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Model Risk Oversight Specialist

Apply now Job no: 057029
Work type: Permanent Full Time, Permanent Part Time
Location: England - Newcastle, England - Leeds, Scotland - Glasgow City Centre, UK
Categories: Model Risk Oversight - Group Risk

Business Unit: Group Risk, Model Risk Oversight
Salary:£38,882 - circa £52,000 depending on experience
Location: UK based, remote working available
Contract Type: Permanent

It’s an exciting time to be joining Risk as we’re growing, and transforming our team into one that is ready to meet the challenges of the future, setting us up to support our ambition to disrupt the status quo. What this means is ensuring we have the right skills, capability and capacity within Risk to manage the growth and digital ambitions expected of a Tier 1 bank and we’re on the lookout for like-minded individuals and innovators to help drive our strategy forward!

As part of the Model Risk Oversight team you’ll help to secure the foundations of our business decisions by providing quantitative and qualitative validation across our model suite.

Here's what you'll be doing:
• Supporting review of Model Risk Policy, Minimum Standards and Validation / Model Risk Management Frameworks, advocating compliance and best practice
• Leading production of reporting / MI to senior committees (e.g. Model Governance Committee) and Board on Model Risk Management, supporting any new enhancements
• Oversight of tools such as the Model Inventory and Actions Register, including any automated Model Risk Management solution
• Data owner of the Model Risk - Risk Appetite Settings (RAS) and supporting annual review
• Overseeing and supporting the secretariat function for Credit Model Technical Forum and support to Model Governance Committee
• Undertaking Group Self-Assessment activity (e.g. IRB, SS3/18, BCBS) and responding to regulatory questions, producing extracts and summaries on Model Risk Management
• Supporting ACS requirements and enhancements for Model Risk Management, including new standards and processes
• Supporting delivery of Model Risk ICAAP component
• Coaching less experienced colleagues in order to enhance capability to meet the Group model risk management objectives
• Enhancing the risk-based approach to the review and validation of models, balancing the risk, regulatory requirements, and industry best practice
• Supporting the continued development of a best practice modelling culture within the bank
• Supporting new initiatives on Model Risk aggregation and Model Risk quantification

To be successful you’ll need:
• To be highly analytical with of quantitative risk modelling, independent model validation, model risk management, audit, or any equivalent discipline.
• Excellent data presentation and report writing skills, ideally for a Model Risk Committee or equivalent
• Influencing skills - the ability to form arguments and to deliver them effectively in a straight up fashion
• Stakeholder management with the ability to build successful and collaborative relationships
• Proven ability to organise and communicate a retrievable, user-accessed, audited record
• A good understanding of the regulatory landscape and, in particular the PRA and EBA rulebooks, with an appetite to keep this knowledge up to date
• Experience in supporting large scale programmes or projects across an organisation

We would like you to have (but not essential):
• Excellent knowledge of Microsoft Office (in particular Excel, Word and PowerPoint)
• Knowledge of established and emerging industry practices to bring to the table
• Experience of working with and interpreting prudential regulation (e.g. CRR, SS11/13, SS3/18, BCBS)
• A good degree in a numerate discipline subject (e.g. maths, statistics, economics etc)

RED HOT Rewards
• 38.5 days annual leave for all colleagues (including bank holidays and pro rata if part-time)
• Five extra paid well-being days per year
• 20 weeks paid, gender neutral family leave (52 weeks in total) for expectant parents and those looking to adopt
• A digital-first colleague experience
• Ability to work anywhere in the UK

And the great news is, all these benefits are available to colleagues from day one!

Inclusion at Virgin Money
Inclusion is at the heart of everything we do here at Virgin Money. It’s good for you, it’s good for us and it’s amazing for our customers. We know that great minds don’t think alike, so we rely on your diverse thoughts, feelings, beliefs and backgrounds to be the best we can possibly be. Got any questions about this or need some support with your application? We’d love to hear from you so get in touch with our careers team at careers@virginmoney.com.

Point to note…
At the minute, depending on which team you are joining, lots of us are working from home. This is something that may change over time, and if so, we will come together in one of our hub locations, giving you the chance to meet your new colleagues in person. We will of course, make sure you have the IT equipment to access our systems and to interact digitally with your new team and colleagues, but we thought it best to let you know this in advance, so you can make sure you are set up to work safely and productively. If you have any questions on this let us know!

Now the legal bit…
If we offer you a job and you accept, there are some checks we need to complete before you can start with us. This will include a credit and criminal record check, as well as providing 3 years' worth of satisfactory references.

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Applications close: GMT Standard Time

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