Senior Manager, Independent Model Review

2 weeks ago

Kowloon, Kowloon City, Hong Kong SAR China HSBC Full time
Some careers have more impact than others.

If you're looking for a career where you can make a real impression, join HSBC and discover how valued you'll be. Whether you want a career that could take you to the top, or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.

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, 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 a high calibre professional to join our team as a Senior Manager, Independent Model Review.

Principal Responsibilities

Role Purpose:

The Insurance, Pensions and Wealth Independent Model Review (IMR) team was established 8 years ago and is responsible for carrying out independent reviews of HSBC's key insurance, pensions risk, asset management and wealth models globally. HSBC's insurance business operates globally and overseas over US$75bn of liabilities, making it the world's leading bancassurer and amongst the leading insurers in the world. HSBC's most significant insurance manufacturing operations are based in Asia Pacific, Europe and Latin America; products include with profits, unit-linked, protection, and annuities; and models span IFRS, statutory, economic capital, and pricing bases. HSBC also has significant pension scheme liabilities for which reporting is required for valuation and ICAAP purposes.

The Senior Manager:
  • Will be responsible for leading model validation and supporting the pool of Managers from the team, and wider Bank IMR team
  • Will support the coordination of model validation plans, and the communication and delivery of constructive challenge to the senior management of the insurance, pensions risk, asset management and wealth models teams
  • Will contribute tangibly towards the development and maintenance of the team's capabilities as a quantitative Centre of excellence in relation to insurance and pensions models
Other responsibilities include:
  • Ensuring model developments are validated in accordance with the agreed IMR schedule for such models
  • Ensuring that models are validated in line with IMR and function guidance
  • Ensuring that issues identified are escalated and appropriate action plans established
  • Provision of support, and deputation for, the Functional Head on wider initiatives
  • Provision of support for relevant Group Model Oversight Forums (MOFs) and delivery of regular updates on model validation activity
  • Supporting the development of skills and knowledge across the modelling teams through insightful and constructive feedback
  • Supporting the development and maintenance of validation methodology
  • Providing a point of contact for Global IMR teams for insurance, pensions risk, asset management and wealth model reviews as required
Requirements

Knowledge
  • Strong understanding of industry good practice and emerging regulations (including Solvency II and IFRS17) around modeling standards and validation
  • Strong technical knowledge of insurance and pensions modelling, including liability modelling, ESGs, ALM, capital modelling and business planning
  • Expertise in any of Asia-Pacific, European and Latin American regulatory and market environments desirable
Experience
  • Experience of leading teams and projects
  • Experience of working with and facing off to senior management
  • Experience of creating validation policy and structures would be desirable
  • Experience in both actuarial and accounting models would be desirable
  • Experience of conducting model validations or audits of models would be desirable
Skills
  • Strong communication and interpersonal skills
  • Ability to form effective relationships with model developers and owners and key senior stakeholders across the Bank
  • Ability to prioritise competing demands and demonstrate flexibility to meet dynamic requirements
  • Developing and retaining talent, within the team and across the Bank
Qualifications
  • Actuarial qualification equivalent to Fellowship of the Institute and Faculty of actuaries
You'll achieve more when you join HSBC.


HSBC is committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and opportunities to grow within an inclusive and diverse environment. Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.

Issued by The Hongkong and Shanghai Banking Corporation Limited.

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