HSBC Group

Business: Collateral & Risk

Open positions: 1

Role Title: AVP-GMMO-RVQ GSC’S

Global Career Band: 5

Location: Bangalore

Recruiter Name: Srinivasan S

Why join us?

• OMV team (Ongoing Model Validation) is one of the two functions in MRUD (Margin Requirements for Uncleared Derivatives) under Collateral & Risk domain. MRUD was established in the context of Uncleared Margin Rules (BCBS 261) which came into effect gradually since Sep 2016 following the adoption of the rules by various regulatory regimes, such as HKMA, ESA, US PRA. 
• The rules require HSBC to calculate initial margin using various approaches, most notably ISDA’s Standard Initial Margin Model (SIMM) in order to trade bilateral OTC derivative transactions with counterparties in-scope of the margin rules.
• As a licensed user of ISDA SIMM, HSBC has an obligation to comply with ISDA SIMM model validation requirements.

The Opportunity:

The role is a specialized technical position with a people management layer. This role is expected to take ownership of the service delivery of Ongoing Model Validation, ensure HSBC’s continued regulatory compliance, identify and implement improvements to the process and validation. The role owns the governance framework, making sure issues are escalated and presented to stakeholders clearly, and resolution actions are agreed. The role ensures the team’s operating procedures are fit-for-purpose.

What you’ll do:

• The Ongoing Model Validation (OMV) team is mainly responsible for:
• monitoring, controls, and analytical review including explain of the internal backtesting and ISDA backtesting end-to-end inputs and results at counterparty level
• resolving data quality issues affecting the accuracy of the backtesting results while working with SIMM Model Quant, Product Control and Traded Risk
• managing remediations with affected counterparties to ensure additional margin is calculated as agreed with the counterparties
• enhancing the RNIS (Risk not in SIMM) target operating model and establishing control framework
• working in close collaboration with SIMM Model Quant (Group Risk Analytics), front office stakeholders and CTB (Change the Bank) team to identify, escalate and resolve underlying issues.

What you will need to succeed in the role:

• A degree / qualification in mathematics, finance, accountancy, business management or previous experience in risk management (Market Risk) specifically in VaR process and its variant (i.e. Historical simulations, parametric VaR, full reval)
• Good understanding and experience of financial products especially OTC derivatives (eg. Swaps, Options)
• Good understanding and experience of market risk metrics and measures
• Good understanding and experience of Initial Margin Calculation / SIMM / BCBS 261
• What additional skills will be good to have?
• Proficiency in Python or willing to learn Python
• FRM or CFA certification

Link to Candidate User Guide:

https://hsbchrdirect.service-now.com/nav_to.do?uri=%2Fhrsp%3Fid%3Dkb_article_preview%26sys_id%3D0c6b11641b6a9810cec0553a2d4bcb2a

(Or)

Go to the below link and type “IND GSC : IJP Applicant User Guide” in search bar.

https://hsbchrdirect.service-now.com/hrsp?id=hrdirect_employee_dashboard

You’ll achieve more at HSBC

HSBC is an equal opportunity employer committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and, opportunities to grow within an inclusive and diverse environment. We encourage applications from all suitably qualified persons irrespective of, but not limited to, their gender or genetic information, sexual orientation, ethnicity, religion, social status, medical care leave requirements, political affiliation, people with disabilities, color, national origin, veteran status, etc., We consider all applications based on merit and suitability to the role.” 

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