Job Details

Manager - Model Risk Oversight

London, Glasgow City, United Kingdom, £38,800 - £48,000 , Permanent

Posted: 18days ago


Business Unit: Group Risk, Model Risk Oversight
Salary: £38,800 - circa £48,000 depending on experience
Location: Glasgow, Leeds or Newcastle are ideal, but we're flexible
Contract type: Permanent, full time

In our quest to make things better, we never stop looking at how every bit of banking works. We sweat the small stuff, because we know it makes a big difference for our customers. But at the heart of this are our people - who we couldn't do without. Our bold and brilliant colleagues who bring their A game every single day. The question is - are you ready to bring yours?

We need our Risk team to make sure that we are a responsible and safe pair of hands for our customers' and investors' money. We're looking for someone who shares our passion to build a better kind of bank and has the determination to help us be successful in this mission.

As part of the Model Risk Oversight team you'll help to secure the foundations of our business decisions by providing quantitative and qualitative validation across our model suite.

The role is all about…
• Model Validation - validating new and revised models as well as undertaking periodic validations of suites of models.
• With an emphasis on IFRS9 Credit Modelling, Stress Testing or IRB models, but close to all the areas of modelling in the Bank: Credit Risk Models, Pricing Models, Stress Testing, Operational Risk Models, Financial Models.
• Providing statistical expertise to inform the discussions between Model Development and Model Risk Oversight in the model build and model review processes.
• Giving independent assurance to the Bank's Senior Management over the output and use of Models and ensure they are built and operating to internal and external regulatory standards. Where models are less than "fit for purpose", raising appropriate actions to bring about their remediation.
• Applying your insatiable curiosity to manipulate and extract data and carry out actionable analysis from a variety of sources.
• Providing subject matter expertise and owning any query raised by internal stakeholders of all levels including Senior Management.

To be successful you'll need to bring…
• Experience of statistical model building or validation
• Exceptional analytical skills with a good degree in a numerate discipline subject (e.g. maths, statistics, economics etc)
• A passion for data mining
• Excellent data interpretation and presentation skills with the ability to keep the complex simple as you tell the story
• Excellent report writing skills, ideally for a Model Risk Committee or equivalent

We'd like you to have (but not essential)…
• Knowledge of Credit Risk Modelling (including PD, EAD and LGD models). Alternatively, any awareness of the following is super helpful; Financial models, Banking Book Pricing models, Operational Risk models, or Banking Book Stress Testing models.
• Some knowledge of methods such as regression modelling.
• Some knowledge of IFRS9 or Stress Testing regulations, or Basel Capital Requirements with specific reference to credit models.
• Good knowledge of SAS, R or other statistical programming.

The above is our wish list so if you're not ticking all the boxes, still apply as we'd love to hear from you.

RED HOT Rewards
• A generous holiday package and the option to buy more!
• Private Medical Insurance - with the option to extend to family members.
• Pension! A market leading pension - we'll top up your contributions too.
• Flexible benefits - customise your rewards to work for you!

Inclusion at Virgin Money
Inclusion is at the heart of everything we do here at Virgin Money. It's good for you, it's good for us and it's amazing for our customers. We know that great minds don't think alike, so we rely on your diverse thoughts, feelings, beliefs and backgrounds to be the best we can possibly be. Got any questions about this or need some support with your application? We'd love to hear from you so get in touch with our friendly team at or

Point to note…
At the minute, depending on which team you are joining, lots of us are working from home. This is something that may change over time, and if so, we will come together in one of our hub locations, giving you the chance to meet your new colleagues in person. We will of course, make sure you have the IT equipment to access our systems and to interact digitally with your new team and colleagues, but we thought it best to let you know this in advance, so you can make sure you are set up to work safely and productively. If you have any questions on this let us know!

Now the legal bit…
If we offer you a job and you accept, there are some checks we need to complete before you can start with us. This will include a credit and criminal record check, as well as providing 3 years' worth of satisfactory references.

Job Details

London, Glasgow City, United Kingdom
£38,800 - £48,000