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For Companies At a Glance
- Tasks: Oversee model risk management and provide assurance on bank models' effectiveness.
- Company: Join Vanquis, a leading specialist bank empowering lives since 1880.
- Benefits: Enjoy competitive salary, private medical insurance, and flexible working options.
- Why this job: Be part of a positive culture that values your input and promotes growth.
- Qualifications: Experience in model risk management and strong analytical skills required.
- Other info: Opportunity to work in a dynamic environment with a focus on personal development.
The predicted salary is between 43200 - 72000 £ per year.
Location: Chatham/London/Bradford/Petersfield
The Vacancy
You will provide independent assurance and advisory support to the management of model risk. As part of the second line of defence, the Model Risk Manager – Oversight will be responsible for delivering assurance over the design and effectiveness of the bank\’s models, identifying weaknesses, and working closely with stakeholders to agree and track appropriate actions. The role will collaborate with first line model risk owners, users, and developers to promote a balanced risk-reward approach that ensures the bank\’s long-term stability and success.
Responsibilities:
- Provide oversight of risk management standards and outcomes across the bank\’s models.
- Promote a positive culture driving the highest standards in model risk management.
- Assess current and future risks, including those created through regulatory and macroeconomic changes.
- Identify control gaps, weaknesses, or failures related to model design, development, and usage.
- Manage the execution of model risk oversight reports to monitor key risk indicators and mitigations.
- Deputise for the Senior Manager as required.
- Maintain a good understanding of the bank\’s model risk exposures to support the development of risk management standards and behaviors.
- Support the ongoing development of model risk oversight frameworks and methodologies.
- Complete model risk assessments in advance of assurance activities to inform approach and strategy.
- Prepare and agree on scope memos and objectives with key stakeholders.
- Deliver fieldwork against assurance scope, including an integrated assessment of the risk and control environment for relevant models.
- Provide detailed reports with quantified findings on model risk exposures and weaknesses.
- Present and agree findings with key stakeholders prior to circulation of the final report.
- Follow up on the status of actions and test their implementation where necessary.
- Maintain strong, cooperative, and effective working relationships with colleagues.
- Ensure all communications are clear, concise, and informative.
- Offer sound advice with clear rationale, impacts, and benefits.
- Maintain a ‘no-surprises’ approach to credit risk findings or concerns.
Experience Required:
- Ability to deliver high-quality, accurate work to deadlines and support others in doing the same.
- Effective communication skills to gain management support through reasoned arguments and decision-making.
- Analytical thinking to interpret MI/BI for sound decision-making.
- Problem-solving mindset using thoughtfulness, drive, and appropriate urgency.
- Excellent written and verbal communication skills to influence, negotiate, provide feedback, and challenge constructively at all levels.
- Proficiency in MS Office Word, Excel, PowerPoint.
- Proven ability to plan, organize, prioritize deadlines, and work efficiently at a fast pace.
- Strong initiative in concluding assurance results.
- Ability to work independently, proactively manage workload, and meet deadlines.
- Positive attitude, leadership, and motivation skills.
- Enthusiasm and passion for engaging with colleagues.
- Focus and drive when working towards stretch goals and deadlines.
- Detailed knowledge of risk management frameworks.
- Excellent relationship management and influencing skills, balancing assertiveness with relationship-building.
- Experience in a model risk management role.
- Experience in control monitoring or quality assurance.
- Risk-related qualification (e.g., IRM) is desirable but not essential.
- Ability to partner with stakeholders, understand their views, and create recommendations based on information and judgment.
The Company
At Vanquis, we’ve been empowering lives since 1880. As a FTSE All Share company and leading specialist bank, we lend responsibly to over 1.69 million UK customers.
We’re committed to our colleagues and customers, offering competitive salaries, benefits, and recognition schemes. Our pension plans, ‘Buy as You Earn’ scheme, and ongoing training create a supportive environment for growth and success.
Bring your authentic self, find your voice, and build your career with us—because at Vanquis, we believe in making the most of life’s opportunities.
The Benefits
- Competitive base salary and rewards
- Private Medical Insurance
- 25 days holiday entitlement, plus 1 day accrued per year (max 30 days)
- Defined contribution pension scheme
- Discretionary bonus scheme
- Perks at Work
- 2 paid days to support a charity of your choice
- Flexible, hybrid, and dynamic working policies
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Model Risk Manager - Oversight employer: Vanquis
Contact Detail:
Vanquis Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Model Risk Manager - Oversight
✨Tip Number 1
Familiarise yourself with the latest model risk management frameworks and regulatory changes. This knowledge will not only help you understand the role better but also demonstrate your commitment to staying updated in this field during discussions.
✨Tip Number 2
Network with professionals in the model risk management space, especially those who have experience in oversight roles. Engaging in conversations can provide insights into the expectations of the role and may even lead to referrals.
✨Tip Number 3
Prepare to discuss specific examples of how you've identified and addressed control gaps in previous roles. Being able to articulate your problem-solving approach will showcase your analytical thinking and suitability for the position.
✨Tip Number 4
Demonstrate your communication skills by practising how to present complex information clearly and concisely. This is crucial for the role, as you'll need to influence stakeholders and report findings effectively.
We think you need these skills to ace Model Risk Manager - Oversight
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in model risk management. Focus on your analytical skills, problem-solving abilities, and any previous roles that involved oversight or assurance activities.
Craft a Compelling Cover Letter: In your cover letter, express your enthusiasm for the role and the company. Mention specific experiences that demonstrate your ability to assess risks and manage stakeholder relationships effectively.
Highlight Relevant Skills: Emphasise your communication skills, both written and verbal, as well as your proficiency in MS Office tools. Provide examples of how you've used these skills in past roles to influence decision-making or improve processes.
Showcase Your Understanding of Risk Management: Demonstrate your knowledge of risk management frameworks and your ability to identify control gaps. Use specific examples from your experience to illustrate how you have contributed to risk oversight or quality assurance in previous positions.
How to prepare for a job interview at Vanquis
✨Understand Model Risk Management
Make sure you have a solid grasp of model risk management principles. Familiarise yourself with the bank's models and their associated risks, as well as current regulatory requirements. This knowledge will help you demonstrate your expertise during the interview.
✨Prepare for Scenario-Based Questions
Expect to face scenario-based questions that assess your analytical thinking and problem-solving skills. Prepare examples from your past experience where you've identified control gaps or weaknesses in model design and how you addressed them.
✨Showcase Your Communication Skills
Effective communication is key in this role. Be ready to discuss how you've influenced stakeholders and presented findings in previous positions. Highlight your ability to convey complex information clearly and concisely.
✨Demonstrate Relationship Management
The role requires strong relationship management skills. Prepare to discuss how you've built cooperative working relationships with colleagues and stakeholders in the past, and how you balance assertiveness with collaboration.
