Job Advert Details
Business: Collateral & Risk
Open position: 1
Role Title: Ongoing Model Validation AVP
Global Career Band: GCB5
Location (Country / City ): Manila, Philippines
Recruiter Name : Veronica Suarez/ Katrina Agaton
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:
ü monitoring, controls, and analytical review including explain of the internal backtesting and ISDA backtesting end-to-end inputs and results at counterparty level
ü resolving data quality issues affecting the accuracy of the backtesting results while working with SIMM Model Quant, Product Control and Traded Risk
ü managing remediations with affected counterparties to ensure additional margin is calculated as agreed with the counterparties
ü enhancing the RNIS (Risk not in SIMM) target operating model and establishing control framework
ü 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.
Information
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?
ü Proficiency in Python or willing to learn Python
ü FRM or CFA certification
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.”
Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.
***Issued By HSBC Electronic Data Processing (Philippines) Inc. ***
Want To Apply?
- All applicants must have successfully completed their probation period
- All applicants must have met the Behaviour Gateway in the last performance appraisal
- All applicants should have served at least 18 months in their current functional role and department company
- All applicants should inform their respective line manager of their application
- Application form should be submitted via CareerLink along with the current CV
- All the completed applications should be submitted via CareerLink by 11:59 PM on the closing date
- Have not been previously declined for the same post within the last 3 months on the date of submission of their application
- Have not been on ANY form of Corrective Action within the last 6 months from the date of application
Declaring incorrect information in your application (e.g. incorrect performance and behaviour rating; and corrective action status) is considered a SERIOUS OFFENSE based on the HDPP Employee Handbook:
A. Very Serious Offense
"Sec 1. Any acts of dishonesty, which may provide reasonable grounds for the company to lose trust and confidence to the employee, which includes but not limited to the following:
c) Giving false testimony or falsifying any document, records or information or presenting such falsified document, records or information in any study, research inquiry; padding and deliberate overcharging of expenses; tampering with time records; requesting or allowing any individual to log in/out and actually logging in/out any individual.”
Nom du recruteur
Veronica Suarez
Courriel de recruteur
veronica.benz.suarez@hsbc.com.ph