Internal Auditor Model Risk

4 days ago

Johannesburg, Gauteng, South Africa Absa Group Limited Full time
Job title : Internal Auditor Model Risk - WholesaleJob Location : Gauteng, JohannesburgDeadline : April 17, 2025Quick Recommended Links
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Job Summary

  • The Wholesale Model Risk Audit AVP role is responsible for providing assurance that the models within ABSA wholesale are managed in line with the model risk policy and that they are regulatory compliant. This role is responsible for model assurance across various risk types (Credit, Market, Operational, Enterprise) and the models include regulatory capital models, economic capital models as well as IFRS-9.

Job Description

The role requires a technical risk specialist in Internal Audit and is required to provide assurance on (note: this is not an exhaustive list):

  • Prepare audit observations and make sure that they are concise, factually accurate and cover all of the significant issues. The observations must be insightful, address the root causes, and have agreed actions that fully mitigate the risk.
  • Develop an in-depth knowledge of ABSA and the various business areas and use this knowledge to execute on assurance responsibilities.
  • Actively participate in all the audit phases - planning and scoping (identification of risks and controls), fieldwork (execution of design and operating effectiveness assessments) and reporting (ensure audit observations and planned actions are agreed with management for factual accuracy).
  • Ensure delivery adheres to the audit methodology and quality standards.

Relationship and Portfolio management

  • Business Monitoring and stakeholder engagement - Develop and maintain relationships with business (including 1and 2 Line of Defense) and actively monitor the risk profile of the business to inform audit planning, reporting and audit delivery. Support the Combined Assurance effort across the 3 LOD to strengthen the control environment.
  • Provide input into Risk and Committee reporting, clear messaging and impact on the risk and control environment of the business.

Skills and experience

  • Proven understanding of risk and how controls can mitigate those risks
  • Proven experience in model risk assurance activities (internal/external audit, independent validation or regulatory environment) and understanding of risk and/or pricing modeling in the financial industry
  • Excellent statistical and analytical skills and keen to work closely with data specialists to shape audit tests and acquire relevant insights from data
  • Good time management skills and precision in delivery enables you to quickly gain trust and deliver efficiently towards timelines
  • Excellent written and verbal communication and presentation skills required to collaborate closely with stakeholders
  • Advanced understanding of regulatory guidance and requirements around Model Risk management is a must
  • Advanced knowledge of Credit and Traded Risk Models is a must
  • Knowledge of other risk-type models

Education and Experience

  • 3 years' experience in model development/validation or model risk management
  • 2 years of SAS programming experience
  • 2 years' experience in Risk Based Auditing or Risk/Control activities
  • B Degree (Mathematics of Finance, Business Informatics, Statistics, Mathematics)

Education

  • Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)
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