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Macroeconomics CoE

3 months ago

London, United Kingdom KPMG Full time

Job description

The Audit Centre of Excellence (ACE Technical) comprises the quality support and technical specialists for the UK audit practice. We provide expertise and support across a wide range of activities from undertaking quality reviews to the development of new digital solutions and from resolving audit technical issues to supporting effective audit delivery.

Banking audit fees represent c£60m and we are on the cusp of several significant tenders. A key part of our response to regulatory feedback on our audit methodology was to strengthen our requirements and output related to Macro Economic scenarios, variables, and modelling. This is required on all banking engagements and therefore audit needs to have its own macroeconomic support team to guarantee availability of this expertise.

Within audit we see opportunities to expand the use of macroeconomic scenarios to work on insurance audits, climate risk and in the areas of impairment and going concern on a case-by-case basis. The work will involve an assessment and development of economic scenarios for IFRS9 purposes, going concern, impairment testing, claims inflation, climate risk to appropriately challenge the economic assumptions considered by audited entities and allow audit teams to reach a robust conclusion.

Description of the Role

KPMG is seeking a Manager to join our Macroeconomics support team in Audit. The role will encompass delivery of high quality macro-economic analysis:

  • Assessment and development of economic scenarios for IFRS9 purposes and stress testing regulatory exercises using macroeconomic and econometric models.
  • Extension of the macroeconomic support more broadly across banks, insurance, corporates through inputting into provisioning, going concern, impairment testing and climate risk economic modelling
  • Enhancement and development of in-house econometric models (statistical, structural economic models) with an understanding of accreditation of these tools for audit use
  • Production of thought leadership highlighting key trends and risks at sector and business level
  • Audit support for key banking tenders which become live in next 6-24 months
  • Clear and effective communication about economic concepts and findings to non-economist audiences, verbally and in writing

Technical core competencies required for the role

The relevant competencies for this role are:

  • Managing economic workstreams of large and complex audit engagements. This includes activities from scoping and planning, budgeting, progress tracking and performing the relevant quantitative testing.
  • Supervising the work of staff, providing coaching and development to assist them in the effective delivery of engagements
  • Providing economic thought leadership on evolving issues in the market
  • Acting as a key point of contact for economics work to raise insights/observations with the audit engagement team and the audit entity
  • Enhancing and monitoring the in-house economic and statistical models
  • Developing new tools for forecasting macroeconomic variables
  • Completing associated documentation for quantitative and economic testing in a clear and succinct manner

Skills, qualifications and experience required

  • A 2.1 or First class undergraduate degree in Economics
  • A 2.1 or First class Masters' degree in Economics from a top-rated university
  • A minimum of 5 years of engagement within a macroeconomics team/unit at a professional services company, Central Bank, or Think Tank
  • Experience in developing economic models as such DSGE models, Bayesian estimation, CGE and/or other statistical models and adapting these models to cater specific requirements
  • Ability to effectively manage and cultivate relationships with diverse stakeholders, including clients, senior executives, regulatory bodies, and internal teams
  • Ability to collaborate effectively with cross-functional teams within the macroeconomic practice and the larger organization. This involves facilitating knowledge sharing and mentoring junior team members.
  • Practical experience developing climate models that effectively incorporate physical and transitions risks through the use of hedonic regression and panel data techniques is desirable
  • Knowledge and experience in designing and calibrating stress scenarios for financial and economic variables
  • Familiarity with regulatory frameworks and compliance requirements related to economic analyses, ensuring that work is conducted in accordance with industry regulations, is desirable
  • Proficiency in programming languages such as R. Python is desirable
  • Excellent communication skills, both orally and in writing
  • Ability to clearly explain complex economic concepts in clear, simple terms, and apply economic concepts and techniques to real world situations

People & Culture:

  • Embrace and embed our culture ambition of high challenge, high support which is grounded in Our Values.
  • Operate with a curious and sceptical mindset ensuring that this is embedded in your everyday work.
  • Actively lead and embed a coaching culture to get the best out of others in an environment where everyone in the team feels empowered to speak up or challenge where appropriate.
  • Be accountable, professional and act in the public interest, working for the benefit of shareholders of audited entities and wider society.
  • Be inclusive and embrace the opportunity to work with other teams within Audit and across the firm in an integrated way. Have a sense of community, purpose and fun.

KPMG Overview:

KPMG in the UK is part of a global network of firms that offers Audit, Legal, Tax and Advisory services. Through the talent of over 16,000 colleagues, we bring our creativity, insight and experience to solve our clients' and communities' biggest problems. We've been doing this for more than 150 years.

We aim to be universally recognised as a place for great people to do their best work. A firm known for our collaborative and inclusive culture, using technology to empower and equip our people to deliver outstanding work with real flexibility - through inspiring workspaces, innovative ways to collaborate and hybrid ways of working.

With offices across the UK, we work with everyone from small start- ups and individuals to major multinationals, in virtually every industry imaginable. Our work is often complex, yet our mission is simple: To support the UK in a connected world. It guides everything we do, underpinned by our values: Courage, Integrity, Excellence, Together and For Better.