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Model Validation Risk Consultant

Apply now Job no: 059070
Work type: Fixed Term Full Time, Fixed Term Part Time
Location: England - Newcastle, England - Leeds, Scotland - Glasgow City Centre, UK
Categories: Model Risk Oversight - Group Risk

Business Unit: Group Risk
Salary: £38,882 - £52,000 pro rata, depending on experience 
Location: UK based, remote working available
Contract Type: 1 year fixed term maternity cover

It’s an exciting time to be joining Risk as we are growing and transforming our team into one that is ready to meet 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, capabilities, 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!

You would be joining the Model Risk Oversight Team at an exciting time. With increasing impact from digital approaches on our models, as well as making sure we manage the increasing expectations of our Board and the Regulators we are expanding! 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 landscape.

The role in a nutshell:
• End-to-end managing of model validations
• Validating new and revised models as well as undertaking periodic validations of suites of models. There is an emphasis on Stress Testing/ Climate Risk/ IFRS 9 models but also opportunity to be involved with IRB, Pricing, or other models
• Providing statistical expertise to inform the discussion between Model Development and Model Risk Oversight in the model build and model review process
• Data manipulation and extraction - ability to understand and write code and extract appropriate data from a variety of sources
• Generating model validation reports
• Giving independent assurance to the Bank's Senior Management over the output and use of Models and ensure they are built and operating to internal and external regulatory standards. Where models are less than "fit for purpose", raising appropriate actions to bring about their remediation.
• Providing subject matter expertise and owning any query raised by internal stakeholders of all levels including Senior Management
• Continuous learning and developing of a best practice modelling culture within the bank

To be successful you’ll need to bring:
• Experience of statistical model development and/or model validation
• Superb analytical skills and love to work with data and statistical models
• Good knowledge of analytical tools such as Excel and ideally SAS
• Excellent ability to understand technical models
• Excellent data interpretation and presentation skills
• Brilliant report writing skills, ideally for a Model Risk Committee or equivalent

We’d like you to have (but not essential):
• Good knowledge of Credit Risk Modelling (e.g. PD, EAD and LGD models). Alternatively, a good knowledge of Financial models, or Banking Book Pricing models, or of Operational Risk models, or of Banking Book Stress Testing models. Or knowledge of methods such as regression modelling
• Some knowledge of IFRS9 or Stress Testing regulations, or Climate Risk modelling

The list above is not comprehensive, and we are open to applications from strong candidates who are interested and capable.

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

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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