Model Risk Manager - Oversight

TN United Kingdom; London; On-site; GBP 60,000 - 90,000; Full time

Job summary

A leading financial institution in London is seeking a Model Risk Manager - Oversight to provide independent assurance and advisory support in model risk management. The role involves collaborating with stakeholders to enhance the bank's model risk frameworks, ensuring effective risk management practices are maintained. Candidates should possess strong analytical and communication skills, with a background in model risk management.

Qualifications

• Experience in a model risk management role is essential.
• Strong initiative and ownership of workload.
• Ability to deliver high-quality work to deadlines.

Responsibilities

• Provide oversight of risk management standards across models.
• Identify control gaps and weaknesses in model design.
• Deliver detailed reports on model risk exposures.

Skills

Analytical thinking

Effective communication

Problem-solving

Leadership

Relationship management

Education

Risk-related qualification (e.g., IRM)

Tools

MS Office

Job description

The provided job description contains valuable information but can be improved for clarity, structure, and formatting to enhance readability and engagement. Minor adjustments include organizing the content with clear headings, maintaining consistent formatting, and removing redundant or irrelevant phrases. Below is a refined version:

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You will provide independent assurance and advisory support to the management of model risk. As part of the second line of defence, the Model Risk Manager - Oversight will be responsible for delivering assurance over the design and effectiveness of the bank's models, identifying weaknesses, and working closely with stakeholders to agree and track appropriate actions. The role will collaborate with first-line model risk owners, users, and developers to promote a balanced risk-reward approach that ensures the bank's long-term stability and success.

Responsibilities:

1. Provide oversight of risk management standards and outcomes across the bank's models.
2. Promote a positive culture driving the highest standards in model risk management.
3. Assess current and future risks, including those from regulatory and macroeconomic changes.
4. Identify control gaps, weaknesses, or failures related to model design, development, and usage.
5. Manage the execution of model risk oversight reports to monitor key risk indicators and mitigations.
6. Deputise for the Senior Manager as required.
7. Maintain a good understanding of the bank's model risk exposures to support risk management standards and behaviors.
8. Support the development of model risk oversight frameworks and methodologies.
9. Complete model risk assessments to inform assurance activities.
10. Prepare scope memos and objectives with key stakeholders.
11. Deliver fieldwork against assurance scope, including an integrated assessment of risks and controls.
12. Provide detailed reports with findings on model risk exposures and weaknesses.
13. Present and agree on findings with stakeholders prior to final report circulation.
14. Follow up on action statuses and test their implementation as necessary.
15. Maintain effective working relationships with colleagues.
16. Ensure all communications are clear, concise, and informative.
17. Offer sound advice with clear rationale, impacts, and benefits.
18. Maintain a 'no-surprises' approach to credit risk findings or concerns.

Experience Required:

• Ability to deliver high-quality, accurate work to deadlines and support others.
• Effective communication skills to gain management support through reasoned arguments.
• Analytical thinking to interpret MI/BI for sound decision-making.
• Problem-solving mindset with drive and appropriate urgency.
• Excellent written and verbal communication skills, with influencing and negotiation abilities.
• Proficiency in MS Office (Word, Excel, PowerPoint).
• Ability to plan, organize, and prioritize work effectively in a fast-paced environment.
• Strong initiative and ownership of workload.
• Positive attitude with leadership and motivational skills.
• Enthusiasm and passion for interacting with colleagues.
• Focus and drive to meet stretched goals and deadlines.
• Knowledge of risk management frameworks.
• Relationship management and influencing skills, balancing assertiveness with relationship-building.
• Experience in a model risk management role.
• Experience in control monitoring or quality assurance.
• Risk-related qualification (e.g., IRM) is desirable but not essential.
• Ability to partner with stakeholders, using information and judgment to create recommendations and support decisions.