Quantitative Analyst Consultant (Remote)

This is a remote role that may only be hired in the following location(s): Virginia/DC Metro

The Quantitative Analyst Consultant position is within First Citizens Bank's Model Risk Management (MRM) team, with a primary focus on conducting validations of the Bank's fraud models. Our Financial Crimes and Compliance model inventory encompass a diverse range of models, including both machine learning and rules-based systems. To provide an effective challenge, subject matter expertise is essential. A successful candidate must possess strong knowledge of AI/ML and have a thorough understanding of the workflow of a transaction or an application entry/submission to filing of a claim.

• Conduct independent model validations to ensure fraud models align with business objectives and design objectives. Verify that models are performing as expected. Identify potential limitations, which includes assessing potential impact.
• Write detailed model validation reports that present the results from executing a thoughtful and thorough model validation plan.
• Communicate the model validation findings to model owners, senior management, and regulatory agencies as required.
• Perform annual reviews and review the on-going monitoring reports to ensure that the models are performing as intended.
• Interact with all key stakeholders including model users, model owners, vendors, Model Risk Governance, and other Validators throughout the model lifecycle including validation, ongoing performance evaluation.
• Suggest enhancements to the existing fraud validation process including Validation templates, on-going monitoring of models, automation of repetitive tasks.

You may be asked to help guide junior team members on model validations.

Bachelor's Degree and 6 years of experience in financial, statistical, or quantitative analysis experience OR High School Diploma or GED and 10 years of experience in financial, statistical, or quantitative analysis experience

Preferred Qualifications:

Advanced degree (master's or Ph.D.) in a quantitative field (e.g., Data Science, Operations Research, Finance, Applied Statistics, or a related quantitative discipline).

Minimum 10+ years of experience in model development and implementation or model validation within the financial industry. Minimum 6+ years of fraud analytics experience with software (such as Python, SAS, R).

• Experience developing or validating fraud models (including card transaction models, wire transactions, check processing, account opening, customer verification, etc.)
• Well-versed with various performance metrics and the use cases for each, including Kolmogorov-Smirnov, Value Detection Rate, Incident Detection Rate, Area Under Curve, Population Stability Index, Character Stability Index, Precision, Recall, False Positive Ratio, etc.
• Experience maintaining or validating vendor developed models.
• Good writers of technical reports.
• Strong analytical skills and ability to find patterns in transactional data.
• Advanced programming skills in Python, SQL, SAS, or R.
• Experience using SQL to pull data from enterprise warehouse databases.
• Experience developing and/or validating AI/ML models and rule-based models.
• Exceptional understanding of the banking industry and business lines.
• Experience communicating validation standards and technical concepts to key stakeholders.
• Good understanding of federal guidance related to model risk management

The base pay for this position is generally between $135,000.00 and $205,000.00. Actual starting base pay will be determined based on skills, experience, location, and other non-discriminatory factors permitted by law. For some roles, total compensation may also include variable incentives, bonuses, benefits, and/or other awards as outlined in the offer of employment.

Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.