SVP, Independent Model Review, Traded Risk

SVP, Independent Model Review, Traded Risk

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SVP, Independent Model Review, Traded Risk

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Job Description

Our purpose – Opening up a world of opportunity – explains why we exist. Here at HSBC, we use our unique expertise, capabilities, breadth and perspectives to open new kinds of opportunity for our more than 40 million customers. We’re bringing together the people, ideas and capital that nurture progress and growth, helping to create a better world – for our customers, our people, our investors, our communities and the planet we all share.

Model Risk Management (MRM) at HSBC is structured as a global function, headed up by the Chief Model Risk Officer (CMRO). MRM are the second line of defense (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.

MRM is comprised of four key activities:

• Model Risk Governance - Setting the firm's model risk policies and standards, ensuring that model risk is managed within the approved tolerance levels, providing second line assurance on the implementation of policy, and monitoring regulatory developments impacting model risk.
• Model Risk Stewardship - Facilitating responsible development, understanding and use of models and analytics, as well as providing subject matter expertise, advice, guidance, and effective challenge across all entities, regions, global businesses, and functions.
• Independent Model Validation- Independently reviewing and (re)validating models, providing an objective, unbiased and critical opinion on the suitability and soundness of models for their intended use and the accuracy, relevance and completeness of outputs used to inform business decisions.
• Infrastructure - provides specialist technical expertise and are responsible for delivery of infrastructure and reporting capability used across all geographies, business, and functions to support the effective management of model risk.

As our SVP, Independent Model Review, Traded Risk you will:

• Manage model risk in traded risk from end to end from US perspective.
• Represent MRM in US regulatory engagements
• Undertake model validation activities as dictated by the Global Model Risk Policy including the assessment of; model inputs, calculations, reporting outputs, conceptual soundness of the underlying theory and the suitability of the use for its intended purpose, relevance and completeness of data, qualitative information and judgements, documentation, and implementation of the model.
• Exercise quality assurance of global validations and model reviews to ensure they meet US standards and regional regulatory requirements
• Drive US validation projects such as FRTB-SA, SA-CVA, CCAR and model enhancements to Basel 2.5, through close collaboration with the global traded risk validation teams
• Provide written reports detailing the results of validations highlighting issues identified during the validation.
• Validate remediation activities completed by the ILOD to ensure appropriate resolution of identified issues.
• Work with relevant stakeholders to embed new Global Model Risk Policies and Procedures.
• Provide model users, model owners, senior management, audit, and regulators (across 1LOD, 2LOD, 3LOD) with confidence that the models and tools developed, maintained, and used within the Group are compliant with internal and regulatory expectations and fit for the intended purpose.
• Participate at Governance Forums as required.
• Support the interaction with Group Internal Audit on model related audits, MSIIs and audit issues and ensure oversight on the implementation of any audit recommendations.
• Provide model users, model owners, senior management, audit, and regulators (across 1LOD, 2LOD, 3LOD) with confidence that the models and tools developed, maintained, and used within the Group are compliant with internal and regulatory expectations and fit for the intended purpose.
• Help build management, regulatory, and external confidence in all models used across the group.
• Provide functional leadership for a small team of Model Validators operating across geographies and the HSBC matrix.
• Provide support, guidance and coaching to more junior members of the Independent Model Review teams.
• Represent MRM to your key internal stakeholders.
• Contribute to a forward-looking agenda for emerging risks and challenges that MRM and the Bank may face.
• Communicate across technical and business levels to ensure that stakeholders understand how their delivery is aligned with the Bank and MRMs goals.
• Support your team in accordance with the direction set by your functional manager, including the day-to-day management of your direct team members.
• Drive positive Risk culture behaviors including, supporting, guiding and mentoring all colleagues working as part of global virtual teams.
• Contribute to driving improvements in team engagement, maintaining an inclusive environment for all of your colleagues.
• As required, support relevant Transformation Programs within the Group by engaging and assisting in the identification and mitigation of risk.
• As directed, partner with other oversight functions and Internal / External Audit to ensure a holistic view of risk profile, including leading on the delivery and closure of Audit points and Management Self-Identified Issues.
• Ensure delivery of relevant services set out under the service catalogue ensuring consistent implementation across entities, countries and markets, as appropriate.
• Effectively communicate with internal (first line, senior management, audit) stakeholders on risk identification, governance and management
• Drive efficiencies through consistently identifying better ways of working, including standardization under the global framework.
• Ensure appropriate and timely escalations as and when challenges arise.

For this role, HSBC targets a pay range between $171,700.00 and $257,500.00

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

You´ll likely have the following qualifications to succeed in this role:

• Solid knowledge about and skills in traded risk management, modelling and validation with a focus on market risk
• Proven capabilities of managing multiple senior stakeholder relationships within different lines of business and functions and resolving conflicts whilst still being able to independent effective challenges
• Sophisticated managerial skills in coordinating with group teammates to accomplish US deliverables
• Leading experiences in managing regulatory engagements
• Team management experience in coaching junior teammates\
• A good level of knowledge of the relevant regulatory landscape and ability to access the impact of proposed changes in regulatory rules to the bank, especially those pertaining to model risk.
• Knowledge of FO valuation modelling is a plus.
• Hands-on experience with at least 1 programming language e.g. Python (preferred), R, Matlab, Java, C++, VBA.
• Support a multi-locational team of professionals.
• Ability to present complex technical concepts and results to non-technical audiences in a persuasive and compelling manner.
• Team-oriented mentality combined with ability to complete tasks independently to a high-quality standard.
• A change agent who challenges the status quo diplomatically, constructively and positively in order to lead relevant strategies that enable safe growth of HSBC
• Master’s (minimum) or PhD (preferred) degree in a quantitative discipline like Mathematics, Statistics, Econometrics, or other hard science and engineering disciplines.

In compliance with applicable laws, HSBC is committed to employing only those who are authorized to work in the U.S. Applicants must be legally authorized to work in the U.S. as HSBC will not engage in immigration sponsorship for this position.

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 Sustainability and Climate Change Initiatives. You’ll want to join our Employee Resource Groups as they play a central part in life at HSBC, including the development of our employees and networking inside and outside of HSBC. We value difference. We succeed together. We take responsibility. We get it done. And we want you to help us build the bank of the future!

All qualified applicants will receive consideration for employment without regard to age, ancestry, color, race, national origin, ethnicity, disability or medical condition, genetic information, military or veteran service, religion, creed, sex, gender, pregnancy, childbirth, caregiver status, marital status, citizenship or immigration status, sexual orientation, gender identity or expression or any other trait protected by applicable law.

Seniority level

• Seniority level

  Not Applicable

Employment type

• Employment type

  Full-time

Job function

• Job function

  General Business, Management, and Business Development

• Industries

  Banking, Financial Services, and Investment Banking

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