Global Head of Traded Risk: Independent Model Review

4 weeks ago

London, Greater London, United Kingdom HSBC Full time
Job Title: Global Head of Traded Risk: Independent Model Review

HSBC is a globally and systemically important financial institution with assets totaling approximately USD trillion. Models underpin all key activities of HSBC Group, and Model Risk Management is an important and increasing area of strategic and regulatory focus across the world.

Model Risk Management (MRM), part of Global Risk & Compliance, is responsible for providing a second line of defense for HSBC's model risk. MRM comprises five key areas, led by the Chief Model Risk Officer:

  • Independent Model Review - Independently reviewing and (re)validating models and methodologies across functions and risk types within the bank.
  • Model Risk Governance - Setting the firm's model risk policies and standards as well as ensuring that model risk is managed within the approved tolerance levels.
  • Model Risk Stewardship - Facilitating responsible development, understanding, and use of models and analytics, as well as providing subject matter expertise, advice, guidance, and effective challenge across regions, businesses, and functions.
  • Regulatory Standards and Quality Assurance - Providing expertise and partnering to Senior Management for reviewing and decision-making, by developing opinions and interpretations of relevant regulatory changes impacting model risk.
  • Infrastructure – Providing Global Model Inventory System (GMIS) management, maintenance, and user engagement, along with report production and technology enhancements.

We are currently seeking an experienced individual to join this team in the role of Global Head of Traded Risk and Treasury, Independent Model Review - Risk and Compliance.

In this role, you will:

  • Be responsible for an area with high strategic importance to HSBC in terms of business priority, financial balance sheet implications, and degree of potential regulatory censure.
  • Provide insight into the level of model risk for traded risk and treasury models, including input into the model risk management process for such models.
  • Ensure model validations meet policy, regulatory, and required quality and are completed according to schedule, ensuring that decisions are based on delivering 2LOD accountabilities and taking account of key business priorities.
  • Lead in developing, maintaining, and effectively implementing review methodology for Traded Risk and Treasury models.
  • Ensure that the models and methodologies are assessed against methodological frameworks underpinning the group's risk measurement and management initiatives and that the models operate within regulatory boundaries.
  • Provide model users, senior management, audit & regulators (across 1LOD, 2LOD, 3LOD) with confidence that the models and tools developed, maintained, and used within the Group are compliant with internal and regulatory expectations and fit for the intended purpose.
  • Maintain sufficient rigor, challenge, and consistency of model reviews, assuring quality through quality assurance reviews focusing on quality, presentation, and consistency of Independent Model Review reports.
  • Communicate across technical quantitative, business, and strategic levels to ensure that stakeholders understand the implications of the firm's model choices.
  • Support the development of skills and knowledge across the Independent Model Review teams through insightful feedback.
  • Act as the point of contact for Independent Model Review teams for Traded Risk and Treasury model review expertise as required.
  • Manage, prioritize, and optimize Traded Risk and Treasury Independent Model Review validations and staffing.
  • Support the Model Risk Steward in managing the model risk across the model life-cycle for models in this space by ensuring that the model risk policy is appropriately embedded and applied.
Requirements
  • Experience in model risk management at a Globally Significant Financial Institution (GSFI).
  • Understands the impact of models within HSBC Group and its commercial context and strategic ambitions.
  • Very strong knowledge of the model risk regulatory landscape and ability to assess the impact of proposed changes in regulatory rules to the bank.
  • Strong knowledge of a financial institution's business model, products, and key risk drivers and a demonstrated ability to effectively balance risk management, regulatory expectations, and commercial pragmatism.
  • Detailed technical knowledge of modeling methodologies, techniques, and regulations for the market risk area.
  • Significant experience of establishing and maintaining external relationships ideally with regulators.
  • Proven ability to develop strong networks with key stakeholders at all points in a matrix structure, creating an ability to execute tasks at hand with minimum conflict.

The base location for this role is London, CS8.

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