Senior Technical Specialist - Credit Stress Testing

Business Unit: Group Credit Stress Testing, Finance

Please double check you have the right level of experience and qualifications by reading the full overview of this opportunity below.
Salary Range: Up to circa £65,000 per annum DOE + red-hot benefits
Location: UK Remote with occasional need to travel to HUB for team meetings / collaborations (~4x per year)

Our Team

The Group Credit Stress Testing team are responsible for understanding and forecasting how our credit portfolios would react under acute stress economic conditions and the impact this has on impairment and minimum capital requirements. These insights are used to understand the extent to which current capital levels are eroded under stress and safeguards the bank in supporting the setting of capital buffers.

The team also contributes to and plays a key role in the coordination of the Bank’s corporate planning process for impairment and RWA, whilst there are plans to enhance the usage of stress test outputs to help drive commercial performance and support the development of more granular ROTE measures.

What you’ll be doing

• Supporting management in the production of stress testing outputs, insights and associated documentation and proactively investigating/exploring trends or observations which may be of interest.
• Engaging with stakeholders, reviewing, and interpreting credit stress test forecasts of credit RWA, ELs and impairments.
• Independently recommend and implement changes and enhancements to the SAS based Credit Stress Testing Engines and associated analytical tools and Excel interfaces, with evidenced assurance of implementation and controls.
• Supporting integration of any future data infrastructure changes to ensure data used in Credit Stress Testing is fit for purpose.
• Taking the lead in continually driving improvements in existing processes to promote simplification and automation, reducing operational risk and enabling a better outcome for our customers.
• Ensuring that any changes to processes/code are clearly documented to a high standard enabling others to understand and execute tasks independently.
• Maintaining an effective version control process, adequate for a high volume of complex change.
• Ensuring continued credit stress testing data consistency with internal and external reporting.

We need you to have

• Superb analytical skills and ability to solve complex problems.
• Proficient in the use of statistical analysis software SAS (or equivalent)
• An inquisitive nature to spot trends or underlying observations and ability to articulate to various audiences while reviewing stress testing outputs including proactively assessing materiality of the observation made.
• The aptitude to implement with speed and efficiency as well as driving process improvements with previous experience of managing change to ensure smooth transition from old to new processes.
• Demonstrable knowledge of Credit Risk, particularly an understanding of Credit Risk Metrics such as PD/LGD/EAD.
• Expert user with MS Office suite.

We\’d love you to have but not essential

• Experience in a Credit Stress Testing environment with proven exposure to processing stress and scenario outputs.
• Familiarity with macroeconomic time series models, knowledge of the macroeconomy and potential impact on credit portfolio performance.

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.

If we’re lucky to receive a lot of interest, we may close the advert early. Please ensure to submit your applications as soon as possible.

Say hello to Virgin Money

Virgin Money is so much more than just a bank. As part of the Nationwide group, together we\’re the UK\’s first full-service mutual bank serving millions of retail and business customers and all driven by our purpose; Banking but fairer, more rewarding and for the good of society. With us, you’ll be part of an organisation uniquely positioned to make a difference to the lives of customers, communities and broader society and embark on a collaborative, customer obsessed, and fun-filled career journey. Embrace the weekdays, enjoy fantastic perks, and make a meaningful positive difference. Time to discover what it means to be part of the first mutual full-service banking provider.

Be yourself at Virgin Money

At Virgin Money, we celebrate everyone. We have fun, think big, and relentlessly include each other, all in pursuit of our purpose: Banking – but fairer, more rewarding, and for the good of society. 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

Please note: If we receive a high volume of eligible applications, we may need to prioritise candidates whose skills and experience most closely align with the role, while still ensuring fair and equitable consideration for all applicants.

Now the legal bit
Although some of our roles allow you to be based anywhere in the UK, 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.