Internal Audit - Model Risk Associate - London

Job description

Job Summary & Responsibilities

YOUR IMPACT
Are you looking for a position where you will play a key role in identifying risks? We’re looking for a professional to join our Internal Audit team, who wants to use their skills to assist the firm in its active management of model risk.

OUR IMPACT
The primary role of Internal Audit is to help protect the assets, reputation and sustainability of the organization. Internal Audit independently assesses the firm’s internal control structure. We provide assurance that financial reporting is reliable, that there is compliance with applicable laws and regulations and that the firm’s operations are effectively controlled. We assist management in identifying risk and commercially managing risk by providing advice in developing control solutions and monitoring the implementation of management’s control measures.

IA assists the firm’s Board of Directors’ Audit Committee in fulfilling its oversight responsibilities and regularly interacts with the external independent auditors.
Internal Audit is organized into global teams of business and technology auditors:
• Securities - covers the Firm’s Sales, Trading and Insurance businesses; including related supporting control functions such as Operations, Technology, Product Control and Divisional Compliance.
• Investment Banking – covers the firm’s banking activities and Global Investment Research operations.
• Investment Management - covers the firm’s Private Wealth Management, Asset Management and Merchant Banking businesses.
• Corporate - covers the firm’s Risk Management, Finance, Corporate Governance, Legal, Compliance and Regulatory Reporting areas as well as Human Capital Management, Services and the Executive Office.

HOW YOU WILL FULFILL YOUR POTENTIAL
• Participate in / lead planning and scoping reviews. This will involve meeting relevant stakeholders to understand and walk through the business and technology processes to identify the key risks and controls to be assessed.
• Participate in preparation of the audit testing program and assessment of the adequacy of the design and operation of the controls associated with the key risks identified.
• Assess the risk and impact of the issues identified on reviews and assist with production of the report to management.
• Follow up with clients on remediation of actions coming out of issues identified during audits.
• Engage in ad hoc work on firmwide projects around new processes or activities and investigation of incidents.
• Liaise with colleagues globally to understand global processes and facilitate benchmarking of best practice.
• Establish and maintain internal client relationships and regularly interact with the business during the year to assess changes in the control environment and other matters arising in the business.

Basic Qualifications

• Team-oriented with a strong sense of ownership and accountability
• Strong leadership, interpersonal, and relationship management skills
• Strong verbal and written communication skills
• Solid quantitative skills, e.g. probability theory, functional analysis, partial differential equations
• Risk and Control mind set
• Highly motivated with the ability to multi-task and remain organized in a fast-paced environment
• 1-5 years of experience within the financial services industry or a related control function
• Advanced Degree (preferably Ph.D) in a quantitative discipline, such as financial engineering, physics, mathematics, statistics, economics

PREFERRED QUALIFICATIONS
• Product Specific Skills and Experience:
• Knowledge of financial modeling concepts, including (any combination):
• Options pricing, credit default, structured products, econometrics, stress scenario creation
• Any combination of risk management disciplines: credit risk, market risk, operational risk, funding / liquidity risk
• Knowledge in any of the following areas is preferred:
• Risk measurement theory (e.g., Value-at-Risk (VaR), stress testing)
• Basel Capital Accord regulatory requirements (advanced model-based frameworks)
• Controls surrounding model risk governance, model development, implementation and change management, model validation (Regulatory Guidance SR 11-7)
• Tools skills:
• Strong presentation skills using PowerPoint and Visio
• Programming experience in quantitative and object oriented programming environments, e.g. Matlab, C/C++, Fortran, or SAS

Goldman Sachs is an equal opportunity employer. © The Goldman Sachs Group, Inc., 2015. All rights reserved