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Senior Manager, Independent Model Review is a member of a quantitative team that is providing second line of defence for HSBC’s model risk. Model Risk Management, led by Chief Model Risk Officer, comprises of five key activities, including Model Risk Governance (MRG), Model Risk Stewardship, Regulatory Standards and Quality Assurance, Independent Model Review (IMR) and Model Risk Infrastructure. Independent Model Review provides independent challenge of a model’s underlying theoretical assumptions and limitations, its practical implementation, its live application and business usage, providing stakeholders with assurance that models and tools developed, maintained and used within HSBC Group are fit for their intended purposes.
Here’s what you can expect:
• Independently reviewing and validating models and methodologies used in wholesale credit risk areas across regions, businesses, and functions within the bank through different types of validation activities such as initial model reviews, annual model reviews, ongoing monitoring results review, management of action items or validation outcomes.
• Documenting validation results and demonstrating effective challenges through evaluation of conceptual soundness of the model design, evaluation of developer testing and independent testing; assessing whether the models are fit for the intended purpose and compliant with internal and regulatory expectations.
• Liaising with 1LOD and other model stakeholders as appropriate to ensure model reviews and model risk findings are adequately resolved.
• Communicating across technical quantitative, business and strategic levels to ensure that stakeholders understand the implications of the identified model risks.
• Provide support to members of the Independent Model Review teams and wider Model Risk Management team across the bank.
• Interaction with model developers to obtain evidence as part of model review work.
• Interaction with model owners (and other relevant model stewards) to coordinate model reviews and to report and discuss key findings.
For this role, HSBC targets a fixed pay range between $173,900 and $225,000 .
The final fixed pay offer will depend on the candidate and a number of variables, including but not limited to, role responsibilities, skill set, depth of experience and education, licensing/certification requirements, internal relativity, and specific work location.
At HSBC, our overall goal is to provide a competitive Total Reward Package, with an appropriate mix of fixed pay, and variable pay, as part of an employee’s overall total compensation and benefits. Variable pay generally takes the form of discretionary, annual awards (sometimes referred to as a “bonus”). Additionally, HSBC offers a wide range of competitive and flexible benefits designed to help you improve your health and well-being, finances, and lifestyle.
Requirements
Employment eligibility to work with HSBC in the U.S. is required as the company will not pursue visa sponsorship for these positions.
• Degree in a quantitative discipline like Financial Mathematics, Statistics, Econometrics, Quantitative Finance, Engineering or Physics
• Experience with some statistical modelling software / programming language e.g. Python, SAS, R, Matlab, C++, VBA. Business/risk knowledge:
• Broad background and deep understanding in wholesale credit risk management, understanding of Global Banking commercial lending business, as well as financial and accounting principles and concepts.
• Product knowledge: Solid understanding of wholesale commercial lending products in banking books.
• Familiarity with validating CECL and understanding of regulatory guidance such as FRB’s Guidance on Model Risk (SR11-7), and the regulatory rules in wholesale Basel capital models.
• Strong communication skills including ability to prepare high quality reports to document technically complex validation results. Ability to present complex statistical concepts and results to non-technical audiences in a compelling and persuasive manner.
As an HSBC employee, you will have access to tailored professional development opportunities to ensure you have the right skills for today and tomorrow. We offer a competitive pay and benefits package including a robust Wellness Hub, all in a welcoming, diverse and inclusive work environment. You will be empowered to drive HSBC’s engagement with the communities we serve through an industry-leading volunteerism policy, a generous matching gift program, and a comprehensive program of immersive Susta
Location: Jersey City, NJ
Posted: Oct. 17, 2024, 9:35 p.m.
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