Address
Form of workThe Internal Audit Department (IAD) of The Charles Schwab Corporation provides independent and objective assessments to figure out whether all significant risks are identified and appropriately reported by management and risk functions to the Board and Executive Management, to evaluate whether risks are adequately controlled, and to challenge Executive Management to improve the efficiency of governance processes, risk management, and internal controls.
The Corporate Internal Audit team is seeking a Manager, Internal Audit, Risk Analytics/Modeling. The Corporate team is responsible for execution of audits over the firm's corporate and risk management functions including model risk. We are hiring a quantitative manager to perform testing as part of audit reviews of model development, governance and validation controls. This individual will contribute to the Corporate Internal Audit team. The candidate will need strong quantitative acuity and developing understanding of how financial models are used in business contexts. The role includes performing testing as part of audit reviews of various model types including: Capital Stress Testing (CST), Fraud, Anti-Money Laundering (AML), Machine Learning, Credit risk, Interest Rate risk, Margin risk, Investment risk, and Business Intelligence/Marketing.
What you'll do:
- Audit Execution:
- Direct and supervise the design and execution of Internal Audits on models, ensuring work is performed in accordance with IAD methodology.
- Participation on an audit team may include internal or co-sourced Internal Audit professionals.
- Lead meetings with partners.
- Ensure coordination with integrated and data analytic audit teams.
- Prepare and/or review work papers to ensure clear identification of risks and issues, validating appropriateness of fieldwork testing, and sign-off on audit deliverables.
- Handle and advance changes in audit timelines, budget, resourcing, and achievements.
- Assess the quality of management's Risk & Control Self-Assessments.
- Work with capital, interest rate, liquidity and model related audit areas.
- Perform audit reviews of model development and validation following guidelines based on SR 11-7 Guidance on Model Risk Management, to include an assessment of model usage, documentation, conceptual soundness, data integrity, the control environment, and the software environment
- Communicate work through formal audit reports and issues as well as through presentations to model owners, Model Risk Oversight (MRO) along with senior management
- Work effectively as a team member with other quantitative analysts in Audit and at the company
- Evaluate model performance monitoring reports, and conducting reviews of model annual reviews
- Develop partnership with IAD business team, MRO, and model stakeholders, and summarizing findings to senior leadership and non-technical partners
- Assist with the Model Centers of Excellence (COE) and subject matter experts including developing and supporting Model/Technical trainings to broader IAD (Senior Manager, Internal Audit)
- Provide onboarding and ongoing support to new model team members
- Performs initial reviews of model workpapers from a quantitative perspective to ensure effective challenge within model testing papers.
- Issues Identification: Review draft issue observations, vet issues with key partners, identify compensating controls, and evaluate the appropriateness of the management action plan prior to finalizing the audit report.
- Issue Management and Validation: Monitor and review issue validation testing to ensure comprehensive testing and adherence to SLAs.
- Business and Project Monitoring: Participate in the department's business and project monitoring program execution to identify emerging risks.
- Risk Assessment: Participate in the annual Risk Assessment process, including the scoring and documentation of risk ratings. Review audit universe updates after the completion of each audit.
- Coaching: Provide support, mentoring, and feedback to the audit team throughout the audit. Provide assistance with onboarding and ongoing support to new team members.
- Regulatory: Conduct validation testing on the action plans completed by management to address MRAs. As needed, provide responses to IAD management related to regulatory questions during exams.
- Administration/Training: Completion of firm-wide and departmental administration and training requirements.
- Other Initiatives/Special Projects: As needed, assist with special projects related to business operational improvement or department strategic initiatives.
- Advanced degree in a quantitative field (economics, statistics, finance, mathematics, physics)
- 2-3 years of work experience in quantitative modelling
- Advanced skill with one or more analytical tools, such as SAS, R, Python, or MATLAB
- Strong oral and written communication skills
- Clear understanding of methodology and regulatory expectations in the execution of audit work, issue validation, MRA validation, and the response to regulatory inquiries.
- Solid understanding of financial predictive modeling fields, such as consumer behavioral modeling, time series forecasting, dynamic equilibrium models, optimization theory, panel data analysis, and decision science
- Experience with Non-Maturity Deposit Models, market risk analysis, and interest rate risk analysis
- Experience working as a quant in the financial industry
- Detailed knowledge of model governance processes and regulatory requirements for large US banks
- CFA and or FRM certification
