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Steve Picarillo is a Managing Director at Ankura. With more than 20 years of experience in the financial services industry, Steve has expertise in global financial institutions, banking systems, risk strategy, management and governance, credit ratings, model risk management, among other risk and strategy-related topics. Steve is also an expert on sustainability and climate risk. Throughout his career, Steve has been advisor to executives and business leaders as well as government officials and banking regulators in the U.S., UK, and across Western Europe.
Steve joined Ankura in December 2018 from the a global consulting firm, where he provided risk, regulatory, and strategy solutions to global banking and financial services clients. Prior to that, Steve was a senior analyst at two international rating firms, S&P and DBRS, and led the coverage of financial services entities, including the large global banks located in the U.S., UK , and western Europe.
Steve’s recent professional experience includes:
- Designed and performed independent model validations for various credit, stress testing, capital, pricing, cash flow and loss reserve models. Custom designed validation templates to ensure industry leading practices and increase transparency.
- Developed economic scenarios, models and tools to apply stress to loan portfolios, as well as an institution’s liquidity and capital positions to simulate performance under adverse conditions.
- Assisted top-tier banks in various model related projects including model design, development, validation, and documentation. Developed model risk management frameworks in-line with regulatory standards (SR 11-7, OCC2011-12).
- Developed stress testing tools and scenarios to identify and quantify the impact of climate related risk on asset values, financial performance and overall risk profile of banks and other entities.
- Designed and led CECL readiness and transformation projects for financial institutions. Produced model and data gap analysis, transformation roadmaps, impact studies, impact mitigation strategy, and governance framework.
- Advised and supported financial institutions in the development of comprehensive risk management frameworks, risk appetite statements, liquidity stress testing, and capital planning.
- Designed comprehensive corrective action plans to effectively resolve model and control related issues that were highlighted by regulators as key concerns.
- Supported a global financial institution with the design and development of an operational risk management strategy and digital monitoring tool. Collaborated with business heads to identify, manage, and mitigate areas of risk that might arise from inadequate or failed internal processes, systems, and people, external events, and third-party outsourcing. Implemented operational risk toolkit to ensure ongoing and adequate monitoring, testing, and reporting of operational risk.