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||Arlington Heights, IL
|| Accounting/Auditing, Computers, Software, Finance/Economics, Financial Services, Information Technology, Military, Retail/Wholesale, Executive Management, Quality Control, Research & Development
Analyst, Independent Model Review|
Conduct and support the validation and independent review of Risk and Markets models. Provides independent assurance that the covered models are fit for purpose. The second line of defense in Model review independently assesses whether the models are fit for their stated purpose, including proposals for remediating weaknesses and strengthening model performance.
Impact on the Business
- Review and provide quantitative assessment on the models including their theoretical soundness, assumption, limitations, consistency, stability, and calibration. Model risk assessment is the focus.
- Maintain sufficient independence from the development, implementation and management of the risk and capital tools/ systems so as to remain unbiased and independent as defined and required by the regulations.
- Support to validate and review all local risk and markets models and analytical tools used in the estimation of the risk parameters which support the economic capital, stress testing and capital plan estimates, credit reserves (inclusive of derivatives), relationship pricing and profitability.
Customers / Stakeholders
- MOC committees, including HNAH MOC, GM MOC, HNAH ValCom, WCMR, Finance RCRC, etc.
- Internal Audit
- External Audit/Regulators
- Model Owners
Leadership & Teamwork
- 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
- Be an effective team player through collaboration, providing support, communication, initiative etc practices.
Operational Effectiveness & Control
- Cost-efficient related IMR Function
- Stewardship across relevant area, driving consistency where appropriate and allowing for flexibility where necessary
- Stewardship over all related regulatory and compliance matters and the management of operational risk.
- To implement the Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
- Complete other responsibilities, as assigned.
- The principal challenge of the role is to provide constructive feedback to model owners and developers within a highly skilled, quantitative environment, and to constantly re-balance changing and challenging external / regulatory expectations and internal business needs.
- Broad role encompassing all Global Functions and Global Businesses and risk categories as well as a wide range of local and FCA regulatory requirements.
- Utilize industry best practices, advanced modeling techniques, supplemented by expert judgment and qualitative evaluation, to help drive a program of validation and independent review that meets the requirements and framework as defined by local and Group policy and provide credible independent challenge.
- Conduct & support the validation and independent review of Risk models, Economic capital models, Stress testing models, AML and sanctions models, RWA calculator, Risk Strategy models and fraud and operational risk models and Broker dealer reporting framework in accordance with the internal & external/regulatory guidelines.
- Support to validate AML compliance models in line with regulatory guidance and industry best practices.
- Provide support to review methodology and framework of HNAH RWA calculation process for appropriateness and conceptual soundness.
- Provide support to review the appropriateness and relevance of the assumptions used to support the framework.
- Analyze, design and execute a comprehensive and granular program of backtesting and benchmarking to support the validation of the risk rating system.
- Markets IMR is a global quantitative team responsible for independent review and approval of the Front Office (FO) models required for official reporting purposes, traded risk models (Market Risk and Counterparty Risk), Balance Sheet Management (BSM) models, Asset Liability and Capital Management (ALCM) Models, and Asset Management Group (AMG) models. The members work closely with Front office, desk quants, risk managers, IT developers, etc.
- Primary job is to assist review and validation of FO, traded risk, ALCM, BSM and AMG models including yield curve models, interest rate models, fixed income product models, derivative pricing models (EM, FX, metals, interest rate, equity, etc), behavioralization models, PPNR models, funding and capital management models, liquidity risk models, currency risk models, asset management models, traded credit and market risk models (VaR, Stressed VaR, IRC, ICVaR, CVA, OCI, OTTI, etc.), and counterparty risk models.
Management of Risk
- Ensure compliance, operational risk controls in accordance with HSBC or regulatory standards and policies; and optimize relations with regulators by addressing any issues. The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
- Physical Demands/Work Environment: Very good working conditions. Little or no physical demands. Minimal handling of light materials. The physical demands/work environment described above are representative of those that must be met by an employee to successfully perform the essential duties of the job. Reasonable accommodations may be made to enable individuals with disabilities to perform essential duties.
