Director, Model Audit

Employer
Freddie Mac
Location
McLean, VA
Posted
Sep 14, 2017
Closes
Sep 30, 2017
Ref
7659BR
Hours
Full Time
Position Overview
The Model Audit and Data Analytics (MDA) team in Internal Audit is seeking a Director of Model Audit. The position is responsible for supporting the Internal Audit Division to determine whether the organization’s model risk management, control, and governance processes, as designed and implemented by management, are adequate and functioning effectively.
The MDA team is seeking a Director who has a diverse skillset to lead projects that are either model-oriented, data-oriented, or both. Model audits are chosen by risks (high or emerging) and require in-depth knowledge of the methodology and limitations. Moreover, a corporate emphasis on efficiency has put a premium on finding new ways to analyze the data and assess models in less time. Alternative perspectives and innovative approaches, including data science, are encouraged. The Director overseeing model projects has considerable freedom to pursue audit leads and to choose appropriate audit procedures. Work is evaluated upon completion for adequacy in satisfying objectives. The Director represents the organization as the principal customer contact to oversee and support the work performed, and interacts with senior customer personnel on significant technical matters frequently across organizational lines. Typically has 12+ years related experience and 4+ years management experience, with a Master’s or PhD in in economics, statistics, data science, finance, computer science or related quantitative disciplines.
Responsibilities:
* Evaluates risk associated with the company’s models including models of default, prepayment, loan scoring, valuation, derivatives, interest rates, stress testing and counterparties.
* Plans and executes a risk-based approach to evaluate the design and operating effectiveness of the company’s first and second line model risk management, controls, model governance and data governance programs.
* Evaluates the quality of management’s model development testing, implementation, validation and on-going monitoring of model performance.
* Evaluates the design and operating effectiveness of model policies, standards, and model development procedures.
* Manages a team of quants, economists, data analysts and external consultants to execute audit programs and to document work papers and reports consistent with industry practices.
* Leads audits and model risk assessment projects.
* Helps design the team’s annual audit plan.
* Challenges data quality assessments and suggests more efficient alternatives.
* Represents the Model Audit and Data Analytics team in audit entrance meetings, status meetings, potential findings discussions, and exit meetings with senior management or executive levels, other internal audit teams, and auditees.
* Possesses knowledge of applied computer programming, preferably R, Python, SAS, MATLAB.
* Visualizes data to communicate complex patterns to executives and business users.
* Leads from an in-depth knowledge of mortgage analytics.
* Provides thought leadership on key initiatives including execution of the model risk management framework and data quality improvement programs.
* Conducts training and development of Managers, Supervisors, Seniors and new hires.
* Coordinates with third parties and delivers trainings on key topics for the team, including statistics, models and data.

Basic Requirements
* Master’s degree, PhD or foreign equivalent in statistics, data science, economics, finance, computer science or related quantitative disciplines.
* 12+ years related experience and 4+ years management experience
* Demonstrated proficiency in managing analysis teams with tight deadlines and controlled budgets.
* Strong written and oral presentation skills.

Preferred Skills
* Big 4 experience with internal or external audit experience
* Experience designing or evaluating model governance frameworks
* Ongoing learning of data science techniques and applications to audit work
* Experience converting or evaluating the conversion of model prototypes to production software applications (e.g., financial engineering or model software development and implementation)
* Familiarity with rules-based and statistical approaches to forensic analysis.
* Possession or willingness to pursue certifications in Internal Audit (CIA, CPA, CISA).

Closing Statement
Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you’ll do important work for the housing finance system and make a difference in the lives of others. Freddie Mac is an equal opportunity and top diversity employer. EOE, M/F/D/V.