Internal Audit Manager
3 weeks ago
Internal Audit Manager - Credit Risk (IFRS9 Models)
About The Role:
Support the Head of Internal Audit in delivering internal audit services for a Middle Eastern Bank, specializing in model risk. Evaluate the effectiveness of model risk-related policies, procedures, and controls across credit risk, market risk, and counterparty credit risk models. Provide independent audit assurance on compliance with CBUAE Model Governance and Management Standards. As a manager, contribute to enhancing audit methodologies for improved handling of model risk and regulatory considerations.
Key Responsibilities:
Audit Program Development:
- Develop and execute a robust audit program for model risk management, encompassing model development, validation activities, and ongoing monitoring.
- Ensure alignment with CBUAE Model Management Standards and Guidance, as well as internal policies and procedures.
Model Risk Assessment:
- Identify and assess potential model risks related to credit risk-IFRS9 models, market risk models, and counterparty credit risk models.
- Evaluate model documentation for accuracy and reliability, considering aspects such as model data, parameters, design, methodology, usage, assumptions, and implementation.
Regulatory Compliance:
- Stay abreast of regulatory expectations and changes in the industry's modeling practices.
- Act as a subject matter expert, providing guidance to senior management and business partners on regulatory expectations, model risk policy, and current industry modeling practices.
- Demonstrate sound knowledge of the Basel III Accord, familiarity with Basel IV, or a deep understanding of SR 11-7 regulations, or similar applicable laws and regulations.
- Ability to interpret complex regulatory requirements and apply them to the bank's model risk management framework.
Technical Proficiency:
- Showcase strong proficiency in programming using Python, R, SAS, and/or SQL.
- Utilize programming skills to enhance audit processes and extract meaningful insights from model-related data.
Statistical Modeling:
- Apply experience with statistical modeling techniques to assess model performance and accuracy.
- Work with large and complex datasets, demonstrating a keen understanding of statistical methodologies.
Stakeholder Communication:
- Communicate effectively with senior management, business partners, and relevant stakeholders regarding audit findings, recommendations, and regulatory updates.
- Act as a liaison between internal audit and other departments, fostering collaboration and transparency.
Qualifications:
- 5 years+ experience working in a financial services industry or accounting practice including experience in audit methodology development, or related areas with a focus on model development, model validation, risk management, or related field
- Bachelor's degree in a relevant field (finance, risk management, or related discipline); Master's degree or professional certification (e.g., FRM, CFA) is a plus.
Desired Skills:
While the following skills are highly valued, please don't be discouraged if you don't possess all of them, as we are committed to helping you develop and excel in your role:
- Sound knowledge of the Basel III Accord, familiarity with Basel IV, or sound knowledge of SR 11-7 regulations or similar applicable laws and regulations.
- Strong proficiency in programming using Python, R, SAS and/or SQL
- Strong project management skills, including the ability to lead cross-functional teams and initiatives.
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