Adequate internal model development, independent model validation and effective monitoring are integral components of model risk management in today’s highly regulated financial environment. Within ING we share a strong sense of responsibility for improving the effectiveness of processes that control the risks we are facing as a financial institution. Ultimately, this protects the interests of ING’s external clients.
Corporate Audit Services (CAS) conducts and coordinates audits within the area of Model Risk Management. The Model Risk Audit Specialist will be part of a dedicated Model Risk team, which will support the various audit teams across the world in effectively assessing the components of the model life cycle (design, development, validation, implementation, monitoring) for both regulatory and non-regulatory models.
As a Model Risk Audit Specialist you will be assessing dedicated models as well as covering model risks during product and risk management audits, together with a team of auditors and risk specialists. Your audit procedures will consist of well-known validation and test techniques for both regulatory (e.g. AIRB, VAR/Expected Shortfall, IMM) as non-regulatory models (amongst others application, Pricing/Valuation, IFRS models, Machine Learning/AI). Audit findings are reported including suggestions for improvement and concrete recommendations, and presented to senior management.
Your counterparts in the ING organisation are working in the front office, model development, global analytics, risk measurement and model validation departments. In cooperation, you will challenge them towards developing to industry best practice and new modelling techniques. In addition, you will support developing more advanced analytics driven audits together with the auditors.
Your work environment
As a Model Risk Audit Specialist you will be based in Madrid and part of an international Model Risk audit team (based in Amsterdam and Madrid). This team is part of the CAS Audit Division Risk & Finance. CAS is a highly professional organisation with approximately 20 audit teams across the globe and comprises a diverse international team of around 400 members. Together with your CAS colleagues, you have worldwide coverage on model related audits. International audits are performed as a joint effort between local representatives and (central) model specialists. Working at CAS that you will be operating at the very heart of the ING organisation. This also means that your work has the interest of regulators, external accountants and executive management.
Focus on development and growth
At ING we realise that qualitative growth means that we always have to have the best people in the best positions. That's why we will invest in your personal growth and development. Within CAS this is even more important, in order to stay closely connected to the rapidly changing internal and external environment. We will ensure that you are always up-to-date on the key developments in your area of attention, which allows you to continue improving your performance.
Interesting employee benefits package
This is a full-time position of 40 hours a week in Madrid. ING Bank offers an attractive employee benefits package with excellent secondary labour conditions, that more than meet market conditions:
Strong analytical and communicative skills
A successful candidate should have strong analytical skills and the ability to challenge and improve models and algorithms used within ING. Good communication and presentation skills are strong requirements. The candidate should have a pro-active attitude and a creative mindset. Experience in risk management and or front office is a prerequisite. The ideal candidate will have experience in both development and validation. You are accurate and describe yourself as a team player who is very capable of working in international teams, as well as independently when the task at hand requires. Awareness of risk processes and infrastructure and a strong understanding of risk regulations as well as risk measurement, including regulatory/economic capital calculations is key.
- Have an academic degree and are preferably in the possession of a certification in Risk Management or in Internal Control / Administrative Organisation.
- Have beyond 8 years relevant work experience Artificial Intelligence/modelling within a major bank or financial institution.
- Are fluent in English (fluency in other languages is much appreciated).
- A university degree (MSc or PhD) in data science, artificial intelligence econometrics, mathematics, physics or engineering.
- Keen interest in many aspects of financial modelling.
- Are organisationally sensitive and effective in conflict management.
- Have proven communication, convincing and advisory skills with the ability to work at all levels in the organisation.
- Are persuasive; being able to ‘get people on board’ and ensure necessary buy-in from stakeholders.
- Are willing and free to travel, dependent on the assignments.