a Ph. D degree majored in quantitative field and over 1 year of work experience.
• [Preferred] Experience in executing model risk audits.
• [Preferred] Certification such as Professional Risk Managers’ International Association – Professional Risk Manager (PRMIA-PRM), Financial Risk Manager (FRM), Certificate in Quantitative Finance (CQF), Chartered Financial Analyst (CFA), Certified Financial Services Auditor (CFSA), Certified Internal Auditor (CIA), Certified Public Accountant (CPA), or equivalent.

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