Audit Manager, Model Risk

ACCA Careers; London; On-site; GBP 60,000 - 100,000; Full time

Job summary

An established industry player is seeking a talented Audit Manager for Model Risk to join their specialist team. This role offers the opportunity to develop your model risk expertise while supporting the Head of Audit in creating a comprehensive audit strategy. You will engage with various stakeholders, ensuring the integrity of model risk management practices and compliance with regulatory standards. The ideal candidate will have a strong quantitative background, excellent communication skills, and a passion for continuous improvement. Join a forward-thinking organization that values diversity and innovation in a supportive environment.

Benefits

Retirement Plan

Health Insurance

Life Insurance

Flexible Work Arrangements

Wellbeing Programs

Growth Opportunities

Qualifications

• 5+ years in banking or consulting with quantitative expertise.
• Experience in model development or validation in credit and market risk.

Responsibilities

• Lead model risk audits, ensuring compliance with GIA standards.
• Provide model risk expertise and support audit planning and execution.

Skills

Quantitative Model Risk management

Model Development

Model Validation

Communication Skills

Judgment and Discretion

Education

Quantitative Degree

Certifications (FRM/CFA)

Tools

Machine Learning

Data Visualization

Job description

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Job Summary

Group Internal Audit (GIA) provides an independent view to the Board and Executive Management by assessing management’s approach to managing risks and protecting the assets, reputation, and sustainability of the Bank.

We are seeking a talented model developer or validator to join our specialist team as an Audit Manager for Model Risk. While audit experience is not essential, a strong interest in developing this skill is required as you grow your model risk expertise. This role supports the Head of Audit for Model Risk in developing and executing an enterprise-wide audit strategy to provide assurance over model risk management.

The Bank employs models across various areas to support its activities, considering Model Risk a key risk. This risk is increasing with the proliferation of modeling techniques and regulatory requirements. Audit plays a crucial role in providing an independent third-line review of controls managing model risk.

Key Responsibilities

1. Participate as a subject matter expert in model risk related audits, performing testing, documenting opinions, and supporting audit issue drafting.
2. Assist audit Team Leaders with model risk audits, including creating Audit Planning Memos, Controls Documentation, and reviewing issues and action plans.
3. Ensure audit work is completed efficiently and effectively within budget and timelines, following GIA standards.
4. Identify risks and impacts during issue writing, agree on issues with management, and obtain quality action plans.
5. Support departmental exercises like annual planning, risk assessment, and training initiatives.
6. Provide model risk expertise to audit teams in relevant areas.
7. Participate in model committees to enable effective engagement and challenge.
8. Track and validate audit issues to ensure risks are mitigated by timely management actions.
9. Contribute as a team member on audits involving model risk across the Group.
10. Assist in delivering audit deliverables that meet quality standards and deadlines.
11. Provide technical knowledge and management skills to facilitate audit delivery.
12. Offer technical input and challenge on audit work within your responsibility scope.
13. Adhere to GIA methodology and promote understanding among team members.
14. Maintain strong knowledge of business and technical areas, ensuring high-standard audit work.
15. Understand regulatory landscape to ensure audit scope covers key concerns.
16. Monitor audit plan implementation, advise on issue resolution, and escalate unresolved issues.

Our Ideal Candidate

• Deep understanding of Quantitative Model Risk management, processes, and controls.
• Experience in modeling (development or validation) in areas like credit risk (IRB, IFRS9), market risk (IMA), or counterparty credit risk (IMM).
• Knowledge of model risk management practices, challenges, and controls.
• Strong communication skills, capable of articulating controls and risks clearly to stakeholders.
• Confidence to escalate ideas or concerns professionally and timely.
• Ability to exercise sound judgment, objectivity, and discretion, fostering relationships within a global team.
• At least 5 years of experience in banking or consulting, with a quantitative degree or certifications such as FRM/CFA.
• Minimum 3 years of experience in Model Development or Validation.
• Experience in key model areas and regulatory requirements (UK, EU, or Asian regulators).
• Audit experience or certification is advantageous.
• Coding and data visualization skills are desirable.

Technical Competencies

• Trade or Credit Risk models
• IFRS9
• Machine Learning
• Credit

About Standard Chartered

We are an international bank committed to making a positive impact. With over 170 years of history, we value diversity, challenge the status quo, and aim to grow and innovate continually. Join us if you seek purpose-driven work and want to contribute to a better future.

Our Values

• Doing the right thing with integrity and client focus.
• Continuous improvement and innovation.
• Inclusivity and teamwork for long-term success.

What We Offer

We provide competitive salaries and benefits supporting your wellbeing, including retirement, health, and life insurance, flexible work arrangements, wellbeing programs, and opportunities for growth and development.

To apply, please visit our website via the “Apply” button below.