Model Monitoring Senior Analyst

Business Unit:  Model Risk & Analytics
Salary range: circa £32,800 -£41,000 per annum DOE + red-hot benefits
Location:  UK Hybrid - London HUB, once per week.
Contract type: Permanent  

Live to challenge the status quo. Live a life more Virgin.

Our Team

Our IFRS 9 and Stress Testing team sits at the core of Model Risk & Analytics. We carry out model monitoring of all the IFRS 9 and Stress testing models across all the portfolios. We report regular model performance updates, model monitoring RAGs, remediations etc. We aim to deliver meaningful insights to various stakeholders and model governance committees.

What you'll be doing

• Monitoring of Credit risk models for Retail and Business portfolios, including IRB, IFRS 9, and stress testing environments. Ensure ongoing model maintenance and compliance with bank standards and regulatory requirements.
• Managing large datasets for monitoring purposes, including data handling and identifying issues/root causes, and preparing remediation plans for both Retail and Non-Retail portfolios.
• Focusing on continuous improvement by identifying and addressing performance issues in existing models, implementing oversight actions, and incorporating learnings to enhance model accuracy and compliance with evolving business and regulatory requirements.
• Independently manage updates to model monitoring, including recalibrations and adjustments to analytical tools. Ensure effective communication of monitoring results and implementation assurance to management.
• Producing high-quality monitoring reports and recommendation papers for governance committees. Clearly communicate key findings and recommendations to non-technical audiences.
• Conducting regular performance monitoring of models to ensure they remain robust and fit for purpose.
• Working closely with credit risk modelling, finance, and business teams to gather insights and feedback for the ongoing monitoring and management of models. Support the operational aspects of the credit risk models team.
• Ensuring ongoing compliance of models with internal and external policies and regulations through robust monitoring processes, appropriate challenge, oversight, and stakeholder engagement.

We need you to have

• Demonstratable strong model monitoring including some model development and/or validation experience in IFRS 9, IRB and stress testing, ideally using SAS and R, and Credit Risk knowledge
• Excellent knowledge of IFRS 9, IRB and stress testing model monitoring in IFRS 9 and IRB environment across a range of Retail / Business credit portfolios with a good understanding of model usage
• The proven ability to make timely and appropriate decisions and take accountability for actions
• Evident capability to build strong networks and relationships with internal and external parties
• Strong communication skills to be able to effectively communicate complex methodologies, processes, and outputs to colleagues with varying levels of subject matter expertise
• The aptitude to actively promote teamwork, collaboration, and respect for others.

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.

Feeling insatiably curious about this role? If we're lucky to receive a lot of interest, we may close the advert early and would hate you to miss out.

We're all about helping you Live a Life More Virgin, so happy to talk flexible working with you.

Say hello to Virgin Money
We're making great strides towards achieving our ambition of becoming the UK's best digital bank.  As a full-service digital bank with a heritage stretching back over 180 years, we're a workforce to be reckoned with, and we're putting the full power of our experience behind disruptive ideas that reinvent the role a bank plays in people's lives. We're customer-obsessed and work tirelessly to deliver on our purpose, ‘Making You Happier About Money.' This means we're able to do banking differently, and by innovating and working together we can make a real difference by creating memorable moments and red-hot experiences for our millions of customers. Join us and Live a Life More Virgin that empowers you with choice and flexibility in how you work. 

Be yourself at Virgin Money
Our purpose is to make people happier about money, this means seeing and feeling the world as our customers do by creating a workforce that reflects the rich diversity of our customers and communities.  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

It's important to note that there may be occasions where it's not possible to interview all candidates declaring a disability who meet the essential criteria for the job. In certain recruitment situations such as receiving a high-volume of applications, we may need to limit the overall numbers of interviews offered to both disabled and non-disabled applicants. 

Now the legal bit
Living A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it), but 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.