Audit Manager, Model Risk

Standard Chartered; London; On-site; GBP 60,000 - 90,000; Full time

Job summary

Join a forward-thinking international bank as an Audit Manager for Model Risk, where you will play a pivotal role in enhancing model risk management. This dynamic position involves auditing model risk processes, collaborating with teams to ensure compliance, and contributing to a culture of continuous improvement. With a commitment to integrity and innovation, the bank provides a supportive environment that values diversity and fosters professional growth. If you are passionate about making a meaningful impact in the financial sector, this opportunity is perfect for you.

Benefits

Retirement Benefits

Medical Insurance

Life Insurance

Flexible Working Arrangements

30+ Days Annual Leave

Wellbeing Support

Development Courses

Employee Assistance Programme

Qualifications

• 5+ years in banking or consulting with experience in model development or validation.
• Deep understanding of model risk management processes and regulatory needs.

Responsibilities

• Conduct model risk audits and document findings in detailed workpapers.
• Support audit team leaders and ensure quality management action plans are in place.

Skills

Quantitative Model Risk Management

Credit Risk (IRB, IFRS9)

Market Risk (IMA)

Strong Communication Skills

Judgment and Discretion

Coding Skills

Data Visualization Skills

Education

Quantitative Degree

Professional Certifications (FRM/CFA)

Job description

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Area of interest: Audit, Accounting & Finance

Group Internal Audit (GIA) provides an independent view to the Board and Executive Management. It assesses 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. Prior audit experience is not essential; however, a successful candidate should be eager to develop this skill and expand their model risk knowledge. This role supports the Model Risk Head of Audit (HOA) in developing and executing an enterprise-wide audit strategy to ensure effective model risk management.

The Bank employs models across various areas to support its activities, with Model Risk recognized as a key risk that is growing due to increased use, evolving techniques, and regulatory requirements. Audit plays a crucial role in providing an independent third-line review of control effectiveness in managing model risk.

Key Responsibilities

1. Participate as a subject matter expert in model risk related audits, perform testing, document opinions in detailed workpapers, and assist in drafting audit issues.
2. Support audit Team Leaders on assigned work involving model risk, 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, in accordance with GIA standards.
4. Identify risks and impacts of issues, collaborate with management on issue writing, and ensure quality management action plans are in place.
5. Assist in designing and implementing department-wide exercises such as annual planning, risk assessment, and training.
6. Provide model risk expertise to GIA audit teams during their audits.
7. Participate in model committee meetings to provide engagement and challenge.
8. Track and validate audit issues to ensure risks are mitigated through timely management actions.
9. Support delivery of audit outputs that meet quality standards and timelines.
10. Contribute technical knowledge and management skills to facilitate audit delivery.
11. Review and challenge audit work within scope, ensuring high-quality outputs.
12. Adhere to GIA methodology and promote awareness among team members.
13. Maintain sound knowledge of business/technical areas and audit processes, including GIA systems.
14. Understand regulatory landscape to ensure audit scope covers key concerns.
15. Monitor implementation of audit plans and escalate unresolved issues.

Our Ideal Candidate

1. Deep understanding of Quantitative Model Risk management, processes, and controls.
2. Experience (development or validation) in key areas such as credit risk (IRB, IFRS9), market risk (IMA), or counterparty credit risk (IMM), and familiarity with regulatory needs.
3. Knowledge of model risk management practices, challenges, and controls.
4. Strong communication skills, both written and verbal, capable of articulating controls and risks effectively.
5. Confidence and professionalism in raising ideas or concerns.
6. Ability to exercise judgment, objectivity, and discretion within a global team environment.
7. At least 5 years of experience in banking or consulting, with a quantitative degree or professional certifications (FRM / CFA).
8. Over 3 years of experience in Model Development or Validation.
9. Experience in key model areas such as credit risk, market risk, or counterparty credit risk; experience with AI or financial crime modeling is a plus.
10. Understanding of regulatory guidance on Model Risk, including UK, European, or Asian regulators.
11. Audit experience is desirable; professional certification in audit is advantageous.
12. Coding and data visualization skills are a plus.

Role Specific Technical Competencies

1. Trade or Credit Risk models
2. IFRS9
3. Credit

About Standard Chartered

We are an international bank, agile enough to act and influential enough to make an impact. For over 170 years, we have aimed to positively influence our clients, communities, and colleagues. We challenge the status quo, embrace challenges, and seek new growth opportunities. If you seek a purposeful career and wish to work for a bank that makes a difference, we want to hear from you. We value your unique talents and look forward to your contributions.

Our purpose is to drive commerce and prosperity through our diversity, aligned with our brand promise to be here for good, reflected in our valued behaviours:

• Do the right thing: Act with integrity, challenge constructively, and prioritize clients.
• Never settle: Strive for continuous improvement, innovation, simplicity, and learning from experiences.
• Better together: Foster inclusion, respect diversity, and collaborate for long-term success.

What We Offer

In line with our Fair Pay Charter, we provide competitive salary and benefits supporting your wellbeing:

• Retirement, medical, and life insurance benefits, with flexible options.
• Time-off including annual leave, parental/maternity leave, sabbatical, volunteering leave, and public holidays, totaling at least 30 days annually.
• Flexible working arrangements around home and office locations.
• Wellbeing support via Unmind, development courses, Employee Assistance Programme, and self-help resources.
• Opportunities for reskilling and upskilling through a culture of continuous learning.
• Inclusive organization that values diversity and respects individual potential.