Sr. Manager, QRM Development
Job Overview
PenFed is hiring a (Remote) Sr. Manager, QRM Development. Reporting to the VP, Financial Risk Modeling & Integration within the Financial Analysis & Forecasting group, the incumbent will provide leadership for a team responsible for the management, oversight, and delivery of the credit union’s QRM (Quantitative Risk Management) applications. This includes the processes and assumptions necessary for modeling effective asset/liability management, income forecasting, capital planning & stress testing, funds transfer pricing, and liquidity risk management. The incumbent will rely on advanced experience, judgment, and problem-solving ability to accomplish goals and guide complex modeling and implementation efforts.
Responsibilities
Reasonable accommodations may be made to enable individuals with disabilities to perform the essential functions. This is not intended to be an all-inclusive list of job duties and the position will perform other duties as assigned.
- Leads the efficient execution, coordination, and continued development of interest rate risk modeling, income forecasting, FTP, liquidity risk, and capital planning & stress testing within the credit union’s QRM infrastructure.
- Coordinates and provides oversight for the implementation of behavioral and credit loss forecasting models into the QRM framework to support credit loss, prepayment/attrition, and pricing activities in support of capital sensitivity analysis and income forecasting.
- Oversees testing and implementation of new QRM functionality that will add value for the Balance Sheet Management and Financial Planning teams. Works closely with forecasters, modelers, and business units to continue improving QRM modeling approaches and assumptions to provide an integrated framework for risk management.
- Maintains and strengthens technical relationships with other units and departments involved in the modeling effort for PPNR, credit risk forecasting, and ALLL models, including data requirements, model quality, and timely delivery of models to be implemented within the QRM framework.
- Maintains extensive knowledge of modeling requirements for existing and emerging PenFed financial products and provides senior-level coordination for necessary data requirements with the Finance data team.
Directs the preparation and maintenance of high-quality process and model change documentation that satisfies internal model risk policies, audit requirements, and corporate governance.
Qualifications
Equivalent combination of education and experience is considered.
- Advanced degree in a quantitative subject, such as Economics or Finance; CFA certification, or a combination of education and experience that provides the necessary skills and knowledge to satisfactorily perform the job.
- Minimum of eight (8) years’ experience working with advanced econometric, statistical, and/or forecasting tools using ALM, FTP, CCAR, liquidity and other financial risk management models, including extensive understanding of retail lending, required.
- Minimum 3 years of supervisory experience, required.
- Minimum five (5) years QRM Balance Sheet Management system experience; strong familiarity with QRM forecasting capabilities and the integration of externally developed models into the QRM framework is preferred.
- Extensive understanding of cashflow modeling across retail lending and funding programs such as auto, mortgage, credit cards, and student loans, as well as demand and time deposits
- Generalized, working understanding of SQL or similar data query competencies.
- Python coding a plus as well as relevant experience using AI tools such as Copilot preferred.
Supervisory Responsibility
This position will supervise employees.
Licenses and Certifications
CFA Certification
Work Environment
While performing the duties of this job, the employee is regularly exposed to an indoor office setting with moderate noise.
*Most roles require working in an office setting with moderate noise and the ability to lift 25 pounds.*
Travel
Ability to travel to various worksites and be on-call may be required.
Pay Transparency
The anticipated starting salary range for this role is $97,400.00 - $195,010.00
This position is eligible for an organizational performance based annual bonus, subject to board discretion and approval.
This position is eligible for an individual performance based annual bonus.
Benefits
At PenFed, we offer a robust benefits package designed to support you both personally and professionally. You’ll have access to comprehensive health, dental, and vision plans; paid time off; and family-friendly benefits like paid parental leave, care support, and fitness center access. Financial wellness is encouraged through features like a 401(k) match, employee loan discounts, and fully paid life and disability coverage. We also support growth via education assistance, community involvement, and volunteer opportunities.
Our Purpose
Helping members achieve their dreams since 1935.
Pentagon Federal Credit Union (PenFed) is one of America's largest federal credit unions, serving 2.8 million members worldwide with $29 billion in assets. PenFed offers market-leading certificates, checking and savings, credit cards, personal loans, mortgages, auto loans, and a wide range of other financial services, always with members' interests in mind. PenFed is federally insured by the NCUA and is an Equal Housing Lender.
Berkshire Hathaway HomeServices PenFed Realty, LLC is a full-service real estate company ready to assist our clients with buying, selling and renting a home. The company is a wholly owned subsidiary of PenFed Credit Union and is the largest independently-owned brokerage in the Berkshire Hathaway HomeServices network, placing us in the top 1% of all real estate brokerages in the country.
With almost 60 offices and nearly 2,000 world-class sales professionals, we offer complete service coverage in Virginia, Maryland, the District of Columbia, Delaware, Pennsylvania, West Virginia, Florida, Tennessee, Kansas and Texas. In addition, we also offer specialized client services which include management of vacation properties and long-term rentals, corporate relocation services and national referral network.
Equal Employment Opportunity
PenFed management will maintain and observe personnel policies which will not discriminate or permit harassment or retaliation against a person because of race, color, creed, age, sex, gender, gender identity, gender expression, religion, national origin, ancestry, marital status, military or veteran status or obligation, the presence of a physical and/or mental disability or medical condition, genetic information, sexual orientation, and all statuses protected by applicable state or local law in all recruiting, hiring, training, compensation, overtime, position classifications, work assignments, facilities, promotions, transfers, employee treatment, and in all other terms and conditions of employment. PenFed will also prohibit retaliation against individuals for raising a complaint of discrimination or harassment or participating in an investigation of same.
PenFed will also reasonably accommodate qualified individuals with a disability so that they can apply for a job or perform the essential functions of a job unless doing so causes a direct threat to these individuals or others in the workplace and the threat cannot be eliminated by reasonable accommodation or if the accommodation creates an undue hardship to PenFed. Contact human resources (HR) with any questions or requests for accommodation at Careers@PenFed.org.
