JOB SUMMARY
· This role is mainly expected to provide extensive and thorough 2LOD oversight of the model risk governance process, in compliance to local regulations and internal risk management framework/policy/standards, for the credit risk models in use for capital calculation, credit loss provisioning, business and risk management.
· In addition, the role carries an extended responsibility in overseeing the appropriateness of the models developed using AI/ML, in accordance with the MAS’ FEAT (Fairness, Ethics, Accountability and Transparency) principles, as there are growing use cases of such models in the bank.
RESPONSIBILITIES
Business
· Assess the potential impact of upcoming credit risk models-related regulations and advise the business impacts.
Processes
· Ensure the IRB models meet the requirements of Basel regulatory compliance established by the Monetary Authority of Singapore (“MAS”) / other relevant authorities.
· Follow appropriate model use approval process (relevant Group/Local Model Assessment Committees and Group/Local Risk Committees).
Risk Management
· Address and track the closure of internal/external audit points, relating to the design and operation of rating process and procedure, the parameterisation process, the use of ratings systems and estimates of IRBA parameters.
· Support Group in Model Risk Management standards/policies implementation.
· Maintain Country Addenda to Group Standards/Policies, where required.
· Provide oversight on model risk management in Singapore Hub’s subsidiaries (or country teams).
· Work closely with country teams to support A-IRB application for regional hub.
· Identify controls for Risk Control Sample Assessment.
Governance
· Coordinate with Group Model Validation for the annual validation of all existing IRB model.
· Coordinate with Group Model Development Team and Model Monitoring Team for assessing and reporting the performance of the models in-use, and quantifying the model overlays, where required.
· Coordinate with country Finance for timely and accurate model overlay assessment and booking, where required.
· Assess potential impact (e.g., RWA, LGD etc…) of the IRB models arising from system enhancements, products launch, policy rollouts, etc.
· Perform User Acceptance Test for the related system enhancements and/or decommissioning of models/scorecards or the related features.
· Act as a key coordinator in organising training on model risk topics, catered to board of directors and senior management of the regional hub.
· Be involved in the final Basel III-reform implementation.
· Be involved in EBA models reform program.
· Be involved in the quantitative impact surveys with regulators.
· Provide Secretariat Support for Hub Local Model Assessment Committee (“L-MAC”).
· Maintain the changes to the Wholesale and Retail Policies and Procedures for tabling to Hub L-MAC.
· Maintain the IRB Governance Framework and ensure adherence to the Standards set out by the Board Risk Committee.
· Prepare, review and challenge materials for submission to the relevant Risk Committees as required.
· Ensure the relevant model documents are submitted to the MAS on time.
· Ensure that all documents are maintained in the Model Inventory Tool.
Regulatory & Business Conduct
· Display exemplary conduct and live by the Group’s Values and Code of Conduct.
· Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct.
· Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
Key Stakeholders
· External regulators
· External auditors
· Group Model Validation
· Group Model Development Team
· Group Model Monitoring
· Group Model Risk Policy & Governance
· Group Internal Audit
· Group Credit Policy and Process
· Country Finance
· Country Credit Risk teams
· Country CFCC
· Singapore Hub’s subsidiaries’ Risk Governance teams
Other Responsibilities
· Embed Here for Good and Group’s brand and values in country.
· Perform other responsibilities in accordance to relevant policies and procedures.
· Compliance to Group and country policies and procedures including local regulations
· Involve in projects and any ad-hoc requests or assignments which may be directed by reporting line manager
Our Ideal Candidate
· 7+ years of experience in Risk management.
· Strong understanding of the IRB models / scorecards across Wholesale and Retail Portfolios.
· Strong regulatory interpretation skills on technical aspects.
· Good understanding of the Credit Risk and Credit data.
· Comfortable to communicate with senior management and other key stakeholders across different risk teams in the bank.
· Ability to present complex information in a succinct manner to senior management.
· Should know SAS / SQL / equivalent aside of having excellent Excel, Word and PPT skills.
· Bachelor’s degree or above in statistics, economics, finance or any other related academic field.
· This is key contributor role which will require very good planning and coordination to deliver timely and high quality.
Role Specific Technical Competencies
· Strong understanding of MAS AIRB requirement
· Credit Risk Models
· IFRS 9 ECL Models
· Some knowledge of Stress Testing
· Good understanding of model risk management
· Analytical and familiar with the Credit Risk and Credit data
· Model development and monitoring experience
· Advanced excel skill
About Standard Chartered
We're an international bank, nimble enough to act, big enough for impact. For more than 160 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents. And we can't wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion. Together we:
· Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do
· Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well
· Be better together, we can be ourselves, be inclusive, see more good in others, and work collectively to build for the long term
In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
· Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations
· Time-off including annual, parental/maternity (20 weeks), sabbatical (12 weeks maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum
· Flexible working options based around home and office locations, with flexible working patterns
· Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits
· A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning
· Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.
· Recruitment assessments - some of our roles use assessments to help us understand how suitable you are for the role you've applied to. If you are invited to take an assessment, this is great news. It means your application has progressed to an important stage of our recruitment process.
Visit our careers website www.sc.com/careers
