Model Risk Manager

Model Risk Manager

Job Location s: US-IN-Evansville, US-MN-Lake Elmo, US-MN-St Louis Park, US-IL-Chicago

Category/Function:
Risk/Security

Position Type:
Regular Full-Time

Requisition :

Workplace Type:
On Site

Old National Bank has been serving clients and communities since 1834. With over $70 billion in total assets, we are a regional powerhouse deeply rooted in the communities we serve. As a trusted partner, we thrive on helping our clients achieve their goals and dreams, and we are committed to social responsibility and investing in our communities through volunteering and charitable giving.

We continually seek highly motivated and talented individuals as our people are critical to our success. In return, we offer competitive compensation with our salary and incentive program, in addition to medical, dental, and vision insurance. 401K, continuing education opportunities and an employee assistance program are also included in our benefit suite. Old National also offers a variety of Impact Network Groups led by team members who are passionate about driving engagement, creating awareness of diverse backgrounds and experiences, and building inclusion across the organization.

We offer a unique opportunity to join a growing, community and client‑focused company that is firmly rooted in its core values.

The Model Risk Manager will assist with enterprise‑wide oversight responsibility for all aspects of model risk including model governance, model validation and model performance monitoring. This position leads the validation and approval of qualifying models used across different areas of the enterprise and is responsible for model usage tracking and controls along with model performance monitoring and model issues management. The Model Risk Manager will assist in implementing and maintaining high quality standardized model validation documentation, and keep up to date with regulations, regulatory exam requirements and regulatory guidance.

Interact with external regulators and internal auditors to demonstrate the operational soundness and effectiveness of the model validation process. The role will work closely Executives and Senior Management with all lines of business for independent validation projects, other ongoing monitoring/effective challenge processes and provide recommendations for continuous model enhancements across the enterprise.

Salary Range:
The annual salary range for this position is $127,900 - $258,600. The base salary indicated for this position reflects the compensation range applicable to all levels of the role across the United States. Actual salary offers within this range may vary based on a number of factors, including the specific responsibilities of the position, the candidate's relevant skills and professional experience, educational qualifications, and geographic location.

• Lead the independent Validation of all corporate risk models, including credit risk (PD, LGD), forecasting, compliance and operational risk models, and other model types (including certain AI/ML implementations). This also includes performance quality of model validations and oversight of any independent internal or external model validations.
• Effective challenge of the model conceptual soundness, assumptions, and appropriateness of model methodology.
• Model development data completeness and accuracy verification.
• Replication of the model estimates.
• Model testing including back‑testing, sensitivity analysis, stress testing, and benchmarking.
• Review of the model implementation, verification of user acceptance testing.
• Preparation of comprehensive independent validation documentation.
• Coordination of independent validation projects and processes among multiple stakeholders. Participation in peer review processes for model development and validation.
• Participation in periodic model monitoring and maintenance review.
• Ongoing improvement of business acumen including knowledge of regulatory guidance, relevant research, risk technology, and financial services industry.
• Development of strong business relationships with key business partners.
• Develop, maintain and follow independent…