Steve Picarillo
Managing Director

Risk, Regulatory, Modeling, & Strategy; Global Financial Institutions & Banking

Steve Picarillo is a Managing Director at Ankura, based in New York. Steve has more than 20 years of experience in the financial services industry with expertise in global financial institutions, banking systems, structured finance, strategy, regulations, ratings, and digital transformations as well as model risk management, among other risk-related topics. He has worked extensively with and advised executives and business leaders in all sectors of the industry as well as government officials and regulators in the US, UK, and across Western Europe.

  • Experience

    Steve joined Ankura in December 2018 from the Boston Consulting Group (BCG), where he helped develop and expand a practice designed to deliver bespoke risk, regulatory, and strategy solutions to financial services clients. Prior to BCG, Steve guided the expansion of the risk-rating businesses at two international rating firms and led the coverage of financial services entities, many large global banks among them.

    Steve’s professional experience includes:

    • 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.
    • Engaged to design and perform independent model validations for various credit, capital, and cash flow models. Custom designed validation templates to ensure industry leading practices and increase transparency.
    • 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).
    • 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.

  • Insights & innovation