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Compliance Analyst-Model Risk Governance

Company

The Federal Home Loan Bank of Chicago
Address , Chicago, 60607
Employment type FULL_TIME
Salary
Expires 2023-10-17
Posted at 8 months ago
Job Description
Join the FHLBC team!

At the Federal Home Loan Bank of Chicago, employees come first - that’s why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

  • Retirement program (401k and Pension)
  • Medical, dental and vision insurance
  • Hybrid working model (effective February 22, 2022)
  • Generous PTO plan
  • 11 paid holidays per year
  • Casual dress code
Who we are:
FHLBank Chicago partners with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment in the Bank, and support for their community investment activities. We are one of 11 Federal Home Loan Banks created by Congress in 1932 as a government sponsored enterprise to support mortgage lending and community investment. We are member owned and member focused. Our members include banks, credit unions, insurance companies and CDFIs.
What it’s like to work here:
At FHLBank Chicago, we bring people together. Our regular All-Staff meetings keep employees informed and our values drive the work that we do. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our Employee Value Proposition is honed by listening and identifying the needs and priorities of our valued employees. Through CommuniTeam, we volunteer and identify ways to strengthen our communities. Our Office of Diversity, Equity and Inclusion (DEI) hosts signature and employee-led events for continued learning; and Employee Resource Groups (ERGs) and culture clubs create connections around shared interests and experiences. We offer live and on-demand professional development opportunities to grow your skillset and your career.
What you’ll do:
In this role you will provide the support of conformity and adherence with regulatory requirements and internal model risk policies. You will work closely with cross-functional teams to assess and monitor model risk and compliance activities. You will have a strong background in risk management, regulatory compliance, and data analysis. This role reports to the Model Risk Governance Manager.
How you’ll make an impact:
  • Assist in peer review to identify potential gaps or weaknesses in model risk governance;
  • Conduct periodic EUC tests to ensure ongoing compliance and to address any new risks or changes in the environment;
  • Assist in implementation of a comprehensive model risk governance framework, including model inventory, issue management, model attestation, vendor surveys, annual review;
What you can expect:
  • Coordinate with internal audit and compliance teams to support model risk-related audits and examinations, responding to inquiries and providing necessary documentation.
  • Assist Model Risk Governance Manager to develop and deliver training programs on model risk governance and compliance for relevant stakeholders, including model owners, risk managers, and senior management.
  • Work with Model Risk Governance Manager and other team members to perform model annual review and ensure models adhere to established governance standards and regulatory requirements.
  • Responsible for model validation issues management and follow up.
  • Assist in implementation a comprehensive model risk governance framework, including model standards, validation procedures, validation report templates, test scripts, checklists to ensure compliance with regulatory requirements and industry best practices.
  • Assist in periodical GRC model surveys (especially performance monitoring processes) and vendor surveys, GRC platform experience preferred (e.g. RiskConnect).
  • Assist in periodic assessments and reviews to identify potential gaps or weaknesses in model risk governance and compliance practices and recommend appropriate remediation actions.
  • Review model related end user computing (EUCs) periodically based on EUC validation plan.
  • Work with Model Risk Governance Manager and other team members to conduct peer reviews for model validation team to ensure validation report adhere to established model governance standards and regulatory requirements.
What you’ll bring:
  • Strong knowledge of regulatory guidelines and industry best practices related to model risk governance and compliance.
  • Ability to work independently and prioritize tasks effectively, managing multiple assignments simultaneously.
  • Good understanding of regulatory requirements and the ability to interpret and apply them in a practical manner.
  • Solid understanding of risk management concepts and financial regulatory environment.
  • Excellent communication and interpersonal skills, with the ability to collaborate with cross-functional teams.
  • Bachelor's degree in finance, economics, risk management, or a related field. Relevant professional certifications (e.g., FRM, CFA) are a plus.
  • 0-3 years’ work experience in risk management, regulatory compliance, or related fields, with a focus on model risk governance and compliance.
  • Familiarity with regulatory reporting and examination processes related to model risk governance and compliance is a plus.
  • Strong critical thinking skills and problem-solving skills.
The perks:
At FHLBank Chicago, employees come first. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401K and Pension. Our generous PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year. We offer work from home options and a casual dress code at our beautiful new space in the Old Post Office. Step into your future with us. #LI-Hybrid