- Help prepare HBUS and HNAH to be qualified for Basel AIRB by the established deadline and maintain a strong risk management function.
- Provide analytical support to give feedback in the form of written reports to the Credit Review & Risk Identification team, to the Head of Credit Risk Management and to the Reviewee. Help file copies of all reports with the Chief Risk Officer.
- Keep updated with industry best practices and changing regulatory environment.
- Promote an environment that supports diversity and reflects the HSBC brand. Ensure that Independent Reviews and Validations of Global models specifically address the appropriateness of the models to the local portfolios. Where necessary, augment Global reviews with additional analysis to meet local requirements. As required, participate & help in the review and validation of the local and global economic and stress testing capital models.
Observation of Internal Controls
- Maintains HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators.
- Support Implementation of Group compliance policy locally by containing compliance risk in liaison with the Head of Group Compliance, Global Business Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources and training, fostering a compliance culture and optimizing relations with regulators.
- As appropriate for the role, ensures alignment with regulatory requirements, the Compliance of FIM, HNAH’s BSA/AML Policy, other Group policies and all related policies and procedures.
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Qualifications & Requirements
- Bachelor’s degree in Business, Mathematics, Finance, Statistics, Industrial Engineering, Operations Research, or related filed and 3 years of experience in job or 3 years in related position.
- Three years of credit and financial services experience or equivalent, including experience in advanced economic or regulatory credit risk management, credit risk modeling or wholesale lending, ICAAP, EWST, economic capital, credit audit, credit analysis or equivalent.
- High level knowledge of AML framework and processes.
- High level understanding of commercial and retail credit processes, including credit risk assessment and systems as well as econometrics, statistics, simulations and credit products.
- High level knowledge of financial risk modeling and analysis, including credit risk and economic capital required.
- High level understanding of the changing regulatory environment, OCC 2011-12 guidance, Basel II and Basel III guidance, CCAR guidelines.
- Experience with analytical processes used to model complex portfolios, products and counterparties preferred but not mandatory.
- High level understanding of retail credit risk, wholesale credit risk, ICAAP, EWST, economic capital concepts will be a plus.
- Strong analytical and assessment skills; High degree of problem solving ability; proven mathematical aptitude.
- Strong technical aptitude to include writing code in SAS, SQL etc. Proficiency in MS word and excel required.
- Flexibility to changing requirements and priorities of the business
- Strong organization and follow-up skills; ability to effectively multi-task and prioritize workflow in a high-volume environment; Self starter.
- EMPLOYER WILL ACCEPT ANY SUITABLE COMBINATION OF EDUCATION, TRAINING OR EXPERIENCE.
- Master degree in a quantitative or computational filed (Finance, Maths, Statistics, Physics, Financial Engineering, Computer Science) is strongly preferred. Highly experienced candidates with BS degree will also be considered.
- Strong background in mathematical finance, statistical analysis, and/or derivative pricing models. 0-2 years of quantitative experiences in model development or model validation in the financial industry.
- Must have solid programming skills such as C , C#, Java, SAS, S-Plus, R, VBA, SQL, Python, Matlab, etc. Familiarity with Microsoft Office applications. Leading quantitative platform/system knowledge (such as Summit, Calypso, QRM, PolyPaths, etc.) is a plus.
- Excellent verbal and written communication skills. Must be able to explain complex and/or technical matters clearly, accurately and simply. Need to interact daily with business areas, traders, desk quants, model review team members, market risk and credit risk managers, product controller, and IT developers.
- Organized, detail-oriented and self-motivated. Work hard, smart, productive, business driven, be able to delivery under pressure. Ability to work in a team.
- Regulatory stress testing experience (such as CCAR/DFAST) is a plus.