Head of Model Risk Management

1 day ago

Toronto, Canada HSBC Full time

Opening up a world of opportunity.

We're a financial services organization serving more than 40 million customers across the globe through our Wealth & Personal Banking, Commercial Banking and Global Banking & Markets businesses.

We’re here to use our unique expertise, capabilities, breadth and perspectives to open up a world of new opportunities for our customers, our people and our communities.

About Global Functions

HSBC’s Global Functions play a vital role in supporting the bank’s Global Businesses and offer a broad range of career opportunities in areas from Legal, Risk and Finance to Human Resources, Sustainability and Communications. Our operational and functional teams around the world help HSBC’s Global Businesses to operate efficiently and effectively on a day-to-day basis. They also focus on controls and governance to reduce risk and protect the Group’s reputations.

Global Risk is a thriving and expert risk management function supporting HSBC globally with all aspects of risk management. The team actively manages a varied and dynamic range of risk types, including security, fraud, information security, operational, credit, pension, insurance, compliance, regulatory, market, reputation and geopolitical risks.

About the role

HSBC is a globally and systemically important financial institution with assets totally approximately USD 3.4 trillion. Models underpin all key activities of HSBC Group and Model Risk Management is an important and increasing area of strategic and regulatory focus across the world. With continued and increasing focus on the management of model risk within financial institutions, model risk management functions play a key role in setting standards and in the assessment of inherent and residual model risks in increasingly complex and fast moving markets.

Model Risk Management (MRM), part of Global Risk & Compliance, is responsible for providing second line of defence for HSBC’s model risk. Model Risk Management comprises of five key areas, led by the Chief Model Risk Officer:

- Independent Model Review - Independently reviewing and (re)validating models and methodologies across functions and risk types within the bank.
- Model Risk Governance - Setting the firm’s model risk policies and standards as well as ensuring that model risk is managed within the approved tolerance levels.
- Regulatory Standards and Quality Assurance - Providing expertise and partnering to Senior Management for reviewing and decision making, by developing opinions and interpretations of relevant regulatory changes impacting model risk.
- Infrastructure - Providing Global Model Inventory System (GMIS) management, maintenance and user engagement, along with report production and technology enhancements.

The Regional Head of Model Risk Management & Risk Steward is independent of the commercial risk-taking activities of the first line. They will lead efforts to monitor regional compliance within the globally set policies and guidelines for managing risks related to models, and provide advice and guidance to support these policies. This person will also have a strong understanding of local regulatory requirements for model risk. They also challenge the first line to ensure that it’s risk management activities are working effectively.

The role holder is also responsible for final approval for material models on behalf of the region and liaising with the Independent Model Review (IMR) Centres of Excellence to ensure all local validation requirements are met. In addition, this person will lead Model Risk Governance (MRG) activities specifically for their region, working with the Model Risk Governance group level team.

**Responsibilities**:

- The role holder is accountable for leading oversight and engagement with all Regional, Country and Entity level senior stakeholders for model related risk stewardship within the region they are responsible for, ensuring that strong risk management is embedded across businesses and functions, enabling safe growth.
- Review and support the approval of dispensations from Global Model Risk Policy and standards for their region, including local regulatory interpretation.
- Ensure businesses and functions understand and implement the requirements set forth in the model risk policy, standards and controls and ensure this work is tracked and recorded by the global Model Risk Governance Services team.
- Review and approve dispensation requests for the Local Entity Legal Addendum to Model Risk Policy.
- They are responsible for local Model Risk Management reporting and for providing regional input to global reporting where required.
- As the Regional Model Risk Steward, the role holder is responsible for working with Risk & Control Owners to support active model risk management across their region. This includes:

- Oversee the embedding of the Risk Taxonomy & Control Library for Model Risk.
- Providing ongoing oversight and challenge of the 1LOD in embeddin

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