Internal Audit Specialist at FirstRand Corporate Centre

Job Description
Hello future Specialist Model Risk Auditor 

• FirstRand believes that its people are its single most important resource and will not operate in a sector unless it has people who are right for that market and who share FirstRand’s business values. We recruit self-starters who have a passion for what they do. We empower them, hold them accountable and reward them appropriately. We value diversity in our people, particularly for the way that this contributes to innovative thinking. If you think you will flourish in our environment, and you believe you have the necessary skills and competencies for the position advertised, then we are looking for you!

Are you someone who can:

• Plan and execute audit assignments to provide assurance over Model Risk Management, Governance and controls within FirstRand Banking Group. The following are some models frequently reviewed by Group Internal Audit:
• Credit risk models
• Market risk models
• Operational risk models
• Pricing models,
• Liquidity risk models
• Pillar II Risk Models
• Stress testing models
• Regulatory and Economic capital models
• Financial Crime Risk Models
• Insurance risk models
• Climate risk models
• Artificial intelligence and machine learning models
• Investigate key aspect of each model under review: model design, model documentation, quality of model inputs, model implementation and model governance.
• Perform audit work in terms of the audit program.
• Document the results of the testing performed.
• Drafting of audit reports, including executive summary and detailed audit findings and recommendations.
• Evaluating and monitoring of corrective actions taken to address control weaknesses identified.
• Attendance of key risk and technical risk committee meetings where relevant
• Interaction with the regulating authorities on model related matters.
• Maintaining awareness of risk issues and changes across business units within the FirstRand Group, as well as the Financial Industry.
• Seeking out internal and external best practice information to improve the quality of audits and provide customers with world-class perspectives and solutions.
• Willingness to travel within South Africa and abroad is also essential.

Responsibilities

• Each model audit assesses: model design, model documentation, quality of model inputs and data (BCBS239), model implementation (usage) and model governance.
• Model risk maturity and effectiveness of the risk management functions and processes are also performed by the model risk audit team
• The successful candidate will also, as part of the audits, be required to interact with the relevant divisional teams in order to inform the scope of the assignment to be embarked on.

You will be an ideal candidate if you have:

• A Business Mathematics/Actuarial/Financial Engineering/Informatics/Quantitative Risk Management Degree with majors in Mathematics, Statistics or Data Science is essential.
• An Honours Degree, CFA, FRM, etc. would be advantageous.
• Past working experience in a relevant role, i.e. model development, model validation, model risk management or internal/external audit.
• Knowledge of statistical, financial, actuarial, risk and quantitative methods.
• Experience in using relevant software packages such as SAS, R, Python, VBA, MATLAB, etc.
• Understanding of Basel, Banks Act and other regulations will be preferable.
• A comprehensive understanding of the regulatory frameworks and compliance requirements associated with financial services and experience of working within these.
• Exposure to advanced analytics tools and models such as machine learning and artificial intelligence solutions

You will have access to:

• Challenging work in a complex and exciting environment
• Opportunities to innovate and create efficiencies.

We can be a match if you are:

• Curious & courageous - you're driven by always wanting to know more and learn more and you're brave enough to
• Obsessed with mastery - you know what it takes to become good at what you do and are constantly pushing yourself to do it.
• Have a general understanding of different risk types.