Model Risk Governance and Review, VP

Barclays Europe Model Risk Management

Reporting to the Barclays Group Head of Model Risk Governance, Frameworks and Legal Entity Oversight, BE Model Risk Management (BE MRM) supports the Head of Operational Risk and Risk Oversight, Barclays Europe, and the Chief Risk Officer, Barclays Europe, who is the accountable executive for model risk within the entity.

Barclays Europe outsources its model development and its independent model validation to other Barclays Group entities. This introduces model risks specific to the legal entity.  Therefore, as the second-line-of-defence for model risk,  the BE MRM function: (1) maintains the Barclays Europe Model Risk Management Operating Model, providing the framework for the engagement of first- and second-line-of-defence functions with their counterparts in Barclays Group; (2) challenges the Group’s policies and standards appropriateness for Barclays Europe; (3) ensures that the Independent Validation Unit (IVU) provides effective challenge to the entity’s models to ensure that these models are fit-for-purpose;  and (4) provides reporting to senior management through the BE Model Management Committee, a Board-designated Committee.

The Role

The primary function of the role is to review and challenge model validations performed by the IVU to ensure that BE’s expectations are met, work with individual validators to remediate deficiencies in the validation process, and make recommendations to senior management within MRM to ensure that appropriate model validation practices are followed for Barclays Europe.

The role holder will also support, and may take a leadership role for, the BE MRM function across its broader activities.

BE MRM Accountabilities

• Reporting to the BE Model Management Committee, provide oversight of the BE model risk profile, working across BE and Group stakeholders to manage the BE model risk appetite within tolerance;

• Ensuring consistency of application of Group MRM frameworks, policies and standards within BE;

• Review and challenge of model approvals by the Group MRM function to ensure the suitability of models to Barclays Europe;

• Review and challenge MRM Frameworks, Policies, Standards and Procedures to ensure the suitability of models to Barclays Europe;

• Oversight of all outsourced services under the intragroup agreement;

• Engagement with external stakeholders (external auditors, regulators) in respect of the management of Model Risk generally within BE; and

• Oversight of all BE regulatory-model applications and change requests prior to submission to the JST.

Skills & Qualifications

• Technical

  • Solid experience in a statistical model development or model validation role with modelling experience in credit (wholesale, retail) and/or impairment models with aptitude to engage across different model types.

  • Bachelor’s and/or postgraduate degree in a numerate subject such as mathematics, physics, statistics, financial engineering or similar.

  • Expertise with EU regulation of internal models for one or more model types.

• Risk & Controls

  • Integrity, initiative and strong commitment.

  • Strong business and risk judgement. Extensive overall risk management experience.

  • Experience of a mature model governance framework.

• Business Acumen

  • Excellent interpersonal skills with proven track record of engagement with stakeholders beyond the immediate team.

  • Experience of managing and working with complex projects and delivering to tight deadlines.

  • Highly analytical mind with a strong attention to detail. 

  • Track record of constructive engagement with regulatory authorities and supervisors.

Mandatory Additional Requirements

• The role holder will be an employee of Barclays Europe (Barclays Bank Ireland plc) or one of its subsidiaries or branches located within the EU. The role holder will be expected to be located within a Member State of the EU.

• The role holder must be legally permitted to work within the EU.

• The role holder will meet the Central Bank of Ireland’s Fitness & Probity requirements corresponding to the Controlled Function CF2, “Ensuring, controlling or monitoring compliance by a regulated financial service provider with its relevant obligations” (or nearest equivalent if located within an EU Member State other than Ireland).  Refer to part 3 of the Central Bank Reform Act 2010 (Ireland) and its implementing statutory instruments for further details.

You may be assessed on the key critical skills relevant for success in role, such as risk and controls, change and transformation, business acumen strategic thinking and digital and technology, as well as job-specific technical skills

Location: Dublin

This role is regulated by Central Bank of Ireland (CBI) - Controlled Function.

This role is deemed as a Controlled Function role under the Central Bank of Ireland Fitness and Probity Regulations and may require the role holder to hold mandatory regulatory qualifications or the minimum qualifications to meet internal company benchmarks.

Purpose of the role

To design frameworks, provide governance of model risk, controls, infrastructure and reporting as well as providing oversight for compliance of the Model Owner community with the Model Risk Management framework 

Accountabilities

• Development, maintenance and management of a globally consistent model risk framework that complies with the firm’s major regulatory requirements.
• Delivery of model inventory and workflow, including associated data quality & reporting and oversight of Quantitative Processes.
• Assessment of the controls employed by the various areas of Barclays that own models to determine their level of compliance with and implementation of the Model Risk Framework.
• Establishment of the Model risk appetite. Model risk tolerance reports are provided to the respective Group level and legal entity committees where relevant.
• Management of the strategic Validation Center of Excellence, performing independent quality assurance to assess whether validation outcomes are well supported by IVU’s assessment of the model.
• Oversight of regulatory and audit responses and interactions within MRM.

Vice President Expectations

• To contribute or set strategy, drive requirements and make recommendations for change. Plan resources, budgets, and policies; manage and maintain policies/ processes; deliver continuous improvements and escalate breaches of policies/procedures..
• If managing a team, they define jobs and responsibilities, planning for the department’s future needs and operations, counselling employees on performance and contributing to employee pay decisions/changes. They may also lead a number of specialists to influence the operations of a department, in alignment with strategic as well as tactical priorities, while balancing short and long term goals and ensuring that budgets and schedules meet corporate requirements..
• If the position has leadership responsibilities, People Leaders are expected to demonstrate a clear set of leadership behaviours to create an environment for colleagues to thrive and deliver to a consistently excellent standard. The four LEAD behaviours are: L – Listen and be authentic, E – Energise and inspire, A – Align across the enterprise, D – Develop others..
• OR for an individual contributor, they will be a subject matter expert within own discipline and will guide technical direction. They will lead collaborative, multi-year assignments and guide team members through structured assignments, identify the need for the inclusion of other areas of specialisation to complete assignments. They will train, guide and coach less experienced specialists and provide information affecting long term profits, organisational risks and strategic decisions..
• Advise key stakeholders, including functional leadership teams and senior management on functional and cross functional areas of impact and alignment.
• Manage and mitigate risks through assessment, in support of the control and governance agenda.
• Demonstrate leadership and accountability for managing risk and strengthening controls in relation to the work your team does.
• Demonstrate comprehensive understanding of the organisation functions to contribute to achieving the goals of the business.
• Collaborate with other areas of work, for business aligned support areas to keep up to speed with business activity and the business strategies.
• Create solutions based on sophisticated analytical thought comparing and selecting complex alternatives. In-depth analysis with interpretative thinking will be required to define problems and develop innovative solutions.
• Adopt and include the outcomes of extensive research in problem solving processes.
• Seek out, build and maintain trusting relationships and partnerships with internal and external stakeholders in order to accomplish key business objectives, using influencing and negotiating skills to achieve outcomes.

All colleagues will be expected to demonstrate the Barclays Values of Respect, Integrity, Service, Excellence and Stewardship – our moral compass, helping us do what we believe is right. They will also be expected to demonstrate the Barclays Mindset – to Empower, Challenge and Drive – the operating manual for how we behave.