Hi All,
Recently a lot of roles are emerging in internal audit that ask for a quant skill set and honestly they pay quite handsome. I am wondering what are the growth opportunities if you are working in a Model Risk team within internal audit. Is there a possibility to transition into a model validation role if you want to later? Some people I have talked to don't consider IA function as a respectable and challenging field. I would appreciate some comments especially from anyone already working in a similar team.
JD of a role that I saw:
The Global Model Risk IA team has a mandate to provide a comprehensive program of audit coverage for the firm's model risk management framework and related controls across all lines of business. As a member of this team, the individual will help to design and implement the model risk audit methodology. The individual will also be responsible for the development and delivery of a risk based IA plan that is executed in accordance with the department's policies and procedures. To successfully deliver this plan, the candidate will need to partner with the department’s business, product and technology audit teams as well as their respective business leaders.
Qualifications and Competencies
•PhD, MSc or equivalent in Finance, Mathematics, Economics or other relevant quantitative science.
•Intermediate level experience in a related role with experience in business, functional and people management, with proven abilities in taking responsibility for issuing to stakeholders high quality deliverables according to strict timetables.
•Specific subject matter expertise regarding technology application control disciplines and a solid business understanding of Model Risk Management concepts, such as model governance, inventory, documentation, validation and use, especially those associated with the use of models for valuation, risk management, decision support and other purposes across all businesses.
•Experience in model risk assurance activities (internal/external audit, independent validation or regulatory environment) would be an advantage.
•Strong knowledge in risk management, quantitative analysis and software applications.
•Intermediate level experience in a related role with experience in business, functional and people management, with proven abilities in taking responsibility for issuing to stakeholders high quality deliverables according to strict timetables.
•Effective negotiation skills, a proactive and 'no surprises' approach in communicating issues and strength in sustaining independent views. This individual must be an articulate and effective communicator, both orally and in writing, with an energetic, charismatic and approachable style.
•Strong interpersonal skills for interfacing with all levels of internal and external audit and management.
Recently a lot of roles are emerging in internal audit that ask for a quant skill set and honestly they pay quite handsome. I am wondering what are the growth opportunities if you are working in a Model Risk team within internal audit. Is there a possibility to transition into a model validation role if you want to later? Some people I have talked to don't consider IA function as a respectable and challenging field. I would appreciate some comments especially from anyone already working in a similar team.
JD of a role that I saw:
Qualifications and Competencies
•PhD, MSc or equivalent in Finance, Mathematics, Economics or other relevant quantitative science.
•Intermediate level experience in a related role with experience in business, functional and people management, with proven abilities in taking responsibility for issuing to stakeholders high quality deliverables according to strict timetables.
•Specific subject matter expertise regarding technology application control disciplines and a solid business understanding of Model Risk Management concepts, such as model governance, inventory, documentation, validation and use, especially those associated with the use of models for valuation, risk management, decision support and other purposes across all businesses.
•Experience in model risk assurance activities (internal/external audit, independent validation or regulatory environment) would be an advantage.
•Strong knowledge in risk management, quantitative analysis and software applications.
•Intermediate level experience in a related role with experience in business, functional and people management, with proven abilities in taking responsibility for issuing to stakeholders high quality deliverables according to strict timetables.
•Effective negotiation skills, a proactive and 'no surprises' approach in communicating issues and strength in sustaining independent views. This individual must be an articulate and effective communicator, both orally and in writing, with an energetic, charismatic and approachable style.
•Strong interpersonal skills for interfacing with all levels of internal and external audit and management.
