Head of Audit

JOB TITLE:
Head of Audit - Models

SALARY:
£124,653 - £181,610 (Dependant on location)

LOCATION(S):
London, Bristol & Edinburgh

HOURS:
Full-time

WORKING PATTERN:
Our work style is hybrid, which involves spending at least two days per week, or 40% of our time, at one of our location hubs (Bristol, London or Edinburgh)

About this opportunity

This Head of Audit role is an excellent opportunity to lead the Models Audit team, part of Group Audit. You'll work within a leading Audit function and gain exposure to a wide range of risk modelling, capital assessment and other analytical techniques across our banking and insurance businesses

You'll build trust, respect and confidence among colleagues across the function to foster strong relationships and higher levels of collaboration, including management of a team. Proactively identifying areas to add strategic and sustainable value for the organisation and for our customers.

The work you'll be doing:

• Lead and develop your team
  as a Development Manager, fostering career growth and building capabilities through focused conversations and coaching.
• Translate sophisticated modelling concepts
  into clear, relatable insights for senior stakeholders and regulators, ensuring audit outcomes are well understood and impactful.
• Connect model risk to business strategy
  , identifying key priorities and drawing meaningful links between model risk management and operational outcomes.
• Own and evolve the audit coverage strategy
  for the model risk universe, ensuring it remains relevant, risk-focused, and clearly articulated.
• Drive integrated audit thinking
  , collaborating across business and functional audit teams to ensure comprehensive coverage of model risk.
• Deliver high-quality audits
  that are timely, risk-based, and aligned with regulatory expectations-providing challenge, direction, and support to your audit team.
• Be a trusted partner
  to business stakeholders and audit delivery teams, sharing insights and helping land key messages effectively.
• Make authoritative recommendations
  that are technically sound and professionally robust, with both short-term and long-term impact on the business.
• Strengthen the team's model risk capability
  , building a market-leading function that delivers valued insights through expertise, data analytics, and innovative audit approaches.
• Shape and implement the strategic vision
  for the Models Centre of Excellence, ensuring it drives excellence and innovation in model risk auditing.

Why Lloyds Banking Group

Like the modern Britain we serve, we're evolving. Investing billions in our people, data and tech to transform the way we meet the ever-changing needs of our 26 million customers. We're growing with purpose. Join us on our journey and you will too

What you'll need:

You'll ideally be very technically oriented, so strong academic qualifications in a quantitative discipline are crucial. An important part of the role is to review, challenge and identify areas of improvements. You'll therefore be comfortable understanding the underlying methodologies and assumptions of models and their development and use.

As well as these technical requirements, it is key that you also possess good consistent track record of delivery and leading a team. Excellent analytical, presentational, report writing, and communication skills are essential, specifically:

• Understanding of internal audit approaches, audit universe, and how to design auditable entities to allow clear articulation of ongoing audit coverage strategies.
• Ability to produce concise and impactful audit opinions in board papers, audit reports and provide guidance to team member to produce effective working papers.
• In-depth knowledge of the model life cycle, and their associated risks.
• Effective model risk management and governance and a understanding of model risk principles for sound model risk management (SS1/23, SR11/07 & SS3/18).
• Knowledge of capital management frameworks and regulatory capital treatments (CRR, SS3/24, SS4/23, FRTB, Basel requirements & Solvency II).
• An understanding of traditional AI, machine learning, and Generative AI models, risks, and approaches to validate these models.
• Statistical analysis and qualitative techniques for developing and validating models; ideally in one of the following areas:
• Credit risk regression based models, e.g. retail credit risk scorecards, PD, LGD & EAD, credit provision modelling techniques;
• Stress testing and scenario analysis, including qualitative and quantitative techniques for firm wide stress testing, and knowledge of econometric modelling and forecasting;
• Analysis and modelling of market risk (VaR) and traded products valuation (all product types);
• Asset liability management, knowledge of ALM models and systems;
• Compliance and other operational management models (e.g. AML, fraud, AI & ML);
• Liquidity stress testing and capital stress testing;
• Insurance actuarial models such as insurance product pricing models, assumptions setting and risk calibration for longevity risk and other Internal Model components.

About working for us

Our focus is to ensure we're inclusive every day, building an organisation that reflects modern society and celebrates diversity in all its forms. We want our people to feel that they belong and can be their best, regardless of background, identity or culture. We were one of the first major organisations to set goals on diversity in senior roles, create a menopause health package, and a dedicated Working with Cancer initiative. And it's why we especially welcome applications from under-represented groups. We're disability confident. So, if you'd like reasonable adjustments to be made to our recruitment processes, just let us know

We also offer a wide-ranging benefits package, which includes:

* A generous pension contribution of up to 15%

* An annual performance-related bonus

* Share schemes including free shares

* Benefits you can adapt to your lifestyle, such as discounted shopping

* 30 days' holiday, with bank holidays on top

* A range of wellbeing initiatives and generous parental leave policies

If you're excited by the thought of becoming part of our team, get in touch. We'd love to hear from you.