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||Jersey City, NJ
|| Accounting/Auditing, Agriculture, Forestry, & Fishing, Banking, Finance/Economics, Financial Services, Legal, Retail/Wholesale, Quality Control, Research & Development
VP Independent Model Review|
VP Independent Model Review I is responsible for leading reviews of models and critical processes implemented for use within the HSBC North America Holdings (HNAH) legal entity. Reviews are conducted in-line with supervisory guidance on model risk management (OCC 2011-12 / FRB SR 11-7) as well as other applicable internal and regulatory guidelines. The IMR process results in critical analysis to identify model limitations and assumptions in order to produce appropriate changes.
Impact on the Business
- 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 regulation and policy to provide credible independent challenge.
- Assess model development, implementation, use, validation, and governance.
- Model development covers areas such as conceptual soundness, data quality and relevance, and testing.
- Implementation verifies proper execution of the model.
- Use evaluates application of the model.
- Validation assesses monitoring and outcomes analysis, and governance evaluates policies and procedures used in the modeling process, approvals, level of documentation, etc.
Customers / Stakeholders
- Risk, Compliance and Finance
Leadership & Teamwork
- Manage review workload in-line with HNAH IMR policy and procedures.
- Keep updated with industry best practices and changing regulatory environment
- Lead and develop an effective team through communication, performance management, development plans and reward/recognition practices.
- Promote an environment that supports diversity and reflects the HSBC brand.
Operational Effectiveness & Control
- 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 in the review and validation of the local and global economic and stress testing capital models.
- 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.
- Must have comprehensive understanding of the changing regulatory environment, OCC 2011-12/FRB SR 11-7 guidance, Basel II and Basel III guidance, CCAR guidelines, etc.
- Must adapt to the evolutionary nature of the analytical processes used to model increasingly more complex portfolios, products and counterparties.
- Must have a comprehensive understanding of retail credit risk, wholesale credit risk, ICAAP, EWST, economic capital concepts. Applicable Wholesale portfolios include, but not limited to SME, MME, Private Banking, CRE, GBM, along with the full range of product offerings within each business. Knowledge of market risk and counterparty credit risk would be a plus.
- Must be prepared to be called on by GMO to deliver reviews of Global models, in addition to existing local priorities.
- Understanding of AML framework, along with relevant regulations and procedures would be a plus.
- The role is subjected to constant and sustained scrutiny from internal and external auditors and multiple external regulators. Also required to serve on project committees at the HBUS, HNAH, and Global level.
- The role must be able to relate complex financial theory and models to the changing economic environment, and must be able to understand the limitations of models based on historical experience.
- Role is expanding to include models used to estimate Economic Capital, Stress testing, Market risk, Capital management and AML as well as the underlying risk drivers.
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.
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.
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Qualifications & Requirements
- Minimum of six years proven and progressive credit and financial services experience or equivalent, including extensive knowledge and hands-on experience related to model development and management.
- Minimum of a bachelors degree in business, mathematics, statistics, industrial engineering, operations research related fields or equivalent experience; Masters degree preferred for quantitative responsibilities.
- Strong communications, analytical, decision-making, lateral thinking and interpersonal skills.
- Solid understanding of commercial and retail credit processes, including credit risk assessment and systems as well as econometrics, statistics, simulations and credit products.
- Knowledge of complex financial risk modeling and analysis, including credit risk and economic capital.