Business Unit: Group Risk, Model Risk & Analytics
Salary range: up to circa £75,000 per annum DOE + benefits
Location: UK Remote (with the expectation to come together as a team twice a year)
Contract type: Permanent
Our Team
Having solid Model Risk Management frameworks is super important for us to handle the risks that come with using Deterministic Quantitative Methods (DQMs) for our decisions, especially with all the complex regulations and growing expectations from regulators. Plus, with new tech like AI and testing financial realities, such as living costs challenges and lending affordability constraints, the methods’ space is constantly evolving and needs to be managed well.
That's where our team steps in! We provide independent validations and reviews, working with stakeholders across the bank to ensure our method developments are top-notch. We also make sure we stick to frameworks and policies by helping identify and fix any compliance gaps.
What you’ll be doing
Forging and maintaining relationships with key stakeholders within relevant areas to identify, tier and independently validate Deterministic Quantitative Methods (DQMs)
Leading and supporting your direct report(s) covering an array of method types and performing independent validations ranging from high-level diagnostic reviews to deep dives
Independently carrying out validations of key DQMs
Driving innovation, automation and optimisation of team processes in relation to DQMs, while ensuring compliance with a range of regulations
Presenting DQM validation findings at technical forums and relevant governance committees.
Producing necessary Management Information (MI), summary reports and providing committees with regular progress on DQM validations, as required
Providing thought leadership and leading projects relating to innovating, optimising and automating processes used in DQM validations
Influencing frameworks, standards and policies to do with DQM governance, oversight and validation.
We need you to have
Significant experience in developing / validating quantitative risk methods, gained either in Risk (e.g. RWA engine), Finance (e.g. ECL engine) or elsewhere (e.g. affordability calculators)
Substantial knowledge in risk-specific systems (e.g. PowerCurve, Siebel) gained from implementing methods in such systems, validating them or using them to monitor methods and report on outputs
Advanced expertise of at least one programming language, e.g. SAS, R, Python, SQL and expert knowledge of Excel and Visual Basic
Experience in independently validating / reviewing or building financial risk models / methods
Superior written and oral communication skills, with the ability to articulate complex technical concepts to non-technical audiences
Skilled in leading a high-performing team in a fast-paced environment, including effective resource management, positive behaviours and performance coaching to build capability.
It’s a bonus if you have but not essential
Knowledge of Model Risk Management frameworks and associated regulations (e.g. SS1/23, Consumer Duty)
Familiarity with data science processes (e.g. pipelines) and associated technologies
Exposure to range of risk modelling techniques (e.g. logistic and time series regressions and Machine Learning methods, such as gradience boosting, random forests, etc.)
Red Hot Rewards
Generous holidays - 38.5 days annual leave (including bank holidays and prorated if part-time) plus the option to buy more.
Up to five extra paid well-being days per year.
20 weeks paid, gender-neutral family leave (52 weeks in total) for expectant parents and those looking to adopt.
Market-leading pension.
Free private medical cover, income protection and life assurance.
Flexible benefits include Cycle to Work, wellness and health assessments, and critical illness.
And there's no waiting around, you'll enjoy these benefits from day one.
If we’re lucky to receive a lot of interest, we may close the advert early. Please ensure to submit your applications as soon as possible.
Say hello to Virgin Money
Virgin Money is so much more than just a bank. As part of the Nationwide group, together we're the UK's first full-service mutual bank serving millions of retail and business customers and all driven by our purpose; Banking but fairer, more rewarding and for the good of society. With us, you’ll be part of an organisation uniquely positioned to make a difference to the lives of customers, communities and broader society and embark on a collaborative, customer obsessed, and fun-filled career journey. Embrace the weekdays, enjoy fantastic perks, and make a meaningful positive difference. Time to discover what it means to be part of the first mutual full-service banking provider.
Be yourself at Virgin Money
At Virgin Money, we celebrate everyone. We have fun, think big, and relentlessly include each other, all in pursuit of our purpose: Banking – but fairer, more rewarding, and for the good of society. We’re committed to creating an inclusive culture where colleagues feel safe and inspired to contribute, speak up and be heard.
As a Disability Confident Leader, we're committed to removing any obstacles to inclusion. If you need any reasonable adjustments or support making your application, contact our Talent Acquisition team
Please note: If we receive a high volume of eligible applications, we may need to prioritise candidates whose skills and experience most closely align with the role, while still ensuring fair and equitable consideration for all applicants.
Now the legal bit
Although some of our roles allow you to be based anywhere in the UK, we'll need you to confirm you have the right to work in the UK.
If you're successful in securing a role with us, there are some checks you need to complete before starting. These include credit and criminal record checks and three years' worth of satisfactory references. If the role is part of the Senior Manager Regime and Certification Regime, it requires enhanced pre-employment checks – we'll ask for six years of regulatory references, and once in the role, you'll be subject to periodic employment checks
