Business Unit:  Independent Model Validation
Salary range: circa £55,000 per annum DOE + red-hot benefits
Location:  UK Remote (the IMV team aim to get together twice a year at various VM Hubs)
Contract type: Permanent

Live for the weekday. Live a life more Virgin.

Our Team

The Independent Model Validation (IMV) team is responsible for providing ongoing, independent, and effective challenge to model development and use to ensure models are, and remain, suitable for their intended purpose. IMV has also been tasked with providing risk assurance on model risk controls, namely the processes and procedures to help manage, control or mitigate model risk across all stages of a model’s lifecycle.

What you’ll be doing

• Executing and coordinating a, dynamic, high quality and value-adding assurance plan by focusing on areas of interest across the model lifecycle. 
• Undertaking a variety of assurance activities designed to assess the effectiveness of controls against the bank’s model risk appetite to agreed quality requirements and timescales.
• Producing the monitoring and reporting of the annual risk assurance plan, author high quality and informative reports, and escalate any concerns accordingly
• Communicating outcomes of risk assurance activities, providing high quality insight and reporting at all levels, including relevant senior committees (e.g. Executive/ Board Risk Committee)
• Conduct independent testing on control design and managing effectiveness for all components of model risk throughout the model lifecycle. Developing and maintaining strong, effective relationships with key stakeholders and engaging those stakeholders on assurance delivery, risk management and the control environment. Including Model Risk and Analytics teams, Internal Audit, Operational Risk, Compliance, and the wider Risk function.
• Working in an agile manner, striving for new ways of realising an outcome, not being tied to existing processes. 
  

We need you to have

• A university degree (undergraduate or postgraduate) in Finance, Risk Management, Accounting, Forensic Sciences, preferably with a relevant professional qualification in risk management or audit, or equivalent demonstrable experience.
• Knowledge of model risk management, the model lifecycle key risks and associated controls across all stages of models.
• Experience of working in a compliance, model risk or audit function (with a model specialisation preferably), or first line assurance function.
• Significant experience of delivering reviews to challenging timescales.
• Demonstrable skills in collaborating and networking across business areas.
• Proven ability to deliver a high standard of written and verbal communications.

It’s a bonus if you have but not essential

• Knowledge of either model development, validation, implementation or monitoring across different model types (e.g. IRB, IFRS 9, pricing, AI/ML, climate change).
• Knowledge of the UK’s regulatory landscape regarding model risk and its management.
• Broad knowledge of risk management disciplines and the three lines of defence model. 

Red Hot Rewards

• Generous holidays - 38.5 days annual leave (including bank holidays and prorated if part-time)​ plus the option to buy more.
• Up to 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. 
• Market-leading pension.
• Free private medical cover, income protection and life assurance.
• Flexible benefits include Cycle to Work, wellness and health assessments, and critical illness. 

And there's no waiting around, you'll enjoy these benefits from day one.

Feeling insatiably curious about this role? If we’re lucky to receive a lot of interest, we may close the advert early and would hate you to miss out.

We're all about helping you Live a Life More Virgin, so happy to talk flexible working with you.

Say hello to Virgin Money
We’re making great strides towards achieving our ambition of becoming the UK’s best digital bank.  As a full-service digital bank with a heritage stretching back over 180 years, we’re a workforce to be reckoned with, and we're putting the full power of our experience behind disruptive ideas that reinvent the role a bank plays in people's lives. We're customer-obsessed and work tirelessly to deliver on our purpose, ‘Making You Happier About Money.’ This means we're able to do banking differently, and by innovating and working together we can make a real difference by creating memorable moments and red-hot experiences for our millions of customers. Join us and Live a Life More Virgin that empowers you with choice and flexibility in how you work. 

Be yourself at Virgin Money
Our purpose is to make people happier about money, this means seeing and feeling the world as our customers do by creating a workforce that reflects the rich diversity of our customers and communities.  We’re committed to creating an inclusive culture where colleagues feel safe and inspired to contribute, speak up and be heard.   

As a Disability Confident Leader, we're committed to removing any obstacles to inclusion.  If you need any reasonable adjustments or support making your application, contact our Talent Acquisition team careers@virginmoney.com.

It’s important to note that there may be occasions where it’s not possible to interview all candidates declaring a disability who meet the essential criteria for the job. In certain recruitment situations such as receiving a high-volume of applications, we may need to limit the overall numbers of interviews offered to both disabled and non-disabled applicants. 

Now the legal bit
Living A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it), but we'll need you to confirm you have the right to work in the UK.

If you're successful in securing a role with us, there are some checks you need to complete before starting. These include credit and criminal record checks and three years' worth of satisfactory references. If the role is part of the Senior Manager Regime and Certification Regime, it requires enhanced pre-employment checks – we'll ask for six years of regulatory references, and once in the role, you'll be subject to periodic employment checks.