Senior Internal Auditor: Model Risk at Nedbank

Job Purpose

• Purpose: To deliver on the annual audit plan thereby providing reasonable assurance to stakeholders that model risks are being mitigated through adequate and effective management controls in accordance with Group Internal Audit (GIA) methodology.

Each direct and indirect model audit assesses: model design, model documentation, quality of model inputs and data, model implementation (usage) and model governance. It assesses the following models:

• Credit risk models 
• Market risk models  
• IFRS9 Models
• Pricing models 
• Liquidity risk models 
• Pillar II Risk Models 
• Stress testing models 
• Regulatory and Economic capital models 
• Financial Crime Risk Models
• The successful candidate will also, as part of the audits, be required to interact with the relevant divisional teams to inform the scope of the assignment to be embarked on.

Job Responsibilities

• Reviewing key aspects of each model under review: model design, model documentation, quality of model inputs, model implementation and model governance 
• Performing audit fieldwork in terms of the audit program. 
• Documenting the audit testing performed. 
• Stakeholder engagements on audit issues identified.
• Drafting of audit report: including executive summary and detailed audit findings. 
• Evaluating and monitoring of corrective actions taken to address control weaknesses identified. 
• Attendance of key risk committee and technical risk committee meetings where relevant 
• Maintaining awareness of risk issues and changes across business units within Nedbank Group, as well as the Financial Industry 
• Seeking out internal and external best practice information to improve the quality of audits and provide appropriate perspectives and solutions.
• Reporting significant issues related to the processes for controlling the activities of the Group whilst considering key/or emerging risks in annual audit plan.
• Ensuring continuous improvement of the quality of audits through providing professional insights.
• Providing insights from the outcomes of internal audit work to appropriate governing bodies and Board Risk Committees.
• Maintaining an open and constructive relationship as a Trusted Advisor with senior internal and external stakeholders including Institute of Internal Audit, SARB, External Audit and Business Executives.
• Building rapport and understand client current business reality, requirements, risks, and expectations and consider key and/or emerging risks in annual audit plan.
• Ensuring that billable hours, budgets, and resources are optimally planned, and quality audits are delivered.

Essential Qualification

• A Business Mathematics/ Statistics/ Actuarial/ Financial Engineering/ Informatics/ Quantitative Risk Management Degree with majors in Mathematics and Statistics is essential. 
• A post graduate degree would be advantageous. 

Minimum Experience Level

• 3-5 years’ model risk experience within credit model development, testing and validation or Model/Quantitative risk Audit (preferably within the banking or similar financial services industry);
• Extensive internal/external audit and / or risk management experience in banking;
• Ability to operate independently with minimal supervision; 
• Knowledge of statistical, financial, risk and quantitative methods; 
• Proficiency in programming software packages such as SAS, SQL, R, VBA, PYTHON and MATLAB. 
• A comprehensive understanding of relevant financial services regulatory frameworks and compliance requirements as well as practical experience of these. 
• The following additional experience is preferred:
• Understanding of operational, market and liquidity risk models as defined by Basel II & III will be advantageous

Types of Exposure

Aside from the required qualifications, vast experience and strong technical skills required for the role, strong personal as well as interpersonal attributes and skills are also essential to thrive and be successful in this role.

These include:

• Emotional Intelligence (EQ);
• Team Player;
• Applying experience and best practice into audit discussions and work performed;
• Leadership and judgement;
• Relationships and stakeholder management;
• Business acumen;
• Values-based (specifically Integrity, Respect, Accountability, Client-driven, People-centred) and strong ethics;
• Various testing will be conducted to confirm the suitability of the short-listed candidates before final selection of the successful candidate.

Behavioural Competencies

• Managing Work
• Monitoring Information
• Building Partnerships
• Quality Orientation
• Continuous Improvement
• Work Standards
• Courage
• Adaptability

Closing Date: 16 March 2026