Model Risk Manager

How would you like to join one of the most highly regarded financial institutions in New Jersey with deep roots in the community? Provident is a successful and highly regarded multi-billion-dollar bank that continues to grow with branches in New Jersey, Eastern Pennsylvania and New York. Our longevity is a testament to our commitment to placing our employees, customers and the communities we serve at the center of all we do.

At Provident Bank, we are committed to enhancing our customer and employee experience.

Reporting to the Chief Risk Officer, the Model Risk Manager serves as the Bank's independent second-line authority for Model Risk Management (MRM). This position provides effective challenge and oversight of the Bank's use of models, quantitative methods, analytical tools, and other model-driven decision-support systems. The Model Risk Manager maintains and continuously enhances the Bank's Model Risk Management Framework to align with regulatory expectations and industry practices.

The position oversees the full model lifecycle, including model identification, inventory management, risk tiering, validation, implementation oversight, performance monitoring, change management, and retirement. The role performs and oversees independent model validations, manages third-party validation providers, challenges model owners and business lines, and reports model risk exposures and emerging concerns to management and governance committees.

The Model Risk Manager also supports oversight of data dependencies affecting model outputs and helps the Bank assess risks associated with artificial intelligence, machine learning, advanced analytics, and evolving decision-support technologies.

• Maintain and continuously enhance the Bank's MRM Framework, including model governance policies, standards, procedures, methodologies, and reporting.
• Serve as the independent second-line subject matter expert on model risk management across the Company.
• Provide effective challenge regarding model design, assumptions, limitations, implementation, data quality, performance, and use.
• Maintain the enterprise model inventory and model risk classification methodology, ensuring complete and accurate identification and risk tiering of models.
• Oversee governance of quantitative models used for credit risk, CECL, capital planning, liquidity risk management, asset liability management, stress testing, fraud monitoring, marketing analytics, pricing, forecasting, and other business purposes.

• Perform independent validations and periodic model reviews using regulatory guidance and industry-accepted validation methodologies.
• Manage third-party validation providers, including engagement oversight, quality review, challenge of conclusions, and issue remediation.
• Evaluate conceptual soundness, methodology, data integrity, implementation accuracy, process controls, assumptions, limitations, outcomes analysis, benchmarking, sensitivity testing, stress testing, and back-testing.
• Assess model findings, limitations, and compensating controls, and ensure appropriate remediation plans are developed and monitored through completion.
• Present validation results and recommendations to management committees, senior management, Audit, and regulators.

• Oversee governance throughout the full model lifecycle, including development, acquisition, implementation, use, monitoring, change management, redevelopment, decommissioning, and retirement.
• Review proposed model changes and determine validation requirements and risk implications.
• Monitor model performance and usage trends to identify deterioration, emerging risk, control weaknesses, or changing business conditions affecting model reliability.

• Oversee governance and risk assessment activities for vendor-developed models, externally sourced methodologies, and significant analytical tools used in business decision-making.
• Evaluate model documentation, vendor assumptions, implementation controls, performance-monitoring practices, and independent-review requirements.
• Ensure suitable oversight for critical tools that may not meet the regulatory definition of a model but require enhanced governance because of their significance to decision-making.

• Serve as Chairperson of the Model Risk Management Committee.
• Develop and present periodic…