Model Risk Management Senior Analyst

This job is brought to you by Jobs/Redefined, the UK's leading over-50s age inclusive jobs board.

The UK Risk department is responsible for risk control within Handelsbanken plc ensuring there is a comprehensive and objective view of all risks in the Bank's business operations, providing independent management assurance to the UK CEO that the business is identifying and managing its risks adequately.

The Model Risk Management (MRM) team are responsible for the design and maintenance of the Bank's Model Risk Management policy and framework, ensuring comprehensive model governance and carrying out model validations and reviews across all the Banks models.

This particular role includes the independent review and validation of regulatory and non-regulatory models and ensuring that efficient model risk management (governance, model inventory management, recommendations, and action plans, among other responsibilities) is being applied in line with the MRM principles outlined in SS1/23.

Collaborate with the quantitative risk team on the yearly ICAAP, stress test framework and stress test execution across ICAAP, ILAAP and RRP, model support, quantitative risk analytics across all risk classes and IRB implementation.

The role is involved in the definition, execution, and update of the different aspects of the model risk management function. This includes enhancing the necessary frameworks and policies. The MRM Senior Analyst will execute the validation of models ensuring that the defined process is followed from an end-to-end perspective.

• Operates in line with the Bank's Risk Management Framework (including sub-frameworks) and relevant risk and compliance policies and procedures, ensuring appropriate and timely escalation of any concerns to their line manager;
• Perform independent model validations (or annual model reviews) across a variety of models held in the Banks model inventory. These include stochastic models (IRB and non-IRB) and non-models (also known as deterministic quantitative methods);
• Carry out model validation of models used for other regulatory purposes such as ICAAP and ILAAP;
• Continue to embed the Model Risk Management Framework, including model identification process, attestation, validation, and monitoring. This also includes identifying further areas of non-compliance to SS1/23;
• Participate in the identification and assessment of the Bank's key model risks. Ensure model risks with the Bank are effectively identified, measured, monitored and controlled, consistent with the Bank's risk appetite statement and all policies and processes;
• Assist in ensuring that MRM policies, frameworks and instructions are kept up to date and reviewed periodically by relevant governance committees;
• Present validation and review work performed at the monthly Model Oversight Committee (MOC);
• Report on model risk related matters to the Head of MRM management and participate in discussions with relevant stakeholders (such as model developers, model owners, users, etc.);
• Keep up to date and act upon regulatory developments and industry best practise in areas related to model risk;
• Communicate the results of model validation activities, model limitations and uncertainties to the key stakeholders and management.

Research (by Harvard University) shows that women are particularly likely to second guess themselves and not apply - so if you are worried you don't meet all the criteria, get in touch anyhow and let us do the worrying...

• Relevant experience working in financial services, including hands‑on experience with IRB model validations and preferably also a good understanding of model development;
• Solid understanding of the IRB regulation (CRR, EBA, PRA) as well as regulatory guidelines and is familiar with industry best practises for model risk management (SR11‑7, SS 1/23, SS 3/18) and model validation across a wide range of model types and methodologies;
• Have a strong analytical background and numerical skills;
  Educated in statistics, mathematics, data science or engineering;
• Hands on experience from one or more statistical data…