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PenFed Credit Union (Hybrid) Model Risk Manager in McLean, Virginia


Are you looking to take your career from good to great? As an employee of PenFed, every day is an opportunity to thrive, and be part of a team working to ensure our organization is providing world class service to our members, employees, and our communities. We exist to help our members realize their full potential, educate and encourage their dreams, and make every effort to follow our mission and help our members “do better.” Joining PenFed is more than being an employee; it’s about being a part of the PenFed family.

PenFed is hiring a (Hybrid) Model Risk Manager at our Tysons, Virginia location. The primary purpose of this job is to support PenFed’s Model Risk Management (MRM) program second line of defense team, with a focus on performing and coordinating model validation activities, reviewing ongoing monitoring results, and enhancing model risk management programs. This position will support PenFed’s strategic interest in ensuring safety and soundness of the Credit Union via focus on the integrity and efficacy of models employed across the enterprise, and the increasing maturity of model risk governance.


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.

  • Provide effective challenges on model development evidence including, but not limited to, model design, model assumptions, model limitations, model testing results through model validation and reviews

  • Review model implementation testing results and perform independent model implementation testing

  • Assess model performance monitoring results and identify potential model deficiencies

  • Facilitate model validation activities performed by external contractors

  • Evaluation of model validation finding remediation plan and remediation activities

  • Review and prepare high-quality model validation reports

  • Coordinate various business functions within PenFed to ensure the compliance with model risk management policy/procedures, regulator guidance, etc.

  • Contribute to and enhance Model Risk Management Policy and Model Risk Management Procedure annual update

  • Support audits and regulator’s exams


Equivalent combination of education and experience is considered.

  • Advanced degree in a quantitative subject, such as Economics, Finance, Statistics, Mathematics, or related quantitative subjects

  • Extensive experience in model risk management with the financial service industry

  • Strong knowledge of capital stress testing methodologies, regulatory reporting (e.g., CECL)

  • Good understanding of behavioral credit loss forecast models, credit underwriting models, and machine learning models

  • Proficiency in statistical modeling and model validation techniques, including model implementation validation & testing

  • Strong analytical and problem-solving skills, critical thinking

  • Demonstrated knowledge of model risk management and associated regulatory requirements (FRB SR11-7, SR 15-18, and SR 16-11)

  • Minimum of Six (6) years’ experience working with behavioral credit risk model developments and/or model validations

  • Minimum of Three (3) years’ experience with programming tools, including SAS, Python, or R

  • Prior knowledge or experience with Quantitative Risk Management (QRM) is desirable

  • Two (2) years’ experience in credit underwriting models is preferred

Additional Skills

To perform the job successfully, an individual should demonstrate the following behaviors to perform the essential functions of this job:

  • Strong written and verbal communication skills

  • Ability to communicate with strong logic, relating big picture and technical details

Supervisory Responsibility

This position will not directly supervise employees

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.


Ability to travel to various worksites and be on-call may be required.

About Us

Established in 1935, PenFed today is one of the country’s strongest and most stable financial institutions with over 2.8 million members and over $36 billion in assets. We serve members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico and Okinawa. We are federally insured by NCUA and we are an Equal Housing Lender. We are available to members worldwide, via the web, seven days a week, twenty-four hours a day. We provide our employees with a lucrative benefits package including robust medical, dental and vision plan options, plenty of paid time off, 401k with employer match, on-site fitness facilities at our larger locations, and more. Equal Employment OpportunityPenFed 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 402-639-8568 .