Model Risk Manager
Division - Risk & Compliance Oversight
Team - Risk Operations
Salary - National (Edinburgh and Leeds) ranging from £67,100 to £90,000 and London £73,700 to £100,000 per annum, salary offered will be based on skills and experience
About the FCA
The FCA regulates the conduct of 45,000 firms in the UK to ensure our financial markets are honest, fair and competitive. Follow this link to find out more About the FCA.
The Risk and Compliance Oversight Division (R&CO) performs the second line of defence function in the FCA. R&CO help the FCA identify, assess, and report risks that threaten the FCA's ability to deliver its statutory objectives. The Division is responsible for:
* Defining and owning the FCA Risk Management Framework (RMF)
* Providing ongoing guidance and oversight of risk management across the FCA
* Enterprise-wide risk analysis and reporting
* Delivery of Regulatory Investigations and Assurance
* Compliance Oversight
* Complaints
The Risk Operations department is made up of three teams: Framework, Compliance, and Reporting & Analysis. Together, we are responsible for:
* Establishing and maintaining the strategy for the management of risks impacting the FCA, including the design and implementation of the risk framework and supporting infrastructure.
* Owning the Risk Policy Framework and establishing the standards to be applied by all policy owners across the FCA
* Implementing a consistent reporting and governance hierarchy, owning all risk reporting into risk committees originating from R&CO
* Consolidating risk reporting from across the FCA to produce a single set of integrated risk reports
* Providing knowledge management through the provision of data analysis to support R&CO’s key priorities
* Owning the R&CO annual business plan
* Designing and implementing reporting of the Division’s effectiveness
The Model Risk Management Team is responsible for providing a second line of defence view of FCA models and risk assessments. The team has a wide-ranging view of the modelling landscape across the organisation whilst also being able to dive deeply into the technical details of some models through leading on Model Reviews.
This is an exciting time for the team as we continue to operationalise the oversight for model risk across the FCA and embed the associated behaviours and culture. The work of the team is strongly supported by Executive and Board committees.
What will you be doing?
* Supporting the Head of Department – Operations in Model Risk development, including leadership of approaches to model risk management, assessment, assurance, and insight
* Operationalising model risk management within the organisation by making management practical and implementing key components aligned to the Risk Management Framework
* Work collaboratively for teams across the FCA in the development and embedding of good practices in model management and meeting the requirements set out in the Risk Management Framework
* Inspiring, managing and developing team members to maximise their contribution – manage and motivate performance across the team
* Building and maintaining effective working relationships with colleagues within the team (specifically within Risk Operations, Risk Advisory and DTI AI & Data Management), and across the Division and the FCA, while working under pressure
* Keeping abreast of legal, regulatory, statutory, and internal requirements as well as risk management and control techniques (incident management, etc)
What you will get from the role?
* You will work across first line business areas in the development, implementation, and operation of model risk management. In addition, the team works closely with other R&CO teams to develop the FCA's enterprise-wide view of models and to improve the FCA's risk management tools and methodologies
* Your contribution will support activities to embed model risk management across the FCA, including associated behaviours and culture. The work of the team is strongly supported by Executive and Board Committees, and we report to them regularly on progress and issues
* You will work on a varied set of tasks and deliverables in the team. This includes having the opportunity to lead on important projects shaping the second line view and input into the executive and the board and shaping the organisational approach to risk management
* You’ll also work continuously with colleagues both within R&CO and across the FCA to deliver projects
Which skills are required?
We are a Disability Confident Employer; therefore, disabled people or individuals with long-term conditions who best meet the minimum criteria for a role will go through to the next stage of the recruitment process. (To learn more about the Disability Confident Scheme Click Here)
Minimum
* Demonstrable experience of model risk management, including experience in designing, delivering, and building new tools which can be used cross-FCA to identify and understand key themes and insights
* Demonstrable work experience in conducting assurance activities including model performance reviews, process assurance, technical validation, and thematic reviews
* People management experience - previous experience in managing and mentoring
Essential
* Industry experience or experience across different functional areas of the FCA, i.e., strong awareness of FCA’s regulatory and operational activity, including policy creation, authorisation, supervision, and enforcement.
* Experience of leading activities and/or projects and delivering end to end (including managing project timelines etc), and be comfortable taking responsibility for outcomes and actions, with the ability to work in a changing environment including delivering at pace to tight deadlines
* Demonstrable experience in building and maintaining relationships with stakeholders at all levels, including the ability to promote productive working relationships with other divisions; able to understand others' perspectives while persuasively presenting your own views in order to find mutually agreeable solutions
* Extremely strong interpersonal skills with evidence of team working confidence and credibility as well as being self-motivated with a proactive approach to work; able to use own initiative to identify potential issues and suggest solutions. A flexible approach to the way you work and what you work on, well organised and able to work on several different tasks at the same time credibly with colleagues, senior management and subject matter experts
* Ability to interpret complex policies, procedures, and regulations to enable the development of user-friendly guidelines that encourage risk management practices
* Ability to quickly assimilate and analyse detailed information to form prioritised judgements and identify potential risks
* Excellent written and oral communications skills including the ability to communicate well
* A strong understanding of modelling, data science or AI projects, including their associated risks and potential controls
Our Values & Diversity
We are proud to be an inclusive employer and our ambition is to cultivate a culture for all employees that respects their individual strengths, views, and experiences. We believe that our differences and similarities enable us to be a better organisation – one that makes better decisions, drives innovation, and delivers better regulation.
Within the workplace you will have access to various employee resource groups which aim to promote and achieve a healthy work/life balance and support our diversity ambitions.
The FCA is committed to achieving greater diversity across all levels of the organisation. Given this, we particularly welcome applications from women, minority ethnic, disabled, and neurodivergent candidates for our Manager role.
Benefits of working at the FCA
* 28 days holiday per year plus bank holidays
* Hybrid working (work from home up to 60% of your time)
* Private healthcare with Bupa
* A non-contributory Pension of at least 8%
* Life assurance
* Income protection
We also have a competitive flexible benefits scheme which gives you the opportunity to create a personalised benefits package, tailored to suit your lifestyle.
We welcome applications from candidates who are looking for flexible arrangements. Many of our staff work flexibly including working part-time, staggered hours, and job shares. We can’t promise to give you exactly what you want but we can explore what might work best for both sides.
Application Support
We are dedicated to removing barriers and ensuring our application process is accessible to everyone. We offer a range of adjustments to make your application experience as comfortable and straightforward as possible.
If you have an accessibility need, disability, or condition requiring changes to the recruitment process, please contact your recruiter using the details below and they will be happy to discuss this further with you.
Useful Information and Timeline
* This role is graded Manager - Regulatory
* Advert Closing Date: 18th February
* CV Review/Shortlist: 20th February
* Competency Based Interview: w/c 24th February
* Manager Assessment: w/c 3rd March
Your Recruiter will discuss the process in detail with you during screening for the role, therefore, please make them aware if you are going to be unavailable for any date during this time.
Got a question?
If you are interested in learning more about the role, please contact Louise Nash at Louise.Nash@fca.org.uk
Applications must be submitted through our online portal. Applications sent via email will not be accepted.
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