Job Title: Audit Analyst - Models
Location: London, UK (Hybrid)
The Audit Analyst role presents a remarkable opportunity to join a Models Audit team, integral to Group Audit within one of the most established banking groups in the UK. In this position, you will be immersed in a leading-edge audit function, offering exposure to a diverse array of risk modelling, capital assessment, and analytical methodologies across both insurance and banking portfolios.
The successful candidate will leverage specialised expertise to facilitate the execution of risk-based audits, contributing to the realisation of the audit plan. This role involves cultivating a profound comprehension of business priorities, controls, and risks, enabling the furnishing of dependable, autonomous assurance. Additionally, the candidate will collaborate to formulate management actions that fortify the control framework.
● Collaborating seamlessly across the risk/business audit matrix to cultivate a comprehensive grasp of business priorities and risk tolerance pertinent to allocated Audits. Identifying pivotal controls and assessing their design effectiveness will require minimal supervision.
● Conducting testing of pivotal controls for designated Audits to gauge their operational efficacy.
● Spotlighting control deficiencies in allocated Audits and crafting issues and action plans for incorporation into Draft Reports.
● Efficiently completing assigned segments of Audits within predefined time frames, maintaining continuous communication with the Engagement Lead (EL) regarding progress and expediently escalating any issues or concerns.
● Adhering to the Group Audit methodology and standards to pinpoint and deliver high-quality findings, coupled with robust supporting documentation.
● Ensuring that management actions tackle the root causes of findings, while ensuring that all findings are reported, tracked, and substantiated with evidence. This process precedes recommending closure to the EL/Head of.
● Embracing a culture of continuous improvement by supporting change initiatives.
● Inspiring, developing, and fostering collaboration within your team and across the broader function, fostering heightened performance and enduring outcomes.
● Forging and cultivating relationships with stakeholders to educate the business on the control framework, influencing business processes and driving necessary actions for control enhancements.
Knowledge in one or more of the following areas is essential
● Familiarity with the fundamental elements of a model life cycle, alongside associated risks.
● Effective governance and management of model risks.
● Regulatory capital prerequisites within the domains of Insurance or Banking.
● Mastery of statistical analysis and qualitative techniques for model validation.
● Expertise in credit risk modelling, encompassing regression-based models, retail credit risk scorecards, and credit provisioning modelling techniques.
● Proficiency in stress testing and scenario analysis, encompassing both qualitative and quantitative techniques for firm-wide stress testing, as well as a grasp of econometric modelling and forecasting.
● Competence in actuarial and insurance modelling, inclusive of reserving pricing, stress testing, capital and insurance risk modelling.
● Ability to analyse and model market and credit risk, encompassing Value at Risk (VaR) and general risk metrics such as Greeks and stress testing.
● Comprehensive understanding of traded product valuation models across all product categories.
Ideally, candidates will have a strong technical inclination and may be working toward professional qualifications in a quantitative discipline. A pivotal aspect of this role involves evaluating, challenging, and identifying areas for improvement. Consequently, candidates should feel at ease comprehending the underlying methodologies and assumptions of models, as well as their development and application.
In addition to these technical prerequisites, possessing exceptional analytical skills, adeptness in presentation, report writing proficiency, and effective communication capabilities are crucial.
Candidates should demonstrate an interest in and a broader understanding of the business context surrounding models and stress testing. They should also exhibit commercial acumen, swiftly grasping the practical business demands of models, and displaying adaptability in acquiring new or diverse techniques beyond their existing experience.