UAE Model Risk Governance & Risk Steward

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Global Risk is a thriving and expert risk management function supporting HSBC globally with all aspects of risk management. The team actively manages a varied and dynamic range of risk types, including security, fraud, information security, contingency, geopolitical, operational, credit, pension, insurance, financial crime and regulatory compliance, market and reputation risks. All parts of the Global Risk team use their skills, insight and integrity to handle established threats and those they see emerging, acting to protect and enable HSBC to deliver sustainable growth.We are currently seeking an ambitious individual to join our Risk team as a Model Risk Steward for the UAE. 

The Role

Model Risk Management (MRM) at HSBC is structured as a global function, headed up by the Chief Model Risk Officer (CMRO). The MRM function reports directly to the Group Chief Risk and Compliance Officer (GCRCO) ensuring its independence from the model developing and owning areas of the firm. MRM are the second line of defence (2LoD) for Model Risk and the CMRO is the global Model Risk Steward for the group and is also accountable for the global operation of the MRM function. MRM teams are based in each region, to ensure local subject matter expertise and to guide, review, and challenge. MRM activity is managed on a global basis as many models are used in multiple locations. This enables MRM to operate consistently and efficiently globally, and to take account of additional local regulatory requirements. 

In this role you will be responsible for:

• Overall ownership of UAE Model Risk delegated by UAE CRO to this role.
• You will also be accountable for leading oversight and engagement with all Country level senior stakeholders for model risk stewardship within UAE they are responsible for, ensuring that strong risk management is embedded across businesses and functions, enabling safe growth. 
• Review and support the approval of dispensations from Global Model Risk Policy and Standards for their country, including local regulatory interpretation.
• Ensure businesses and functions understand and implement the requirements set forth in the model risk policy, standards and controls.
• They support the operation of local Model Risk Management reporting and provide country input to regional reporting where required.
• As the UAE Model Risk Steward, you will be responsible for working with Risk & Control Owners to support active model risk management across their region. This includes:o    Oversee the embedding of the Risk Taxonomy & Control Library for Model Risk.o    Providing ongoing oversight and challenge of the 1LOD in embedding Risk Policy and monitoring ongoing compliance to the policy.o    Supporting the 1LOD in setting and managing their risk appetite and risk acceptance approach including the provision of oversight and challenge to ongoing monitoring and remediation plans (as applicable).o    Providing final approval for the use of material models for UAE use cases; identifying which are in scope and out of scope of the UAE Local Model Risk Policyo    Actively providing advice and challenge to the 1LoD for key existing and emerging risks and the associated conduct impact and customer outcomes of these risks. o    Ensuring Use and Adoption of the Risk Framework, including updates to operating models or ways of working and ensuring closure of actions in an agreed timeframe.o    Continuing to enhance and embed Risk Management capabilities for themselves and their teams as well as the 1LOD.o    Ensuring any relevant local regulations are identified and assessed for applicabilityo    Support in the risk assessment, mitigation, monitoring and governance of AI use within the country – given the rise in use of AI and tooling, the emerging capability of the role holder responsibilities will be to lead and deliver expertise needed in governing the Model Risk in use of AI use cases in UAE  
• Represent Model Risk Stewardship to Country level Executive Management and Board members.
• Escalate modelling decisions to UAE ExCo where necessary.
• Provides forward looking model agenda and horizon scanning through utilisation of developments in modelling, model governance and model risk management, and provides thought leadership and direction accordingly.
• Provide oversight to the First-line’s adoption of Standards, Processes and Procedures required to implement the Policy objectives within the country, and support the embedding of the Risk Framework by working with the Risk Control owners in their country.
• Contribute to relevant Transformation Programmes within the region by proactively engaging and assisting in the identification and mitigation of risk. This includes early intervention in new designs to ensure Model Risk is thought about from the beginning.
• Provide robust oversight, formal input, challenge and guidance to first-line risk and control owners in UAE enabling business growth and innovation while maintaining model risk within appetite.
• Input into second-line regional reporting on the status of model risks across UAE.
• Monitor the delivery of model validation effort  and escalate UAE related issues as required to ensure that model risk stays within the risk appetite that the Bank has defined.
• Partner with other oversight functions and Internal / External Audit to ensure a holistic view of risk profile.
• Build effective relationships with local Regulators to keep abreast of trends in the management of model risk, supporting efforts to drive HSBC’s position in this context and ensure HSBC’s views are considered in UAE consultations and other UAE rule-making processes.
• Effectively communicate with large number of internal (first line, senior management, audit) and external (external auditors, regulators) stakeholders on model risk governance and model risk.
• Support the interaction with Group Internal Audit on model related audits, MSIIs and audit issues and ensure oversight on the implementation of any audit recommendations.
• Participate in engagements with Regulators as required to evidence robust independent challenge of models used in HSBC.
• Contribute to management, regulatory, and external confidence in all models used across the group.