Job Description
This position is a part of BSA/AML Department, a team that is integral to TowneBank’s efforts in the fight against money laundering and terrorist financing. The BSA/AML Department assists the Bank’s businesses to design effective processes through the development of consistent and cohesive policies and programs to ensure compliance with all applicable anti-money laundering and Office of Foreign Asset Control (OFAC) regulations. The BSA Model Analyst works within the BSA/AML Department to provide support to the BSA Model Manager in the maintenance of BSA and OFAC models.
The BSA Model Analyst is responsible for assisting with BSA Model Manager with reviewing vendor documentation, maintaining and updating model documentation, updating periodic model performance plans, conducting model analysis, and interacting with BSA Management and the Bank’s Model Risk Management team. A successful candidate excels in data analytics, enjoys rooting through transactional data validation, and can report on results through excellent verbal and written communication.
Essential Responsibilities - Assist in the maintenance of formal procedures and model documentation, including drafting updates to include vendor changes and Management changes to model and sub-model criteria
- Assist with the model performance monitoring, including drafting updates to the model performance plans for review by the BSA Model Manager (Tier 1, Tier 2 and Tier 3 models)
- Maintain updated BSA model catalog documentation for all BSA model inventory
- Develop and maintain technical expertise associated with model functionality as assigned by the BSA Systems Manager, including assisting with updates, release or substantial upgrades to BSA systems and models
- Evaluate the criteria of the models to assess the effectiveness of the system; periodically review and test the criteria and thresholds established to ensure model effectiveness, including periodic reconciliation of BSA and OFAC model data
- Identify and evaluate “non-models”, tool standards and procedures in place according to MRM expectations
- Ability to understand the regulatory requirements behind the use of the models for BSA and OFAC
- Assist with audits and examiners with providing updated model documentation
- Assist Management with remediation on supervisory and audit findings
- Assist BSA Management with testing and documentation for “in development” BSA & OFAC models
- Other duties as assigned by BSA Management
- Adheres to applicable federal laws, rules, and regulations including those related to Anti-Money Laundering (AML) and the Bank Secrecy Act (BSA).
Minimum Required Skills & Competencies - 2-3 years of experience as a model or data analyst or similar position, preferably at a financial institution
- Advanced technical skills (Word, Excel, and general database)
- Exceptional problem-solving, organization, communication, documentation, and analytical skills with the ability to express ideas and results in detailed reports
- Experience with data validation and import reconciliation
- Ability to interact well with others and possess a team player attitude while also able to work with little supervision to conduct in-depth analysis
- Ability to work with application vendors, the Bank’s IT and Model Risk Management departments, and auditors and examiners
- Detail-oriented with excellent planning and time management skills
Desired Skills & Competencies - Bachelor’s degree in data analytics, mathematics, business analysis, finance or related field
- Experience with BSA/AML specific systems or models
- Knowledge of federal requirements under the Bank Secrecy Act requirements including Customer Identification Program/USA Patriot Act and OFAC (Office of Foreign Assets Control)
- Experience in a financial institution with asset size $10B and over
Physical Requirements - Express or exchange ideas by means of the spoken word via email and verbally.
- Exert up to 10 pounds of force occasionally, use your arms and legs, and sit most of the time.
- Have close visual acuity to perform activities such as analyzing data, viewing a computer terminal, reading, and preparing documentation.
- Not substantially exposed to adverse environmental conditions.
- The physical demands described here are representative of those that must be met by an employee to successfully perform the essential responsibilities of this job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential responsibilities.
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