Job Advert Details
Some careers shine brighter than others.
If you’re looking for a career that will help you stand out, join HSBC, and fulfil your potential. Whether you want a career that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.
Your career opportunity
Model Risk Management (MRM) at HSBC is structured as a global function, headed up by the Chief Model Risk Officer (CMRO). The MRM function reports directly to the Group Chief Risk and Compliance Officer (GCRCO) ensuring its independence from the model developing and owning areas of the firm.
MRM are the second line of defence (2LoD) for Model Risk and the CMRO is the global Model Risk Steward for the group and is also accountable for the global operation of the MRM function. MRM teams are based in each region, to ensure local subject matter expertise and to guide, review, and challenge. MRM activity is managed on a global basis as many models are used in multiple locations. This enables MRM to operate consistently and efficiently globally, and to take account of additional local regulatory requirements.
Independent Model Validation is a specialist quantitative role within the Model Risk Management team responsible for carrying out independent validations of HSBC’s model landscape, to identify and communicate model limitations and issues. This role is part of the BS&PnL validation team.
Independent Model Validation provides independent challenge of a model’s underlying theoretical assumptions and limitations, its practical implementation, its live application and business usage, providing stakeholders (including model users, senior management, audit and regulators) with assurance that models and tools developed, maintained and used within HSBC Group are fit for their intended purposes and are compliant with applicable internal and supervisory expectations. They will also review remediation plans and activities, undertake portfolio level reviews across model types and challenge the model owners on the appropriate application of relevant policy of models.
Model types include but are not limited to Credit Risk models (Retail and Wholesale), IFRS9 models, Stress Testing and Scenario Analysis models, Economic Capital models, Financial Vulnerability models, Pricing models, Traded Risk models, Insurance Risk models and models covering non-financial areas e.g., transaction monitoring, customer selection and human resources. This includes the traditional model types as well as modern approaches such as machine learning (ML) and artificial intelligence (AI) techniques.
What you’ll do
- Independently reviewing and (re)validating models and methodologies across regions, businesses, functions and risk types within the bank. The primarily responsibility will be for Balance Sheet and Profit and Loss models.
- Utilizing industry best practices, advanced modelling techniques, supplemented by expert judgment and qualitative evaluation, to drive a program of validation and independent review that meets the requirements and framework as defined by regional and Group policy and provide credible independent challenge in accordance with the internal and external/regulatory guidelines. This would include assessment of theoretical soundness, assumptions, limitations, consistency, stability, implementation and calibration of models.
- Providing written reports detailing the results of validations highlighting issues identified during the validation.
- Liaising with 1LOD and other model stakeholders as appropriate to ensure model reviews and model risk issues are adequately resolved.
- Maintaining sufficient consistency of model reviews, fully participate in quality assurance reviews focusing on quality, presentation and consistency of Independent Model Review reports.
- Effective communication across the modelling community to ensure Model Users and Model Developers understand the implications of their model choices.
- Driving coherence of IMR approach across relevant regions and risk categories.
- Co-operative relationship with model owner and developers to enhance HSBC’s model landscape via constructive dialogues.
What you need to have to succeed in this role
- Master’s or PhD degree in a quantitative discipline like Financial Mathematics, Statistics, Econometrics, Quantitative Finance, Economics or Engineering and 4+ years of proven and relevant work experience.
- Experience in modelling and/or validation in financial services, familiarity with model lifecycle, especially aspects considered during model development and validation of the model.
- Experience with statistical modelling software/programming languages (e.g., SAS, Python, R, SQL, VBA).
- Knowledge of Balance Sheet and Pre-Provision Net Revenue (PPNR) landscape and modelling/validation processes.
- Strong analytical skills, deep understanding of statistics, analytical concepts, and risk modelling (Stress Testing and Scenario Analysis).
- Understanding of financial products, processes, and regulatory requirements for risk management (SS3/18 and CCAR).
- Proficiency in MS Word and Excel.
- Experience in presenting validation conclusions and recommendations to Senior Management.
What we offer
- Competitive salary
- Annual performance-based bonus
- Additional bonuses for recognition awards
- Multisport card
- Private medical care
- Life insurance
- One-time reimbursement of home office set-up (up to 800 PLN).
- Corporate parties & events
- CSR initiatives
- Nursery discounts
- Financial support with trainings and education
- Social fund
- Flexible working hours
- Free parking
If your CV meets our criteria, you should expect the following steps in the recruitment process:
- Online behavioural test (for external candidates only)
- Telephone screen (for external candidates only)
- Job interview with the hiring manager
We are looking to hire as soon as possible so don’t wait and apply now!
You'll achieve more when you join HSBC.
We thank all interested candidates for their applications. We reserve the right to contact only selected candidates.
In case you would like to resign from participation in recruitment process or withdraw previously sent to us application, please email us at: krakow.recruitment@hsbc.com