Vice President, Model Development I

BNY Mellon
United States, New York, New York
Nov 20, 2024
Vice President, Model Development I At BNY, our culture empowers you to grow and succeed. As a leading global financial services company at the center of the world's financial system we touch nearly 20% of the world's investible assets. Every day around the globe, our 50,000+ employees bring the power of their perspective to the table to create solutions with our clients that benefit businesses, communities and people everywhere. We continue to be a leader in the industry, awarded as a top home for innovators and for creating an inclusive workplace. Through our unique ideas and talents, together we help make money work for the world. This is what #LifeAtBNY is all about. We're seeking a future team member for the role of Vice President, Model Development to join our Model Development team. This role is located in New York, NY in a Hybrid work environment. About the team: The VP, Model Development I will contribute to highly visible enterprise-wide modelling programs, dedicated to a specific area of the business. The role will be to execute corporate-wide standards for model development. Our models help our Senior Management and the Board of Directors to make important decisions on a regular basis. We need this person to be responsible for identifying problems that can be solved by the application of financial theory and the building of models which improves the firm's operations. Successful people in this job regularly investigate and select frameworks best suited to solve a problem and deciding on the scope of the solution. The Role offers wide range of development opportunities given the incumbent team maintains models from Credit and Market Risk Modelling. In this role, you'll make an impact in the following ways: Performance monitoring of models, identifying possible deteriorating by comparing outcomes to established thresholds, developing benchmarking models and tools Cooperation with validation team. This entails determining the frameworks that will be used, the source data that should be collected, assumptions that must be made, and the outcomes that need to be reviewed. Ensure accuracy of reports and calculations performed, ensures proper model documentation is being put in place. Support the businesses using the models and their results, develop risk analytics to explain and attribute changes in valuations and risk measures resulting from the models Communicate efficiently witing the modelling team, as well as with the risk officers, business, technology. This role is responsible for the technical direction, accuracy and soundness of quantitative methods in the assigned area. Decisions and assumptions recommended by this person have significant impact on the financial and risk position of our Bank To be successful in this role, we're seeking the following: Master's Degree/PhD in a quantitative discipline, including financial engineering, mathematics, physics, statistics, economics, Operations Research, or similar. The candidate must have a quantitative and analytical background with a solid theoretical foundation coupled with strong programming, documentation and communications skills. 0-2 years of relevant experience in financial services is preferred Knowledge and familiarity with various risk concepts, with Credit risk business knowledge would be considered as a plus Good programming skills in one of the programming languages: Python/R/C++ Experience with complex quantitative modelling, numerical analysis, and computational methods would be considered as a plus Focused, detail oriented, results oriented and highly productive. Being able to efficiently and effectively conduct independent research, analyse problems, formulate and implement solutions, and produce quality results on time. Strong scientific and technical documentation and presentation skills, and being able to explain abstract theoretical concepts to a non-expert audience in easy-to-understand language. At BNY, our culture speaks for itself. Here's a few of our awards: America's Most Innovative Companies, Fortune, 2024 World's Most Admired Companies, Fortune 2024 Human Rights Campaign Foundation, Corporate Equality Index, 100% score, 2023-2024 Best Places to Work for Disability Inclusion, Disability: IN - 100% score, 2023-2024 "Most Just Companies", Just Capital and CNBC, 2024 Dow Jones Sustainability Indices, Top performing company for Sustainability, 2024 Bloomberg's Gender Equality Index (GEI), 2023 Our Benefits and Rewards: BNY offers highly competitive compensation, benefits, and wellbeing programs rooted in a strong culture of excellence and our pay-for-performance philosophy. We provide access to flexible global resources and tools for your life's journey. Focus on your health, foster your personal resilience, and reach your financial goals as a valued member of our team, along with generous paid leaves, including paid volunteer time, that can support you and your family through moments that matter. BNY assesses market data to ensure a competitive compensation package for our employees. The base salary for this position is expected to be between $66,000 and $115,000 per year at the commencement of employment. However, base salary if hired will be determined on an individualized basis, including as to experience and market location, and is only part of the BNY total compensation package, which, depending on the position, may also include commission earnings, discretionary bonuses, short and long-term incentive packages, and Company-sponsored benefit programs. This position is at-will and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation) at any time, including for reasons related to individual performance, change in geographic location, Company or individual department/team performance, and market factors.