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Model Governance and Controls Manager - VP/ Vice President
Barclays Capital
London, , United Kingdom
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Description
About Barclays
Barclays is a transatlantic consumer, corporate and investment bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 130,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. Please visit our website here for more information.
Barclays Risk
Barclays Risk is mandated by the Barclays Board with the overall management and oversight of risk management practices group-wide. It operates right across the organisation, and right across the globe to protect Barclays’ financial performance and reputation.
Our Risk professionals have advanced technical skills across a broad range of disciplines. They take the lead in addressing issues including the potential implications of an economic downturn or financial crime, and in advising Barclays’ business leaders in making measured decisions. Through dedicated support services Risk teams make a real difference to Barclays’ business clients by sanctioning loans and investments, and by helping to turnaround their fortunes when they are facing financial difficulties. We also provide peace of mind for Barclays’ Retail customers by protecting their assets and investments, whilst also protecting the transactions of our Barclaycard customers wherever they are in the world.
Model Risk Management
Model Risk Management (MRM) is a new function reporting directly to the Group Chief Risk Officer and responsible for the identification, assessment, monitoring and management of model risk within Barclays.
Model risk is the potential for adverse consequences from decisions based on incorrect or misused model outputs. Models are defined broadly in the Group Model Risk Policy to encompass all methods, systems or approaches that apply statistical, economic financial or mathematical theories, techniques and assumptions to process inputs into quantitative outputs. Models are recorded in the Group Model Database. MRM is currently responsible for approving in excess of 1000 models.
The function covers both the independent validation of Barclays’ models and model governance and controls.
Within MRM, Model Governance and Controls (MGC) is responsible for the establishment of, and conformance with, model risk policies and standards, covering all key areas of the model lifecycle, as well as the management of the key risk framework for model risk. MGC is creating a workflow tool, which will act as a model repository and a reporting mechanism for model risk.
Finally, a specific team is dedicated to model risk compliance in Barclays Bank Delaware.
Overall purpose of role:
The role holder will be responsible for:
• Implementation and maintenance of Key Controls in relation to Model Risk, including responsibility for the Group Operational Risk Controls library inventory for Model Risk
• Design, scheduling and execution of a control testing framework in line with ERMF and Barclays testing standards
• Act as SME to help support the business comply with the requirements of the Model Risk Framework including self-assessment and control testing requirements
Key Accountabilities and Skills required:
Key specific accountabilities
The candidate will be responsible for ensuring that controls are correctly captured and recorded against appropriate risks in the Barclays control library.
The candidate will be a SME in the area of Model Risk and controls; providing support and guidance to Stakeholders across the group; ensuring that the interpretation of requirements is clearly understood by those who are required to complete 1LOD self-assessment and control testing activities.
The candidate will act in a KRO delegate capacity where they will need to review the self-assessment and control ratings against Model Risk controls, reviewing and providing adequate challenge in order for senior management to form an accurate view of the overall Risk position for Model Risk.
The candidate will lead on control testing activities, ensuring that plans are created and schedules maintained to incorporate controls testing for Model Risk in line with testing standards.
The candidate will need to ensure that a robust audit trial of test results, findings and recommendations are maintained.
The candidate will be required to develop and maintain management information to reflect the findings and recommendations identified during testing.
Stakeholder management and leadership.
The candidate must develop and maintain strong relationships with Group Operational Risk, BIA and colleagues across the Barclays group where they have relevant Model Risk control and testing responsibilities.
The candidate must be able to present and articulate Control testing findings to the Model Risk Accountable Executive and other senior leaders across Risk.
The candidate will be required to develop and lead forums and working groups in relation to Model Risk including support of the Key Risk Forum.
Decision making and problem solving.
• Organisation skills: the role holder will need to design and organise testing schedules, plans and execution in an efficient and effective way for the Business. This will require the candidate to design processes that help avoid excessive and complex impact to the team and other stakeholders.
• People management and leadership skills, ability to network internally
• Practical and pragmatic in judgment, analysis and decision making
Your Skills and Qualifications will include
• PC skills - Competence in the use of Excel, Outlook, Word, PowerPoint, Ms Project. VBA would be desirable
• Specific technical skills:
◦ Experience of designing test plans and preferred testing methodology
◦ In depth knowledge of the Group Model Risk Policy and supporting standards
◦ In depth knowledge of regulatory requirements applicable to model risk management
◦ Good understanding of how different exceptions, including breaches, risk events, issues and failed controls contribute to Risk appetite and the operating systems that records them e.g. ORAC
• Team working - Ability to work with and in cross-functional and virtual teams across locations.
• Conceptual thinking – Ability to think strategically and ability to focus on the whole portfolio of MRM activities
• Communication - Strong communication skills with the ability to package ideas and results in a logical, understandable way for both technical and non-technical audiences.
• Quality and Controls– Ability to assess validity of work delivered, provide appropriate challenge and make recommendation where quality or control levels are not acceptable
• Planning and Organisation– Ability to prioritise work in order to maximise value for the business, ability to deliver quickly and under pressure is essential.
• Organisational awareness – Ability to see the ‘whole picture’ and recognise the impact and opportunities of activities across the organisation.
• Proven experience
• A bachelors degree, -preferably a masters degree in a financial or technical field
Purpose and Values
Barclays has a single cross-business Purpose for Barclays and five core Values which underpin it.
Our Purpose is helping people achieve their ambitions in the right way. Put simply this is the answer to the question ‘What is Barclays for?’ and it should guide our every action as employees.
Respect
We respect and value those we work with, and the contribution that they make.
Integrity
We act fairly, ethically and openly in all we do.
Service
We put our clients and customers at the centre of what we do.
Excellence
We use our energy, skills and resources to deliver the best, sustainable results.
Stewardship
We are passionate about leaving things better than we found them.
The Benefits: Our customers deserve the best. The same goes for our employees. That's why at Barclays you'll receive a range of benefits that include a competitive salary and all the tools, technology and support you need to succeed.
Our Culture: Everything we do is shaped by the five values of Respect, Integrity, Service, Excellence and Stewardship. The values inform the foundations of our relationships with customers and clients, but they also shape how we measure and reward the performance of our employees. Simply put, success is not just about what you achieve, but about how you achieve it.
Dynamic working gives everyone at Barclays the opportunity to integrate professional and personal lives, if you have a need for flexibility then please discuss this with the hiring manager.
Barclays is an equal opportunity employer and are opposed to discrimination on any grounds.For more detailed information, please visit our dedicated Diversity and Inclusion site here.