335 Discover Financial Services Jobs available on Indeed.com. Skip to Job Postings, Search Close. Find Jobs Find Resumes. Discover Operations Leadership Program Jobs. Discover Financial Services. The Discover Leadership Program. Manage model risk across model lifecycle. Can you centrally manage the risk involved in building, deploying and using models while improving efficiency across the model life cycle? That was the goal of Discover Financial Services – a central repository that could help the institution keep tabs on models while facilitating autonomy and special needs of individual business units. It was a critical need. Like most financial institutions, Discover depends on statistical and financial models for daily and strategic decision making. Virtually everything from determining marketing offers to gauging investment risks is tied to developing and executing complex models built with different tools. 11 Company:('discover Financial Services') jobs in Houston, TX. The Content Marketing Program Manager will be responsible for writing. Discover offers a variety of. Discover Financial Services improves efficiency. Manage model risk by managing model. Ensures the institution’s model risk management program is audit. 2015 EXCELLENCE AWARD FOR BEST TRAINING AND DEVELOPMENT PROGRAM. Our Leadership and Internship programs are. Discover Financial Services is an. Discover also offers marketing support. Leadership Development Programs. To discover which Development Program is best suited to your studies. Technical Marketing Leadership Development Program. It’s also critical from a regulatory standpoint. Federal regulators are increasing scrutiny on model risk management programs within financial institutions like Discover. The expectations cover risk management across all the elements of model life cycle, such as model development, implementation, use, validation, ongoing monitoring and retirement. For Chief Model Risk Officer Abhinav Anand, managing the data around the entire model life cycle was increasingly labor- intensive and time- consuming. Processes for generating, maintaining and analyzing the data related to models were not sustainable in the current form. Though he and his department initially considered hiring more staff, they decided to take a different approach and adopted SAS. Additionally, preparation time for Federal Reserve Comprehensive Capital Analysis and Reviews (CCAR) dramatically dropped, and outdated models have been discovered and retired,” he elaborates. Knowing the exact usage of models is critical so that model risks can be identified, measured, monitored, mitigated and reported effectively.”Getting a handle on model risk management. Modeling has proliferated in the financial services world along with an explosion in data. Where developing models was once a labor- intensive process that involved a small number of employees in one or two business units, model development is now common throughout financial services organizations. All Products & Services. Discover received the highest numerical score among credit card issuers in the. About Discover; Financial Education; Investor. As models deployed in marketing, underwriting, planning or operations can affect the overall risk profile of the firm, understanding what models are used where and how is more critical than ever. Model validation is essential for accurately projecting a bank’s balance sheet under stressed conditions, as well as ensuring the right customer decisions are made. Just as important is the ability to distinguish a model from a nonmodel. But the bigger problem was the proliferation of models. There was an ad hoc workflow for model risk management. Information gathering around the models was done via chains of emails and shared spreadsheets on network drives. Before using SAS it took four to five weeks to collect and prepare the data, documents and reports. With the new solution, it took less than a week, and model interdependency and linkage were readily available. But the real value is in providing systematic help that comes from centralizing model information management. Discover has six major units and a few dozen smaller groups heavily involved in model development, deployment and usage. With this approach model risk management can be centralized, but not the actual development, testing and implementation of the models, which are left to the business units. The risk management group can see what is happening across units and provide recommendations on issues such as when a model should be retired. Individual business units can make informed decisions about the value of borrowing an existing model (instead of building their own) because they can “peek under the hood” at what the model is and what it can or cannot do. In just three months of using the solution, Discover was able to: Register nearly 5. Catalog and index more than 1. Create more than 1. Establish clear ownership of models and their usage by tracking documents related to approvals, legal reviews and change requests. While many Discover units use SAS to build models, another key value of SAS Model Risk Management is that it can catalog and manage models built in any tool. Discover uses the platform not only to manage risk, but also to manage model usage and centralize model performance monitoring. Discover will be adopting the visualization elements of the solution so higher- level executives can view and interact with a dashboard providing information on the aggregated model risk, and drill down to the exact source of risk to monitor and mitigate it. Additionally, model information is more accessible to potential users, encouraging appropriate model reuse. The new SAS system will help us reduce model risk and increase business value,” Anand says.
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