SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

The anticipated salary range for this role is between $155,000.00 and $195,000.00. The specific salary offered to an applicant will be based on their individual qualifications, experiences, and an analysis of the current compensation paid in their geography and the market for similar roles at the time of hire. The role may also be eligible for an annual discretionary incentive award. In addition to cash compensation, SMBC offers a competitive portfolio of benefits to its employees.

Role Description

SMBC is seeking a Model Risk Manager with a strong internal controls and quantitative background to join the Model Risk Controls Testing Team within the Model Risk & Validation (MVG) Group. The Model Risk Controls Testing Team will be responsible for the development of internal control activities within Model Risk, and will also be driving the development of a testing program to verify the effectiveness of Model Risk owned controls. This position will be located in the Jersey City, New Jersey office and will be part of our remote workforce model utilizing a hybrid arrangement.

Role Responsibilities

• As part of the second line of defense function, the Model Risk Manager will support in the establishment of a Model Risk Controls Testing Program. This program will involve the development of a Model Risk Controls Library, and the development of a testing program to verify the effectiveness of Model Risk-owned Controls

• Identify the control activities performed by Model Validation and Governance team, and document the control activities in a formal control library

• Develop a testing approach and methodology over the identified controls

• Independently challenge the work performed by the Model Validation and Governance Team by developing and implementing a controls testing approach and methodology.

• Discuss testing results with Model Validation and Governance team, and agree on remediation actions

• Support the control testing activities as part of the RCSA program

• Develop reporting summarizing the status of Model Risk controls testing

• The Model Risk Manager will also be involved in supporting the remediation of audit issues and/or regulatory feedback related to model risk controls

• The Model Risk Manager will also be involved in other initiatives related to the enhancement of the Model Risk Control Framework

Qualifications and Skills

Recommended years of experience: 7

• Bachelor's degree in finance, accounting, business, or hard science field or related training.

• Excellent communication (verbal and written), organizational, and interpersonal skills.

• Banking experience in credit, capital markets, asset liability management, financial reporting, regulatory reporting, or operational risk areas. Specific experience within Model Risk Management or EUC Risk Management function is ideal

• Deep knowledge of internal controls design and controls effectiveness testing concepts

• Prior experience with control evaluation within model risk, operational risk, compliance risk, financial reporting, regulatory reporting, or internal audit is ideal

• Prior experience within a second line of defense function, ideally within Model Risk, EUC, financial reporting, or regulatory reporting quality assurance

• Familiarity with regulations such as SR 11-7 (Model Risk), Basel, CCAR, BCBS 239, and SOX is ideal

• Internal Audit background is good to have

• Excel proficiency, including experience with macros is good to have

• Familiarity with reporting platforms, especially PowerBI.

Additional Requirements

D&I Commitment

Responsible for fostering a culture of diversity and inclusion, holding leaders accountable for creating an inclusive environment through awareness and practice of equity in recruiting, developing, and promoting diverse talent.

SMBC’s employees participate in a hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process.

We are an equal employment opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, gender, national origin, disability status, protected veteran status or any other characteristic protected by law. SMBC provides reasonable accommodations for employees and applicants with disabilities consistent with applicable law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.