Audit Manager, Model Risk

Standard Chartered; London; On-site; GBP 60,000 - 100,000; Full time

Job summary

An innovative international bank is seeking a skilled Audit Manager for Model Risk. This role involves participating in model risk audits, supporting the development of an enterprise-wide audit strategy, and ensuring effective model risk management. Ideal candidates will have a strong background in quantitative model risk, excellent communication skills, and a passion for driving positive change. Join a diverse and inclusive team that values integrity and innovation, and make a meaningful impact in the financial sector.

Qualifications

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

Responsibilities

• Conduct model risk audits and support audit team leaders.
• Identify risks and provide management action plans.

Skills

Quantitative Model Risk Management

Model Development

Model Validation

Effective Communication

Judgment and Discretion

Education

Quantitative Degree (Mathematics, Finance)

FRM / CFA Certification

Tools

Data Visualization Tools

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, but a strong interest in developing this skill along with expanding your model risk knowledge is required. This role supports the Model Risk Head of Audit (HOA) in developing and implementing an enterprise-wide audit strategy to ensure effective model risk management.

The Bank utilizes models across various areas to support its activities, considering Model Risk a critical risk that is growing due to increased use, evolving techniques, and regulatory requirements. Audit plays a key 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 audits by performing testing, concluding opinions in detailed workpapers, and supporting the drafting of audit issues.
2. Assist audit Team Leaders with model risk audits across the Group, including creating Audit Planning Memos, Controls Documentation, and reviewing issue texts and action plans.
3. Ensure audit work is executed efficiently and effectively within budget and timelines, adhering to GIA methodology standards.
4. Identify risks and impact of issues, discuss these with management, and obtain quality management action plans to mitigate risks.
5. Support the design and execution of department-wide exercises such as annual planning, risk assessments, and training.
6. Provide model risk expertise to support GIA audit teams in their relevant areas.
7. Participate in model committee meetings to enable effective engagement and challenge.
8. Track and validate audit issues to confirm risks are mitigated through timely management actions.
9. Contribute as a team member on audits involving model risk, supporting deliverables from planning to reporting.
10. Produce high-quality audit outputs meeting standards and deadlines.
11. Share technical knowledge and management skills to facilitate audit delivery.
12. Provide technical input and challenge within scope, working with teams to produce risk-focused outputs.
13. Adhere to GIA methodology and promote understanding among team members.
14. Maintain sound knowledge of business and technical areas, ensuring high standards in 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), meeting regulatory needs (e.g., PRA, MAS, HKMA).
• Knowledge of model risk management practices, challenges, and controls.
• Effective communication skills, capable of articulating controls and risks to stakeholders.
• Confidence and professionalism in raising ideas or concerns.
• Ability to exercise judgment, objectivity, and discretion, and to work within a global team.
• At least 5 years of experience in banking or consulting with a quantitative degree (mathematics, finance) or certifications like FRM / CFA.
• Minimum of 3 years in Model Development or Validation.
• Experience in key model areas, with additional desirability for experience in AI or financial crime modeling.
• Understanding of regulatory guidance on Model Risk management, including UK, European, or Asian regulators.
• Audit experience or certification is advantageous.
• Coding and data visualization skills are desirable.

Role Specific Technical Competencies

• Trade or Credit Risk models
• IFRS9
• Credit

About Standard Chartered

We are an international bank, agile and impactful. For over 170 years, we have aimed to make a positive difference for our clients, communities, and colleagues. We challenge the status quo, embrace challenges, and seek new growth opportunities. Join us if you want a purpose-driven career with a bank that values diversity and inclusion.

Our purpose is to drive commerce and prosperity through our diversity, supported by our brand promise to be here for good. We foster a culture of integrity, innovation, collaboration, and respect, enabling everyone to reach their potential.