At a Glance
- Tasks: Lead audits on model risk, ensuring compliance and effectiveness in risk management.
- Company: Join a leading financial institution in London with a focus on innovation.
- Benefits: Competitive salary, professional development, and a dynamic work environment.
- Other info: Collaborative team culture with opportunities for growth and learning.
- Why this job: Make a real impact by enhancing model risk practices and driving improvements.
- Qualifications: Bachelor's degree required; advanced degrees and relevant experience preferred.
The predicted salary is between 80000 - 100000 € per year.
We are seeking a highly motivated Model Risk Auditor to join our dynamic Model Risk Internal Audit team. This role is located in London, UK.
Responsibilities
- Lead or participate in complex Internal Audit engagements focused on model risk, including reviews of counterparty risk and market risk models, across all phases of the audit lifecycle: planning, fieldwork, and reporting.
- Evaluate the design and operating effectiveness of controls over model development, implementation, use, and validation activities, including supporting documentation, modeling methodologies, input data, parameter selection, outcome analysis, and other significant modeling judgments.
- Perform and oversee audit testing with sufficient depth, accuracy, and rigor to support conclusions regarding adherence to Internal Audit methodology, internal policies and procedures, and applicable regulatory requirements.
- Identify, assess, and communicate significant issues and control weaknesses within model risk areas under review, and effectively challenge management to drive appropriate and timely remediation.
- Prepare high-quality audit reports and other written deliverables that clearly articulate observations, risk implications, root causes, and recommendations.
- Monitor and validate the remediation of audit findings, including evaluating the design and operating effectiveness of corrective actions, where applicable.
- Provide guidance, coaching, and constructive feedback to team members, including reviewing audit workpapers to ensure quality, consistency, and adherence to Internal Audit standards.
- Develop and maintain effective working relationships with key stakeholders across Risk, Model Risk Management, Front Office, and other control functions, while contributing to continuous monitoring activities in model risk areas.
- Serve as a subject matter expert within Internal Audit on model risk management practices, with particular focus on counterparty risk and market risk frameworks, regulatory expectations, and industry developments.
- Identify control environment gaps, emerging risks, and inconsistencies with regulatory expectations, and contribute to the development and refinement of the annual Internal Audit plan for model risk.
- Maintain current knowledge of model risk management practices, counterparty risk and market risk methodologies, evolving regulatory expectations, and relevant industry standards.
- Apply a data-driven mindset and leverage advanced data analytics to enhance audit coverage, strengthen risk assessment, and deliver value-added audit insights.
- Support ad hoc reviews, special projects, and other Internal Audit initiatives as directed by senior audit management.
Qualifications
- Bachelor's degree or equivalent combination of education and work experience required.
- Advanced degree (Ph.D.) in Math, Statistics, Physics, Economics, or Engineering preferred.
- Relevant work experience preferred.
- Prior experience in model development, validation, or audit preferred.
- Proficient understanding of SR 11-7 and SR 26-2.
- Additional core skill requirements include understanding of the applied and interpretation of analytics results for audit, critical thinking and problem solving.
Model Risk Auditor - Vice President in London employer: BNY
Join a leading financial institution in London as a Model Risk Auditor, where you will thrive in a collaborative and innovative work culture that prioritises employee development and growth. With a commitment to excellence, the company offers competitive benefits, including professional training opportunities and a supportive environment that encourages continuous learning and career advancement. Experience the unique advantage of working in a vibrant city while contributing to impactful audit engagements that shape the future of model risk management.
StudySmarter Expert Advice🤫
We think this is how you could land Model Risk Auditor - Vice President in London
✨Tip Number 1
Network like a pro! Reach out to folks in the industry, attend events, and connect on LinkedIn. You never know who might have the inside scoop on job openings or can put in a good word for you.
✨Tip Number 2
Prepare for interviews by researching the company and its model risk practices. Be ready to discuss how your skills align with their needs, especially around counterparty and market risk models.
✨Tip Number 3
Showcase your expertise! Bring examples of your previous work in model development or audit to the table. This will help demonstrate your understanding of the complexities involved in model risk management.
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets seen by the right people. Plus, we love seeing candidates who are proactive about their job search.
We think you need these skills to ace Model Risk Auditor - Vice President in London
Some tips for your application 🫡
Tailor Your CV:Make sure your CV is tailored to the Model Risk Auditor role. Highlight relevant experience in model development, validation, or audit, and don’t forget to showcase your understanding of SR 11-7 and SR 26-2. We want to see how your skills match what we're looking for!
Craft a Compelling Cover Letter:Your cover letter is your chance to shine! Use it to explain why you're passionate about model risk and how your background makes you a great fit for our team. Keep it concise but impactful – we love a good story that connects your experience to our needs.
Showcase Your Analytical Skills:Since this role involves a lot of data-driven decision-making, make sure to highlight any experience you have with data analytics. Whether it's through past projects or specific tools you've used, we want to see how you can leverage analytics to enhance audit coverage.
Apply Through Our Website:We encourage you to apply directly through our website. It’s the best way to ensure your application gets into the right hands. Plus, you’ll find all the details you need about the role and our company culture there!
How to prepare for a job interview at BNY
✨Know Your Models Inside Out
Make sure you have a solid understanding of model risk management practices, especially around counterparty and market risk. Brush up on relevant methodologies and regulatory expectations like SR 11-7 and SR 26-2. This will help you answer questions confidently and demonstrate your expertise.
✨Prepare for Scenario-Based Questions
Expect to face scenario-based questions that assess your critical thinking and problem-solving skills. Think about past experiences where you've identified control weaknesses or driven remediation efforts. Be ready to discuss these examples in detail, showcasing your analytical mindset.
✨Showcase Your Communication Skills
As a Model Risk Auditor, you'll need to prepare high-quality audit reports and communicate findings effectively. Practice articulating complex ideas clearly and concisely. You might even want to prepare a mock report to demonstrate your writing skills during the interview.
✨Build Relationships with Stakeholders
Highlight your ability to develop effective working relationships with key stakeholders. Think of examples where you've collaborated with different teams, such as Risk or Model Risk Management. This will show that you can navigate the organisational landscape and contribute to continuous monitoring activities.
