What are the responsibilities and job description for the Manager, Independent Model Review position at HSBC?
Our purpose - Opening up a world of opportunity - explains why we exist. We're here to use our unique expertise, capabilities, breadth and perspectives to open up 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.
Independent Model Review is a specialist quantitative team and are responsible for carrying out independent validations of HSBC's new and existing business use of quantitative models, to identify and communicate model risk. Model types include, but are not limited to Credit Risk models (Retail and Wholesale), Stress Testing and Scenario Analysis models, Economic Capital models, Financial Crime Compliance models, Pricing models, Traded Risk models and Insurance Risk models. This includes the traditional model types as well as modern approaches such as Machine Learning (ML) and Artificial Intelligence (AI) techniques.
As a Manager, Independent Model Review you will:
- Independently review and (re)validate models and methodologies across regions, businesses, functions and risk types within the bank. The primarily responsibility will be for Financial Crime Compliance models and frameworks which include Anti-Money Laundering (AML), Sanctions, Risk rating and Market abuse surveillance models while supporting other areas such as Retail and Wholesale Credit, Stress testing, Risk-Weighted Assets (RWA) calculation and Risk Strategy as needed
- Utilize industry best practices, advanced modeling techniques, supplemented by expert judgment and qualitative evaluation, to drive a program of validation and independent review that meets the requirements and framework as defined by regional and Group policy and provide credible independent challenge in accordance with the internal and external/regulatory guidelines. This would include assessment of theoretical soundness, assumptions, limitations, consistency, stability, implementation and calibration of models
- Liaison with the First Line of Defense (1LOD) and other model stakeholders as appropriate to ensure model reviews and model risk issues are adequately resolved
- Maintain sufficient consistency of model reviews, fully participate in quality assurance reviews focusing on quality, presentation and consistency of Independent Model Review reports
- Communicate effectively across the modelling community to ensure Model Users and Model Developers understand the implications of their model choices
For this role, HSBC targets a fixed pay range between $123,600 and $185,400.
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.
In compliance with applicable laws, HSBC is committed to employing only those who are authorized to work in the US. HSBC may engage in immigration sponsorship for this position if needed.
Youll likely have the following qualifications to succeed in this role:
- Bachelor's degree in business, mathematics, statistics, engineering, operations research or similar quantitative field plus five years of proven and relevant work experience. Or Master's degree in quantitative Finance, Statistics, mathematics, MBA or related field plus 2 years of proven and relevant work experience
- Experience in modelling and/or validation in financial services preferably focused on financial crime compliance (Anti Money Laundering, Sanctions, Risk rating, market abuse surveillance) and/or credit risk
- Experience with some statistical modelling software / programming language e.g. SAS, Python, R, Matlab, VBA
- Knowledge of financial crime compliance (Anti Money Laundering, Sanctions, risk rating, market abuse surveillance), commercial and retail credit processes
- Understand analytical concepts, risk modelling analysis and statistics including knowledge in advanced modelling techniques such as Artificial Intelligence and Machine Learning
- High level understanding of financial products and processes and regulatory requirements for risk management, model development, validation and capital
#wayup
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 race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran.
