Business Unit: Independent Model Validation
Salary range: circa £70,000 per annum DOE + red-hot benefits
Location: UK Remote (the IMV team tries to get together twice a year at different VM Hubs)
Contract type: Permanent
Be the voice we need. Live a life more Virgin.
Our Team
The Independent Model Validation (IMV) team is responsible for providing ongoing, independent, and effective challenge to model development and use to ensure models are, and remain, suitable for their intended purpose. IMV has also been tasked with providing risk assurance on model risk controls, namely the processes and procedures to help manage, control or mitigate model risk across all stages of a model's lifecycle.
What you'll be doing
- Develop and deliver a relevant, dynamic, high quality and value-adding assurance plan by focusing on areas of interest across the model lifecycle.
- Coordinate the monitoring and reporting on delivery of the annual risk assurance plan, produce high quality and informative reports, escalate any concerns in relation to delivery as appropriate.
- Communicate outcomes of risk assurance activities, inputting high quality insight and reporting at all levels, including relevant senior committees (e.g. Executive/ Board Risk Committee)
- Proactively analyse themes and trends from completed reviews, making recommendations for enhancements, and identify control weaknesses through Ongoing Assurance activity.
- Build and manage strong, effective relationships with key stakeholders at all levels across the group, particularly Model Risk and Analytics teams, Internal Audit, Operational Risk, Compliance, Enterprise Systems and the wider Risk function, and engage those stakeholders on assurance delivery, risk management and the control environment.
- Undertake all people leader responsibilities including conducting Quarterly check-ins, setting and monitoring progress against team and personal goals, identify and address any instances of non-compliance or performance that is not in line with expected quality and standards.
- Maintain awareness of industry best practice developments and technical developments (where appropriate) that influence the regulatory and control-related operating environment.
We need you to have
- A university degree (undergraduate or postgraduate) in Finance, Risk Management, Accounting, Forensic Sciences, preferably with a relevant professional qualification in risk management or audit, or equivalent demonstrable experience.
- Comprehensive knowledge of model risk management, the model lifecycle and the key risks and associated controls across all stages of models.
- Proven substantial experience of working in a compliance, model risk or audit function (with a model specialisation preferably), or first line assurance function.
- Substantial experience of delivering reviews to sometimes challenging timescales with agreed resources to a high standard of writing.
- Track record of building relationships with a variety of stakeholders including those outside of direct area of influence and influencing at a senior management level.
- Demonstratable experience of delivering a high standard of written and verbal communications.
It's a bonus if you have but not essential
- Detailed knowledge of either model development, validation, implementation or monitoring across different model types (e.g. IRB, IFRS 9, pricing, AI/ML, climate change).
- Knowledge of the UK's regulatory landscape regarding model risk and its management.
- Broad knowledge of risk management disciplines and the three lines of defence model.
Red Hot Rewards
- Generous holidays - 38.5 days annual leave (including bank holidays and prorated if Part–Time) plus the option to buy more.
- Up to five extra paid well-being days per year.
- 20 weeks paid, gender-neutral family leave (52 weeks in total) for expectant parents and those looking to adopt.
- Market-leading pension.
- Free private medical cover, income protection and life assurance.
- Flexible benefits include Cycle to Work, wellness and health assessments, and critical illness.
And there's no waiting around, you'll enjoy these benefits from day one.
Feeling insatiably curious about this role? If we're lucky to receive a lot of interest, we may close the advert early and would hate you to miss out.
We're all about helping you Live a Life More Virgin, so happy to talk flexible working with you.
Say hello to Virgin Money
We're making great strides towards achieving our ambition of becoming the UK's best digital bank. As a full-service digital bank with a heritage stretching back over 180 years, we're a workforce to be reckoned with, and we're putting the full power of our experience behind disruptive ideas that reinvent the role a bank plays in people's lives. We're customer-obsessed and work tirelessly to deliver on our purpose, ‘Making You Happier About Money.' This means we're able to do banking differently, and by innovating and working together we can make a real difference by creating memorable moments and red-hot experiences for our millions of customers. Join us and Live a Life More Virgin that empowers you with choice and flexibility in how you work.
Be yourself at Virgin Money Our purpose is to make people happier about money, this means seeing and feeling the world as our customers do by creating a workforce that reflects the rich diversity of our customers and communities. We're committed to creating an inclusive culture where colleagues feel safe and inspired to contribute, speak up and be heard.
As a Disability Confident Leader, we're committed to removing any obstacles to inclusion. If you need any reasonable adjustments or support making your application, contact our Talent Acquisition team .
It's important to note that there may be occasions where it's not possible to interview all candidates declaring a disability who meet the essential criteria for the job. In certain recruitment situations such as receiving a high-volume of applications, we may need to limit the overall numbers of interviews offered to both disabled and non-disabled applicants.
Now the legal bit
Living A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it), but we'll need you to confirm you have the right to work in the UK.<