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Audit Manager - Models

  • Location:

    City of London

  • Sector:

    Accounting & Taxation

  • Job type:


  • Salary:


  • Contact:

    Jamil Yamout

  • Contact email:

  • Job ref:


  • Published:

    9 months ago

  • Expiry date:


Job Title: Audit Manager - Models
Location: London, UK (Hybrid)

The Audit Manager role offers an exceptional opportunity to join a Models Audit team, an integral part of Group Audit within one of the most prominent banking groups in the UK. In this role, you will be immersed in a leading-edge audit function, gaining exposure to a wide spectrum of risk modelling, capital assessment, and other analytical techniques across both insurance and banking sectors.

The Role
The successful candidate will apply their expertise to support the delivery of the audit plan by executing risk-based audits. In doing so, they will develop a profound understanding of business priorities, controls, and risks, providing reliable, independent assurance and proposing management actions to enhance the control framework.

Key Responsibilities

  • Leading and delivering complex audits, ensuring high-quality, independent assurance, and proposing management actions to enhance the control framework as per the agreed plan.
  • Establishing and nurturing relationships with stakeholders to educate the business on the control framework and exert influence over business processes, facilitating necessary actions to improve controls.
  • Collaborating across the risk/business audit matrix to understand business priorities and risk appetite pertinent to assigned Audits. This involves identifying key controls and evaluating their design effectiveness with minimal supervision.
  • Defining, proposing, and conducting testing of key controls for assigned Audits to assess their operational effectiveness, also requiring only minimal supervision.
  • Identifying control deficiencies in assigned Audits and drafting issues and actions for inclusion in Draft Reports.
  • Delivering Audits within agreed time frames, in collaboration with colleagues, and keeping Portfolio Leads (PL) informed of progress while promptly escalating issues and concerns.
  • Applying the Group Audit methodology and standards to identify and deliver high-quality findings, along with robust supporting documentation.
  • Ensuring management actions address the root causes of findings, reporting all findings, conducting follow-ups, and ensuring that management proposals for closure are credible and well-supported by evidence before recommending closure to the PL/Head of.
  • Coordinating the production and collation of team MI and status reports, taking ownership of team-related activities, ensuring the right level of quality, and escalating as necessary.
  • Embracing continuous improvement by supporting change initiatives.
  • Motivating, developing, and fostering collaboration within the team and across the wider function to drive higher performance and sustained results.

The candidate should have knowledge in one or more of the following areas

  • Familiarity with the fundamental elements of a model life cycle and their associated risks.
  • Effective model risk management and governance.
  • Statistical analysis and qualitative techniques for developing and validating models.
  • Credit risk modelling, including regression-based models, retail credit risk scorecards, and the associated Capital Requirements (PD, LGD & EAD), as well as credit provision modelling techniques.
  • Capital modelling and optimisation.
  • Understanding of capital management frameworks and regulatory capital treatments.
  • Expertise in stress testing and scenario analysis, encompassing both qualitative and quantitative techniques for firm-wide stress testing, and knowledge of econometric modelling and forecasting.
  • Proficiency in other banking capital modelling techniques, including concentration risk, interest rate risk in the Banking Book, and modelling risk in pension schemes.
  • Actuarial and Insurance modelling, including reserving pricing, stress testing, capital and insurance risk modelling.
  • Analysis and modelling of market and credit risk, including Value at Risk (VaR) and generic risk measures such as Greeks and stress testing.
  • Familiarity with traded product valuation models across all product categories.
  • Asset liability management.

Ideally, the candidate will have a strong technical orientation, supported by robust academic or professional qualifications in a quantitative discipline. A significant aspect of this role involves reviewing, challenging, and identifying areas for improvement, necessitating comfort in understanding the underlying methodologies and assumptions of models and their development and application.?

In addition to these technical qualifications, a proven track record of delivery is essential. Excellent analytical, presentation, report-writing, and communication skills are crucial.?

Candidates should demonstrate a keen interest in and a broader understanding of the business context surrounding models and stress testing, coupled with a high level of commercial awareness. They should also possess the ability to rapidly comprehend the practical business requirements of models and be adaptable in acquiring new or diverse techniques beyond their current experience.