Audit Analyst - Models

London, Bristol, Edinburgh (Hybrid)
£52,146 - £57,940 + benefits
14 Sep 2023
29 Sep 2023
Contract Type
Full Time

End date
Friday 29 September 2023

Salary range
£52,146 - £57,940

Agile Working Options
Hybrid Working

Job description

At Lloyds Banking Group, we have a clear purpose; to help Britain prosper and to become the best Financial Services provider for our customers. Through our brands, our Group has a relationship with just about every household and community in the UK. We underpin the lives of millions of individuals and businesses and play a key role in helping to build a growing UK economy.

The role of Audit Analyst provides an excellent opportunity to join the Models Audit team, part of Group Audit. You will work within a leading audit function and gain exposure to a wide range of risk modelling, capital assessment and other analytical techniques across our banking and insurance businesses.

You will use your expertise to support the delivery of the audit plan by executing risk based audits. Through this you will harness a deep understanding of business priorities, controls and risks to provide reliable, independent assurance and agree management actions to enhance the control framework.

What you’ll do...

Key Tasks and Responsibilities of the role include, but are not limited to:

  • Work collaboratively across the risk / business audit matrix to develop an understanding of business priorities and risk appetite relevant to assigned Audits, identify key controls and evaluate their design effectiveness requiring only light supervision.
  • Complete testing of key controls for assigned Audits to evaluate their operational effectiveness
  • Highlight any control deficiencies for assigned Audits and draft issues and actions for inclusion in Draft Reports.
  • Deliver assigned areas of Audits within agreed timescales, through collaboration with other colleagues keeping the Engagement Lead (EL) updated on progress and escalating issues and concerns promptly.
  • Apply the Group Audit methodology and standards to identify and deliver high quality findings and robust supporting files.
  • Ensure management actions address the root cause of findings, all findings are reported, followed up and management proposals to close are credible and fully supported by evidence ahead of recommending closure to the EL/Head of.
  • Embrace continuous improvement through supporting change initiatives.
  • Motivate, develop and collaborate within own team and across the wider function to drive higher performance and sustained results.
  • Establish and build relationships with stakeholders to educate the business in the control framework and influence business processes and required actions to deliver control improvements.

You must have a knowledge of all or some of the following...

  • Knowledge of the generic elements of a model life cycle, and their associated risks;
  • Effective model risk management and governance;
  • Regulatory capital requirements in Insurance or Banking;
  • Statistical analysis and qualitative techniques for validating models;
  • Credit risk modelling, regression based models, retail credit risk scorecards, credit provision modelling techniques;
  • Stress testing and scenario analysis, including qualitative and quantitative techniques for firm wide stress testing, and knowledge of econometric modelling and forecasting;
  • Actuarial and Insurance modelling, including reserving pricing, stress testing, capital and insurance risk modelling;
  • Analysis and modelling of market and credit risk, Value at Risk (VaR) and generic risk measures such as Greeks and stress testing;
  • Traded products valuation models (all product types);

You will ideally be technically oriented, and may be working towards professional qualifications in a quantitative discipline. An important part of the role is to review, challenge and identify areas of improvements. You will therefore be comfortable understanding the underlying methodologies and assumptions of models and their development and use.

As well as these technical requirements, it is key that you also possess excellent analytical, presentational, report writing, and communication skills.

Candidates will have an interest in and a wider appreciation of the business context of models and stress testing, and be able to demonstrate commercial awareness. They will possess an ability to quickly understand the practical business requirements of models and be able to pick up new or varied techniques beyond their experience to date.

What you’d get in return!

We’ll give you a broad remuneration package which includes:

  • A discretionary performance share bonus
  • A generous pension contribution
  • 28 days holiday plus bank holidays
  • A flexible cash pot (4% of base salary) you can adjust to suit your lifestyle
  • Private health cover
  • Wider corporate benefits and perks.

Lloyds Banking Group is committed to building a workforce which reflects the diversity of the customers and communities we serve, and to building an inclusive environment where all our colleagues can be themselves and succeed on merit. We're an equal opportunity employer and deeply value diversity within our organisation.

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.

Together we can make it possible!

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