Director Model Risk Governance Jobs in Chicago, IL

The Model Risk Management leader oversees the Model Risk Management team responsible for review and validation of models across the enterprise. As a leader of multiple teams, this role directs the review of financial and non-financial models and associated risks that may impact the company, including financial, liquidity, market, operational, reputational, strategic, and other risks as appropriate. This job approves and oversees the implementation of strategic and operation plans related to the function's overall goals and objectives.
Key Responsibilities and Duties

• Leads the enterprise Model Risk Management (MRM) program, setting the vision, frameworks, and operating standards for the independent oversight and governance of model risk across all business lines and risk types - including investment management, retirement solutions, financial risk, and the growing portfolio of artificial intelligence and machine learning applications across the organization.
• Manages a global team of direct reports, indirect reports, dotted line reports, and contingent workers, and liaises with international counterparts in TIAA India.
• Responsible for ensuring delivery of the model validation department's objectives and engagement, as well as motivation and development of the team.
• Owns and chairs the Model Risk Working Group.
• Participates in key governance bodies covering such topics as privacy, AI, data, and bias impact working group.
• Presents regularly to key risk management committees including ALCO and Business Area Risk Management Committees.
• Develops and maintains the enterprise framework for evaluating and validating AI and machine learning models, platforms, and use cases - including large language models, generative AI, and other non-traditional model types - establishing appropriate risk tiering, validation standards, and governance requirements that reflect the unique risk dimensions of AI such as model explainability, algorithmic bias, and concept drift.
• Serves as a key contributor and thought leader within TIAA's enterprise AI governance structure, applying deep model risk expertise to the responsible deployment of AI across the organization and ensuring that rigor, accountability, and business value are embedded in the company's AI strategy.
• Proactively monitors emerging AI model risk trends and industry leading practices, continuously evolving the MRM program's frameworks, methodologies, and team capabilities to stay ahead of a rapidly changing risk landscape.
• Keeps current on regulations affecting model risk and AI and ensures that the MRM Program is properly aligned to them, representing MRM to regulators as needed.

Educational Requirements

• University (Degree) Preferred

Work Experience

• 10+ Years Required

Physical Requirements

• Physical Requirements: Sedentary Work

Career Level
11PL

The Model Risk Management leader is responsible for:

• Approving complex mathematical analysis utilizing various statistical methods or techniques including machine learning, logistic regression and various other statistical techniques.
• Validation of both custom-built models and third-party proprietary models.
• Analyzing findings from statistical analyses performed to advise senior and executive level management in written and verbal form.
• Reviewing and communicating statistical analysis and findings to audit and regulatory examiners.
• Ensuring that models are fit for the intended purpose in the business context and that model users are aware of the models' strengths and limitations impacting their decisions.
• Reading, understanding, and interpreting regulatory rules and guidance related to the models under development and/or being reviewed/validated.

Anticipated Posting End Date:

Actual base salary may vary based upon, but not limited to, relevant experience, time in role, base salary of internal peers, prior performance, business sector, and geographic location. In addition to base salary, the competitive compensation package may include, depending on the role, participation in an incentive program linked to performance (for example, annual discretionary incentive programs, non-annual sales incentive plans, or other non-annual incentive plans).

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Company Overview

Every worker deserves a secure retirement. For more than 100 years, TIAA has delivered it for millions of people. Founded to help educators retire with dignity, today were a market-leading retirement company fueled by world-class asset management. But were not just another legacy financial services firm. Were fighting harder than ever before for our clients and the many Americans who need us.

Our Culture of Impact

At TIAA, we're on a mission to build on our 100+ year legacy of delivering for our clients while evolving to meet tomorrow's challenges. We equip our associates with future-focused skills and AI tools that enable us to advance our mission. Together, we are fighting to ensure a more secure financial future for all and for generations to come. We are guided by our values: Champion Our People, Be Client Obsessed, Lead with Integrity, Own It, and Win As One. They influence every decision we make and how we work together to serve our clients every day. We thrive in a collaborative in-office environment where teams work across organizational boundaries with shared purpose, accelerating innovation and delivering meaningful results. Our workplace brings together TIAA and Nuveen's entrepreneurial spirit, where we work hard and work together to create lasting impact. Here, every associate can grow through meaningful learning experiences and development pathways-because when our people succeed, our impact on clients' lives grows stronger.

Benefits and Total Rewards

The organization is committed to making financial well-being possible for its clients, and is equally committed to the well-being of our associates. That's why we offer a comprehensive Total Rewards package designed to make a positive difference in the lives of our associates and their loved ones. Our benefits include a superior retirement program and highly competitive health, wellness and work life offerings that can help you achieve and maintain your best possible physical, emotional and financial well-being. To learn more about your benefits, please review our Benefits Summary.

Equal Opportunity

We are an Equal Opportunity Employer. TIAA does not discriminate against any candidate or employee on the basis of age, race, color, national origin, sex, religion, veteran status, disability, sexual orientation, gender identity, or any other legally protected status.

Our full EEO & Non-Discrimination statement is on our careers home page, and you can read more about your rights and view government notices here.

Accessibility Support

TIAA offers support for those who need assistance with our online application process to provide an equal employment opportunity to all job seekers, including individuals with disabilities.

If you are a U.S. applicant and desire a reasonable accommodation to complete a job application please use one of the below options to contact our accessibility support team:

Phone: (800) 842-2755

Email: accessibility.support@tiaa.org

Drug and Smoking Policy

TIAA maintains a drug-free and smoke/free workplace.

Privacy Notices

For Applicants of TIAA, Nuveen and Affiliates residing in US (other than California), click here.

For Applicants of TIAA, Nuveen and Affiliates residing in California, please click here.

ForApplicants of TIAA Global Capabilities, click here.

For Applicants of Nuveen residing in Europe and APAC, please click here.