Senior Model Risk Management Jobs in Brick, NJ (NOW HIRING)

At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values. We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business.Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more!

The primary responsibility of this position is to support the assessment and oversight of Model Risk and Information Technology Risk to enhance the Bank's risk management program. This includes analysis of processes to identify key risks and controls at a business unit level as well as aggregate model and IT risk data to ensure compliance with the Bank's Risk Appetite. This position is also responsible for collaborating with all three lines of defense to increase consistency across the Bank and to identify opportunities to mitigate model risk and IT risk. It includes working in concert with the Director of Operational Risk Management and management team to support the Model Risk Management and IT Risk Management Programs, evaluate and monitor Bank-wide models to ensure compliance with internal and regulatory standards, and execute technology related Risk Control Self-Assessments (RCSAs) within the enterprise-wide Governance, Risk and Compliance (GRC).

• 1. Conduct Risk Control Self-Assessments (RCSAs) in concert with business area management by identifying and documenting technology related processes, risks, and controls to assess inherent and residual risks.
• 2. Monitor and test model, technology, and operational controls to verify effectiveness of design and execution.
• 3. Remain current and support training for the line of business on the GRC tool that supports conducting model validations, risk assessments, aggregating the risks, and tracking the mitigation of identified deficiencies.
• 4. Maintain the centralized inventory of models in the GRC tool and perform quantitative and qualitative analysis to identify and mitigate model-related risks. Work across the ORM team to identify any new models as part of the RCSA process.
• 5. Conduct semi-annual model inventory reviews and work with Model Owners to ensure completeness and accuracy of the model inventory across the Bank.
• 6. Review model validation reports to evaluate model conceptual soundness, data quality and performance.
• 7. Perform backtesting of models to validate model accuracy by comparing its forecasts against actual historical outcomes.
• 8. Track and categorize operational risk incidents and losses with a focus on model and technology related risks. Conduct deep dives on significant incidents to assure root causes have been identified and mitigation applied at bank-wide level where appropriate. Provide guidance and prepare reports to track remediation activities.
• 9. Track and monitor model and technology related issues as they arise and collaborate with the owners to ensure issues are remediated timely.
• 10. Perform review of the Model Risk Management Policy and propose updates to align with industry practices and regulatory expectations.
• 11. Develop and track quantitative measures to improve monitoring of existing operational risk to stated tolerance and to identify emerging operational risk trends.
• 12. Update monthly and quarterly operational risk, model risk, and technology risk reporting for Business Units, Management, and the Board.

• Working knowledge of model risk best practices and frameworks including model evaluation, model validation and back-testing, model documentation and reporting.
• Knowledge of technology risk best practices and frameworks.
• Understanding of Artificial Intelligence (AI) and Machine Learning (ML) capabilities.
• Knowledge of data governance and data management principles and practices a plus.
• Knowledge of operational risk best practices including conducting risk control self-assessments, incident management, issues management, and scenario analysis.
• Demonstrated ability to critically evaluate risk, consider relevant business factors, and make well-supported recommendations.
• Proven ability to interact effectively across the Bank with stakeholders at all levels with the added skill to challenge the status quo thereby becoming a change agent.
• Strong analytical thinking, attention to detail, and problem-solving skills.
• Proficiency in Microsoft Office and experience using Visio to create process flows.
• Knowledge of GRC solutions and usage is a plus.
• Excellent verbal and written communication skills.
• Demonstrated ability to work independently with limited direct supervision.
• Understanding of federal and state banking laws, model risk management regulatory guidance, and technology related regulations and guidance.

• Bachelors degree in Statistics, Mathematics, Finance, Economics, Engineering, Computer Science, Information Security, or a related equivalent field is required.
• Minimum 5 years of experience in banking or financial services with direct experience in operational and model risk management. IT risk management or data analysis preferred.

• Internal contact with all levels of bank personnel and senior management
• External contact with Auditors and Regulators

Office environment. Ability to operate a computer. Ability to communicate in order to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.