As a Quantitative Modeler you will conceptualize, develop and execute statistical, mathematical and econometric models for business decision making, risk assessment and strategic initiatives. Quantitative modeling team at the Umpqua bank provides quantitative solutions to business units across the bank. As an important member of the team, you will learn different models and modeling techniques that are used at the bank including but not limited to: financial planning models, fraud detection models, customer analytics, credit risk management, anti-money laundering and asset liability management. This position will also assist in addressing model validation requirements including remediation of validation findings.
This position will report to the Quantitative Modeling Manager. Ideal candidate will forge a strong partnership with business units across the bank and work with them to understand their business requirements and suggest analytical solutions as well as assist in remediating model findings as per MRM guidelines.
- Formulate, assess and implement statistical/mathematical models for credit risk management of retail and commercial loan portfolios. Utilize data mining and statistical techniques to develop analytic insights, sound hypotheses, and informed recommendations.
- Conduct ad hoc quantitative analyses, modeling, or programming using DataBricks, SQL, R, or Python.
- Develop propensity models using statistical methodologies and machine learning techniques for marketing campaigns.
- Partner with business units to identify their business needs and develop, implement, and manage modeling solutions in accordance with SR 11-7. Assist business units in assessing quality of model inputs/outputs through back testing against realized outcomes, bench marking against alternative models and other relevant tests. Recommend short- term and long-term model monitoring solutions based on the nature and tier of the model.
- Research and Develop quantitative tools and techniques to measure and analyze model risks and establish conclusions on strengths and limitations of the model. Assess conceptual foundations of a model, model specification, underlying assumptions, limitations, variable selection, underlying data, developmental evidence, documentation.
- Advocate quantitative practices across the bank. Propose and execute model performance monitoring tests for new and existing models in the inventory.
- Assist manager in production of regular and ad-hoc reports on individual and Bank-level model findings for Senior Management and regulators.
- Coordinate with model validation team on any changes to the Bank’s model inventory or End user Applications.
- Demonstrates compliance with all bank regulations for assigned job function and applies to designated job responsibilities – knowledge may be gained through coursework and on-the-job training. Keeps up to date on regulation changes.
- Follows all Bank policies and procedures, compliance regulations, and completes all required annual or job-specific training.
- Maintain a working knowledge of Bank's written policies and procedures regarding Bank Secrecy Act, Regulation CC, Regulation E, Bank Security and other regulations as applicable to this job description.
- May be asked to coach, mentor, or train others and teach coursework as subject matter expert.
- Actively learns, demonstrates, and fosters the Umpqua corporate culture in all actions and words.
- Takes personal initiative and is a positive example for others to emulate.
- Embraces our vision to become "The World's Greatest Bank."
- Master’s degree in economics, mathematics, statistics, financial engineering, quantitative finance, or actuarial sciences. Doctoral degree preferred; or equivalent experience.
- 2-4 years of work experience working as a model developer, model validator or as a quant working at a bank or financial firm.
- Knowledge of stress testing and regulatory requirements related to model risk management (FRB/OCC SR 11-7), Basel II/III capital requirements, CECL and CCAR.
- Experience with industry best practice modeling techniques and demonstrable skills in prototyping, benchmarking and empirical analysis. Experience with credit risk models, commercial/consumer banking models preferred.
- Candidate must have working knowledge of R/Python/SAS or other advanced statistical/econometric analysis software. Must be able to learn R/Python/SAS as needed in the role. Ability to forge strong partnerships with business units across the bank.
Physical Requirements and Working Conditions
We do things a little differently here at Umpqua. Our retail stores serve as community hubs, our associates are given up to 40 hours of volunteer time each year, and we're never satisfied with the status quo. Greatness has no finish line, so we continue every day to keep people at the center of everything we do. We focus on building relationships, understanding our customers' needs and connecting to people in new and innovative ways - always staying true to our mission of providing personalized banking for all people, whenever and however they prefer to bank.
Umpqua Bank is committed to employing a diverse workforce. Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, protected veteran status, or disability. We maintain a drug-free workplace and may perform pre-employment substance abuse testing.