Head of Model Risk Governance - Director

20 Jan 2020

Global investment bank seeks Director to head up the Model risk Governance team.

Role Purpose

  • Model Risk Management ("MRM") is responsible for providing second line of defence for banks model risk:
  • Set policy, standards and guidelines for managing model risks;
  • Provide advice and guidance to support those policies; and
  • Review and challenge of the first line of defence model risk activities to provide assurance to the Model Risk Steward.
  • The Head of MRM Regulatory Standards & Liaison is responsible and accountable for overseeing adherence to regulatory standards. The main focus of the role will be on UK PRA requirements and expectations, but the role holder will also be required to liaise and coordinate with local MRM teams for local regulatory requirements.
  • Provide expertise and partnering to Senior Management for reviewing and decision making by developing opinions and interpretations of relevant regulatory change impacting model risk
  • Review, challenge and provide guidance for regulatory model submissions and other model risk related regulatory papers to promote and assure quality and regulatory compliance.
  • Responsible for management and oversight of MRM's direct regulatory interactions. Liaise with regulators on model risk related matters and partner with internal stakeholders to ensure alignment and consistency in direct interactions with regulators on MRM matters.

Key Accountabilities

  • Discovery/horizon scanning and interpretation of all relevant regulation impacting bank's use of models. Generate and maintain library of relevant regulations. Document and maintain independent MRM interpretations of all relevant regulations to ensure effective and efficient challenge and review of model development. MRM must remain independent, but should be proactive in developing interpretations of regulatory changes, and developing the bank 'house view' to minimise the risk of divergent interpretations.
  • Provide interface between regulations and updates into policy, both ensuring regulatory change is reflected in policy and that policy change is consistent with regulation.
  • Act as model risk regulatory SME; provide in-house consultation and advisory on new and changed global model regulation; provide advice in collaboration with Functional Heads and other experts; maintain a library of opinions and serve as the first port of call for guidance.
  • Build on existing senior stakeholder update communications and develop communications on key regulatory updates for a broad population MRM staff and other stakeholders.
  • Senior management support on regulatory matters - provide direct support, based on expertise on reporting and QA on regulatory submissions, as well as confirmation that regulatory requirements are being suitably addressed.
  • The job holder will be required to:
  • Manage multiple senior stakeholder relationships at global level, working closely with C-suite population on regulatory communication and interpretation of regulatory change
  • Liaison with regulators on model risk related matters
  • Enhance model risk management and understanding across global businesses and functions

Knowledge & Experience / Qualifications

  • Experience
  • Significant experience of model risk management, model development and regulatory approval, model review (including TRIM) for credit risk, counterparty credit risk and market risk models
  • Significant experience of regulatory interaction and communication, ideally having previous responsibility for direct interaction with regulators
  • Significant experience of managing senior stakeholder and external communications
  • Significant knowledge and expertise of relevant regulations and current regulatory changes, ideally having previous responsibility for developing and providing regulatory interpretations
  • Strong leadership, matrix management skills
  • Proven ability to develop strong networks with key stakeholders at all points in the global matrix, creating an ability to execute task at hand with minimum conflict
  • Experience of working in a banking environment and change projects

Morgan McKinley is acting as an Employment Agency and references to pay rates are indicative.


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