Model Risk Audit Manager

2 weeks ago

Mumbai, Maharashtra, India HSBC Full time
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If you're looking for a career that will unlock new opportunities, join HSBC and experience the possibilities. Whether you want a career that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.

Role Purpose

The overall objective is to provide assurance to the HSBC Board, regulators and the Monitor that the Group Model Risk control framework is both designed and operating effectively.

Model Risk covers the model development, implementation and usage of Models and Covered Methodologies & Calculators.

Specifically, the Model Risk Audit role comprises three main elements:

a. Perform Continuous Monitoring of the business and external environment to identify emerging risk that may require a change of Model Risk audit focus.

b. Participate or sub-lead sections for the delivery of audits, some major and/or highly complex, which provide internal customers and stakeholders with critical assessments of the HSBC governance, risk and internal control frameworks. Based on work performed, draft audit findings which articulate key issues and risks, and identify root causes

c. Monitor and validate Model Risk Audit Issues to ensure that the root cause of control weakness have been remediated by the business. Provide specialist professional advice on audit findings and recommendations, thus ensuring that they are both fully understood and properly implemented by management.

The role holder should also promote an environment that supports diversity and reflects the HSBC brand.

Principal Accountabilities:
  • Help the Model Risk team and INA generally to become more effective and efficient
  • Comply with Audit Instruction Manual documentation standards for audits and verification of audit issues.
  • Add value in audits by finding control weaknesses.
  • Act as a trusted support to the business to help them determine options to develop Management Action Plans that will efficiently and effectively control their risks
  • Feed into continuous monitoring
  • Maintain training and expertise to meet regulatory expectations.
Major Challenges inherent in the role

The main challenges of the role include:
  • Operating, influencing and communicating effectively with stakeholders and other GBL INA colleagues
  • Build and manage stakeholder relationships throughout the audit process, i.e., regulators, monitor, Senior Management and Audi
  • Continuously staying abreast of internal and external changes in the environment and providing a timely assessment to audit management.
  • Understand the Group strategy and business/functions strategies, plan and operations objectives in order to focus Internal Audit's work on the highest risks.
  • Continuously enhancing both audit skills/capabilities and subject matter knowledge on a wide range of topics such to make a meaningful contribution on the business.
  • Maintain Audit Quality standards to meets the expectations of Executive Management, Risk and Audit Committees and regulators.
  • Developing more efficient and effective processes to conduct the audit.
Requirements
  • A master's degree or higher in a quantitative subject or evidence of a very solid understanding of advanced data analytics, artificial intelligence, general statistical modelling principles, techniques, applications, data issues, economic intuition behind models and the associated practical modelling risks. Desirable to have a familiarity with common analytical software packages such as Python, Visual Basic, SQL, SAS, R, and Matlab. It will be high advantageous if the candidate has Internal/External Audit Experience.
  • Experience and aptitude in several technical areas, such as credit risk modelling, Basel internal rating system development, Financial Crime Compliance models, Operational Risk modelling, Traded Risk modelling, financial mathematics, derivatives, analysis of market risk, econometric modelling, stress testing, scenario analysis, and actuarial modelling. Candidates with less experience but with strong quantitative background and excellent communication skills are also welcome to apply .
  • Ideally 2 years of work experience in financial services, with deep knowledge or one or more businesses and products in which models are developed or applied: e.g., front-office trading desks, bank risk functions, risk consulting and insurance actuary. Past working experience in a relevant role, i.e., Internal Audit is highly desirable. Recent graduates with quantitative degree such as Mathematics, Statistics, Physics and Engineering are also welcome to apply .
  • Ideally, a comprehensive understanding of risk management and proven experience of ensuring own/others' compliance with relevant regulatory processes. An understanding of major global regulatory frameworks and compliance requirements.
  • Excellent written and spoken communication skills, an ability to communicate with impact, ensuring information is articulated in a meaningful way to wide and varied audiences.
  • Planning and prioritizing projects and activities systematically in line with business priorities, using a variety of analysis and problem-solving techniques.
  • Strong analytical, problem-solving, organizational, lateral thinking and interpersonal skills.
Useful Link

Link to Careers Site: Click HERE

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Issued by The HSBC Professional Services India Private Limited

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