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Model Risk Specialist

2 months ago

Edinburgh, Edinburgh, United Kingdom NatWest Full time
Job Description

About the Role

We are seeking a highly skilled Model Risk Officer to join our team at NatWest. As a key member of our risk management team, you will be responsible for undertaking quantitative validation of credit models and ensuring that models are managed within the requirements of our model risk policy and risk appetite.

Key Responsibilities

  • Validate and review models used within the group to ensure they are managed within policy and appetite.
  • Support the delivery of bank-wide policy and mandatory procedures for the governance and control of model risk.
  • Work closely with the team to design and roll-out a bank-wide risk appetite approved by the bank's executive and cascaded to businesses, functions, and legal entities.
  • Assist all areas in having appropriate governance and minimum standards in place to enable each area to report and manage their model risk and remain within their executive's risk appetite.
  • Work across all asset classes to effectively and proactively support model risk with the management and remediation of its internal and external audit issues.

Requirements

  • Significant experience of model validation or model development of credit risk models such as IRB, IFRS9, Stress Testing, and Scorecards.
  • Strong understanding of the financial industry, more specifically, model-related regulatory requirements.
  • Prior project management experience with a demonstrated ability to establish a clear direction and set and track objectives.
  • Problem-solving, analytical skills, and the ability to develop effective relationships and communicate with and influence senior management.
  • Extensive model development or validation experience.
  • The ability to code in Python or a proven record of coding in other languages.
  • Knowledge of key model risk regulation relevant for credit models, such as SS1/23 and CRR.
  • Financial acumen and the ability to understand model risk in the context of the bank's assets, business lines, platforms, regions, markets, regulations, and stakeholders.
  • Expert knowledge of policy management and control processes across multiple lines of business.
  • Experience writing and proof-reading papers of sufficient quality to be submitted to regulators and auditors.
  • The ability to work closely with senior team members to deliver outcomes consistent with industry-leading practices.