Job description
Why join us? (Overview of Dept./Function)
Role purpose
Model Risk Management (MRM), part of Global Risk & Compliance, is responsible for providing second line of defence for HSBC\xe2\x80\x99s 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\xe2\x80\x99s model risk policies and standards as well as ensuring that model risk is managed within the approved tolerance levels.
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 regions, businesses and functions.
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 \xe2\x80\x93 Providing Global Model Inventory System (GMIS) management, maintenance and user engagement, along with report production and technology enhancements.
Independent Model Review (IMR), is a specialist quantitative team and are responsible for carrying out independent validations of HSBC\xe2\x80\x99s 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), IFRS9 models, Stress Testing and Scenario Analysis models, Economic Capital models, Financial Vulnerability 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.
Independent Model Review provides independent challenge of a model\xe2\x80\x99s underlying theoretical assumptions and limitations, its practical implementation, its live application and business usage, providing stakeholders (including model users, senior management, audit and regulators) with assurance that models and tools developed, maintained and used within HSBC Group are fit for their intended purposes and are compliant with applicable internal and supervisory expectations.
What you\xe2\x80\x99ll do: (List out Key Responsibilities)
Principal Accountabilities and Responsibilities
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