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Senior Auditor Credit Model Audit
4 weeks ago
Responsibilities:
- The senior auditor contributes to internal audit team's enterprise-wide coverage of model risk.
- Job will involve a varied degree of international exposure to various aspects of investment banking and may require travel.
- Participates in audit missions and other activities assigned by the regional Audit teams as required ensures compliance with IGAD rules and procedures
- Contributes to the enrichment of the audit methodology as well as technical expertise
- Ensures a good audit trail by performing the required updates within the mission tracking and piloting tools
- ensure that work has been carried out reliably and conclusively and that the working documentation makes it possible in particular to identify the root causes of the weaknesses identified
- Contributes to the drafting of key audit documents and contributes to debriefing meetings,
- Assists auditors in the production of deliverables,
- Follow up the recommendations assigned, ensuring timely closure and escalation of any blocking points.
- Participates in recruitment interviews.
Competence to be demonstrated:
- Lead/Drive the audits of varied complexity in accordance with methodology and timelines (when playing the role of Head of mission). - Drives the mission as a project to ensure end to end delivery (when playing the role of Head of mission)
- Being a contributor to the audit life cycle from planning to testing, reporting and closure of findings under the guidance of the Head of Mission/Senior Auditors, he assists audit management in execution of Audit plan. The audit work performed should comply with prescribed quality and timelines. Shared services missions may involve onshore travel.
- The Auditor should be able to provide sufficient interventions and work autonomously on missions, focusing on: - methodologies for calculating capital requirements for Basel models 2 through IRBA processes - the models for the granting of consumer credit used in retail banking.
- the valuation models of accounting provisions in accordance with IFRS 9 - the methodologies used for risk management, - models for the valuation of derivatives used in corporate and investment banking, - liquidity and IRBB models used in ALM, - Actuarial models used in insurance Interact with various lines of business and control functions to understand relevant aspects of model development, validation, governance, and use.
- Evaluate model documentation / validation reports and document results
- Conduct Internal control reviews on behalf of the corporation to identify financial risks, controls to mitigate the risks and assess the control environment of each significant business process.
- Assess the remediation of regulator and audit identified issues
- Responsible for working independently on complex model audit
- Assess inherent, control and residual risks with expertise in modeling practices, techniques, and validation processes as well as risk management strategies and data analytics.
- Maintains clear work papers and audit trail of the work done in the audit workflow tool, in accordance with the prescribed methodology.
- Makes appropriate recommendations to improve processes.
- Follow-up recommendations issued timely and escalate when needed.
- Develop stakeholder management skills as a part of Continuous audit monitoring.
- Ensure effective and efficient execution of audits in conformance with professional and departmental standards, budgets, and timelines.
- Research relevant banking, regulation, risk management, and operational topics.
Profile Required:
CA/MBA Finance with 10-12 years of experience
FRM, CFA, Master's or Ph.D. in a quantitative discipline such as mathematics, statistics, operations research, physics, or economics.
• Execute all audits in accordance with professional standards.
• Assists audit management in preparation & execution of the audit plan
• Prepares Audit work program and understands the specific risks to be evaluated.
• Performs evaluation of internal controls, testing of processes
• Perform tests on the effectiveness of the Internal control environment .
• Maintains clear work papers and audit trail of the work done in the appropriate tool
• Write formal & clear reports to communicate audit results to management
• Makes appropriate recommendations to improve processes
• Timely issuance of the audit reports
• Follow-up recommendations issued timely and escalate when needed
• Acquire knowledge on activities and risks during assignments and via trainings
Technical skills:
• Experience with regulatory capital models, pricing models, stress testing, and loss forecasting models including some of the following: stochastic calculus, finite difference methods, Monte Carlo simulation, etc.
• Good understanding of financial markets.
