Vice President, Model Development I

Job Description

BNY Mellon

Bring your ideas. Make history.

BNY Mellon offers an exciting array of future-forward careers at the intersection of business, finance, and technology. We are one of the world's top asset management and banking firms that manages trillions of dollars in assets, custody and/or administration. Known as the “bank of banks” - 97% of the world’s top banks work with us as we lead and serve our customers into the new era of digital.

With over 240 years of rich history and industry firsts, BNY Mellon has been built upon our proven ability to evolve, lead, and drive new ideas at every turn. Today, we’re approximately 50,000 employees across 35 countries with a culture that empowers you to grow, take risks, experiment and be yourself. This is what is all about.

Role Description And Function

The quantitative model developer role sits in the Wholesale & Retail Modeling Group:

This position is responsible for developing, maintaining, implementing, and executing risk models for quantifying wholesale and retail credit risk inherent in the Corporation's business activities and processes. These models calculate key risk metrics that are reported to Senior Management and the Board of Directors on a regular basis, a critical part risk management decision making. The developer will be responsible to identify problems that can be solved by the application of financial theory and the building of models which improves the firm's operations. This will entail investigating and selecting frameworks best suited to solve a problem and deciding on the scope of the solution.

Responsibilities

Develop, enhance, and document wholesale and retail credit risk modeling methodologies. Develop, enhance, and document climate risk modeling methodologies for the Bank’s wholesale and retail portfolios. This role will assist in managing inbound questions, deliverables, and ad-hoc requests with an emphasis on accuracy and timeliness of meeting deliverables on prescribed timelines. Execute corporate-wide standards for model development by creating options for theoretical frameworks, collecting the required data, supporting assumptions, and reviewing outcomes Responsible for performance monitoring of models, identifying possible deterioration by comparing outcomes to established thresholds. Regular interactions (presentations, written communications etc) with business, technology, and other stakeholders in the bank such as Finance, Treasury, and Model Risk Management. Good inter-personal and negotiation skills are a key factor to accomplishing goals when interacting in a complex, multiple-priority environment. Strong programming skills in Python and R is desired.

Qualifications

Strong quantitative skills: Master’s degree in a quantitative discipline, including Financial Engineering / Operations Research/ Economics / Econometrics / Statistics / Mathematics, etc. is required; PhD is a plus The candidate must have experience with complex quantitative modelling, numerical analysis, and computational methods using programming languages (such as Python and R) and have experience with database. Internship experience in quantitative modeling positions for a leading financial institution / central bank, consulting firm or similar Experience in fixed income and equity pricing Extremely focused, detail oriented and highly productive with ability to synthesize large amounts of data and various viewpoints and summarize key concepts Excellent organizational and communication (verbal and written) skills A proven track record of executing against deliverables and meeting deadlines under pressure Works well individually and in teams, shares information, supports colleagues, and encourages participation

BNY Mellon is an Equal Employment Opportunity/Affirmative Action Employer. Minorities/Females/Individuals with Disabilities/Protected Veterans. Our ambition is to build the best global team – one that is representative and inclusive of the diverse talent, clients and communities we work with and serve – and to empower our team to do their best work. We support wellbeing and a balanced life, and offer a range of family-friendly, inclusive employment policies and employee forums.

BNY Mellon assesses market data to ensure a competitive compensation package for our employees. The base salary if hired will be determined on an individualized basis, including as to experience and market location, and is only part of the BNYM 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.

About Us

For over 230 years, the people of BNY Mellon have been at the forefront of finance, expanding the financial markets while supporting investors throughout the investment lifecycle. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments & safeguards nearly one-fifth of the world's financial assets. BNY Mellon remains one of the safest, most trusted and admired companies. Every day our employees make their mark by helping clients better manage and service their financial assets around the world. Whether providing financial services for institutions, corporations or individual investors, clients count on the people of BNY Mellon across time zones and in 35 countries and more than 100 markets. It's the collective ambition, innovative thinking and exceptionally focused client service paired with a commitment to doing what is right that continues to set us apart. Make your mark: bnymellon.com/careers.

Organization

Risk and Compliance provide risk and compliance services across all BNY Mellon businesses. Organizationally, Risk and Compliance includes the following groups: Risk Management, Compliance, Global Corporate Security, Information Risk Management and Global Business Continuity. Risk Management oversees and delivers risk services and ensures new business risks are reviewed and approved. Risk Management is organized through Chief Risk Offices for each core business and critical operation. Risk managers provide shared support to BNY Mellon for operational risk services for Global Corporate Trust, Depositary Receipts, Treasury Services and Global Operations in EMEA. Compliance helps ensure BNY Mellon's businesses maintain appropriate processes to comply with applicable laws, regulations, BNY Mellon policies and ethics. This is accomplished through business- and business partner-specific teams of professionals, under centralized global management.