Model Risk Management Analyst

Job Introduction

The UK Risk department is responsible for risk control within Handelsbanken plc ensuring there is a comprehensive and objective view of all risks in the Bank’s business operations, providing independent management assurance to the UK CEO that the business is identifying and managing its risks adequately.

The Model Risk Management (MRM) team are responsible for the design and maintenance of the Bank’s Model Risk Management policy and framework, ensuring comprehensive model governance and carrying out model validations and reviews across all the Banks models.

This role offers an excellent opportunity for someone looking to develop a career in model risk management and validation. The MRM Analyst will support the review and validation of both regulatory and non-regulatory models, contributing to the Bank’s broader model risk management activities. Working closely with experienced colleagues, the analyst will help ensure that effective model governance, model inventory management, and related processes (such as recommendations and action plans) are applied in line with the principles outlined in SS1/23.

The role involves collaboration with the quantitative risk team on the annual ICAAP process, stress testing framework, and execution of stress tests across ICAAP, ILAAP, and RRP. The MRM Analyst will also assist with model-related tasks and contribute to quantitative risk analytics across various risk classes, including IRB implementation. 

This is a hands-on role where the successful candidate will gain exposure to a wide range of models and risk types, and will be encouraged to ask questions, challenge assumptions, and grow their technical and regulatory understanding.

Main Responsibilities 

• Operates in line with the Bank's Risk Management Framework (including sub-frameworks) and relevant risk and compliance policies and procedures, escalating any concerns to their line manager in a timely and appropriate manner;
• Assist in the review and validation of models across the Bank’s model inventory, including stochastic models (IRB and non-IRB) and deterministic quantitative methods (DQMs), under the guidance of senior team members;
• Support validation activities for models used in regulatory processes such as ICAAP and ILAAP, with supervision and direction from experienced colleagues;
• Contribute to the ongoing implementation of the Model Risk Management Framework, including model identification, attestation, validation, and monitoring. Help identify areas for improvement or non-compliance with SS1/23;
• Participate in the identification and assessment of model risks across the Bank, helping to ensure they are appropriately documented and monitored in line with the Bank’s risk appetite and policies;
• Assist in maintaining and updating MRM policies, frameworks, and instructions, ensuring they are reviewed periodically by relevant governance committees;
• Support the preparation of materials for the monthly Model Oversight Committee (MOC), including summaries of validation and review work;
• Help report on model risk matters to the Head of MRM and contribute to discussions with stakeholders such as model developers, owners, and users;
• Stay informed about regulatory developments and industry best practices related to model risk, and share relevant insights with the team;
• Help communicate the outcomes of validation activities, including model limitations and uncertainties, to stakeholders and management, with support from senior colleagues.

Ideal Candidate

Research (by Harvard University) shows that women are particularly likely to second guess themselves and not apply - so if you are worried you don't meet all the criteria, get in touch anyhow and let us do the worrying…

• Some relevant experience in financial services, ideally with exposure to model risk, quantitative analysis, or regulatory frameworks. Prior involvement in IRB or other model-related work is beneficial but not essential;
• A basic understanding of IRB regulation (CRR, EBA, PRA) and an interest in developing knowledge of regulatory guidelines and industry best practices for model risk management (e.g., SR11-7, SS1/23, SS3/18);
• Strong analytical and numerical skills, with a willingness to learn and apply quantitative techniques; Educated to degree level in a numerate discipline such as statistics, mathematics, data science, or engineering;
• Familiarity with one or more statistical or data programming tools (e.g., SAS, Python, SQL, R) is desirable, with a willingness to develop technical skills further;
• A proactive attitude and a willingness to take initiative under guidance;
• Ability to communicate clearly and concisely, both verbally and in writing, with support from senior colleagues where needed.

Company Information

Handelsbanken is a relationship bank with a decentralised way of working, a strong local presence thanks to a nationwide network of branches, and a long-term approach to customer relations. Each Handelsbanken branch operates as a local business enabling it to make decisions at a local level and provide a bespoke service. The focus is always on the need of the individual customer and not on the sale of specific products. 

The Bank is deeply committed to embedding good equality and diversity practice into all of our activities. This is so that we are an inclusive, welcoming and inspiring place to work that encourages everyone to apply, regardless of socio-economic background, age, disability, pregnancy and/or parental status, race (including colour, nationality, and ethnic or national origin), veteran status, marital and civil partnership status, religion or belief, sex, gender reassignment or sexual orientation. 

Check our Handelsbanken website for further information

At Handelsbanken, we deeply value our unique culture and values including trust in and respect for each individual. We take pride in nurturing a work environment where people flourish, and where they are empowered to take decisions in their areas of expertise. We take a long term perspective in everything we do and want each employee who joins us to build a long terms successful career with the Bank.  

What is in it for you?

• We have a wide range of learning and development available, empowering and enabling our colleagues to take ownership of their own development. 
• Competitive Salary and an extensive range of benefits is provided, including private medical insurance, income protection and life assurance
• A market-leading pension contribution of 15% paid by the bank, which can be invested in a wide range of funds (including ESG and Shariah funds)

Application next steps

Your journey with us begins once you have submitted your application. One of our Handelsbanken recruiters will be reviewing your details and will later organise a phone conversation if you match the role requirements. If there is a mutual fit, we will extend an invitation for you to participate in an interview.  

How can we support you to be your best self? Our Talent Acquisition team will be happy to provide support e.g. if you need additional time to prepare for an interview or you have any requirements for any part of the interview/hiring process – just let us know by email uk_talent@careers.handelsbanken.co.uk. 

This advert will be live for a minimum of two weeks. However, please note that after the two weeks, the closing date could change at any time depending on the number of responses received.

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