Model Risk Manager - Gen AI

About Allica Bank

Allica is the UK's fastest growing company - and the fastest-growing financial technology (Fintech) firm ever. Our purpose is to help established SMEs, one of the last major underserved opportunities in Fintech. Established SMEs are the backbone of local communities - representing over a third of our economy - yet have been largely neglected both by traditional high street banks and modern fintech providers.

Department Description

Allica's Risk Department forms the 2nd Line of Defence (2LOD) and provides robust support, insightful challenge, and comprehensive oversight to the dynamic activities of the 1st Line of Defence (1LOD). Unlike traditional 2LOD functions, our team thrives on collaboration and aligning with the bank's strategic objectives in a controlled and risk-conscious manner. We are empowered to support innovative solutions to complex challenges, acting as key facilitators in driving the bank towards success. This role plays a key part in overseeing Allica's AI implementation and ensuring our Model Risk Framework is robust and future ready. You'll be at the forefront of managing model risk across Generative AI, Agentic AI, third-party vendor solutions, and traditional financial models like IFRS9, credit risk, and stress testing.

Role Description

Are you excited by the challenge of ensuring AI is deployed safely, responsibly, and effectively in a fast-growing fintech bank? Join Allica's Risk team and play a key role in shaping how we manage model risk across cutting-edge technologies, from Generative and Agentic AI to traditional financial models like IFRS9 and stress testing. In this high-impact role, you'll help oversee Allica's Model Risk Framework, working closely with teams across the bank to identify and manage material sources of model risk. You'll ensure stakeholders understand their responsibilities, support governance across the full model lifecycle, and help enhance our frameworks, policies, and standards to keep pace with innovation. If you thrive in a collaborative, fast-evolving environment and want to make a real difference in how AI is governed in financial services, we'd love to hear from you.

At Allica, you'll be empowered to drive change, grow your expertise, and contribute to a culture that values integrity, innovation, and inclusion.

Principal Accountabilities

• Model Risk Support: Apply Allica's established Model Risk Framework to a range of models with a primary focus on Generative AI, Agentic AI, and vendor-provided solutions, and secondary support for traditional financial risk models such as IFRS9, credit risk, and stress testing. You'll be responsible for maintaining an accurate model inventory, including classification and risk tiering, and supporting governance reporting and documentation across the full model lifecycle, from development and validation to approval, implementation, monitoring, and ongoing maintenance.
• Model Validation & Monitoring: Independently validate both Generative AI and traditional financial risk models; while supporting ongoing monitoring of AI tools, large language models (LLMs), and vendor solutions to ensure they remain effective, compliant, and aligned with Allica's governance standards.
• AI Governance & Regulatory Compliance: Ensure adherence to internal policies and external regulations such as SS1/23, while embedding AI governance principles into model risk oversight. This includes preparing and maintaining documentation to support audits and regulatory reviews, helping Allica stay compliant in a rapidly evolving AI landscape.
• Risk Reporting & Escalation: Support the preparation of risk reports and dashboards for senior management and committees, ensuring clear visibility of model-related risks. Where material issues arise, you'll escalate them in line with established governance protocols to ensure timely and effective resolution.
• Collaboration & Product Engagement: Work closely with teams across Allica to ensure AI solutions are deployed safely, with the right controls and governance in place. From design through to deployment, you'll provide risk input and act as a trusted advisor on AI risk in a fast-paced, innovative environment.
• Training and Awareness: Lead awareness sessions on AI risk and best practices, helping to build a strong culture of responsible AI use across Allica. Your work will empower teams to understand and manage AI-related risks confidently and effectively.

Personal Attributes & Experience

• Model Risk Expert: Experienced in applying model risk frameworks such as SS1/23, with a strong understanding of governance principles.
• AI & Modelling Knowledge: Skilled in model development and validation, including AI/ML, Generative AI, and traditional statistical techniques like credit risk and IFRS9.
• Governance-Focused: Familiar with AI governance frameworks and regulatory expectations, ensuring models are deployed safely and responsibly.
• Analytical & Insightful: Strong analytical skills with the ability to translate complex technical outputs into clear, actionable insights for diverse stakeholders.
• Regulatory Awareness: Solid knowledge of the banking regulatory landscape and supervisory expectations, especially in relation to model risk and AI.
• Proactive & Independent: A self-starter who thrives in fast-paced environments, able to manage competing priorities and drive initiatives forward with minimal supervision.
• Growth-Oriented: Keen to deepen expertise in risk, treasury, and regulation, with support for ongoing development.

Working at Allica Bank

At Allica Bank we want to ensure our employees have the right tools and environment in which to succeed in their role and in support of our customers. Our employees are at the heart of everything we do, so our benefits are designed with you in mind:

• Full onboarding support and continued development opportunities
• Options for flexible working
• Regular social activities
• Pension contributions
• Discretionary bonus scheme
• Private health cover
• Life assurance
• Family friendly policies including enhanced Maternity & Paternity leave

Don't tick every box? Don't worry if you don't have all the skills or requirements listed on the job description. If you think you'll be a good fit, we'd still love to hear from you!

Flexible working

We know the '9-to-5' isn't right for everyone. That's why Allica Bank is fully committed to flexible and hybrid working. Please let us know what is best for you and, if we can, we will do our best to accommodate.

Diversity

We're a diverse bunch here at Allica, with all kinds of experiences, backgrounds and lifestyles. Our openness and differences make us stronger, and we want everybody to feel comfortable bringing as much of themselves to work with them as they like.