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Assistant Vice President – Model Risk and AI Governance

Location London
Department Risk Management
Mergefield Title {Mergefield Value}
Mergefield Title {Mergefield Value}

This is a Permanent, Full Time vacancy that will close in {x} days at {xx:xx} BST.

Risk Management department is responsible for developing, maintaining and promoting the Bank’s Enterprise Risk Management Framework (ERMF) and its activities, and for providing independent second line of defence (2LoD) oversight for Traded Market Risk, IRRBB & FX Risk, Operational Risk and Model Risk, Climate Risk and Strategic Risk management activities in the Bank. As an Assistant Vice President – Model Risk and AI Governance, you will be responsible for leading the Bank’s 2LoD coverage of Model Risk Management and for developing and implementing an AI governance framework. You will also support the End User Computing (EUC) requirements on behalf of the 2LoD for Information Technology Risk within the Non-Financial Risk & Enterprise Risk Management team. This is a full time permanent position.

Key responsibilities

  • Communicate and maintain the Model Risk Management Policy; track first line of defence (1LoD) implementation of the policy; provide independent assurance to the Chief Risk Officer over 1LoD compliance with the policy
  • Provide guidance, support and training to 1LoD for owning and managing model risk, which includes engaging with 1LoD Risk Owners and Control Owners for designing and implementing appropriate 1LoD controls; provide review and challenge of 1LoD controls design and operating effectiveness
  • Engage with Model Validators and administer the Bank’s independent model validation programme
  • Opine and report on the 2LoD view of the Bank’s risk profile for model risk to UK executive risk and UK board risk committees; review and challenge the 1LOD view of its risk profile; identify and assess the Bank’s top and emerging risks for model risk
  • Collaborate across the 1LoD and 2LoD to design, develop and maintain the Bank’s AI Governance framework to ensure that AI is deployed and used safely, ethically and transparently, and in compliance with existing risk management policies; drive enhancement of existing risk management policies to ensure and guide their application to AI use cases; establish supporting governance processes, standards and guard rails
  • Design, develop and maintain the Bank’s EUC procedures to support the implementation of the Bank’s Information Technology Risk Management Policy; provide guidance and support to 1LoD for understanding and applying the procedures
  • Act as a senior Subject Matter Expert, representing the Risk department in various committees, forums and projects relating to Non-Financial Risk and provide input in relation to the subject matter under the Non-Financial Risk coverage
  • Develop and enforce AI, EUC and model inventory management requirements, inventory completeness processes, and tiering processes
  • Develop management information and reporting for Model Risk, EUC and AI Governance activities and present to Senior Management and to risk oversight committees and forums

Requirements

  • Degree educated in Finance, Economics, Business or relevant discipline
  • Solid 2LoD experience in model risk management within the Banking sector, including developing and maintaining model risk management policies, assessing model risk management controls, designing model risk management metrics, and providing independent review and challenge of 1LoD model management activities
  • Prior experience in AI governance would be beneficial, but not mandatory
  • Experience as Model Owner, Model Developer or Model Validator would be beneficial, but not mandatory
  • Experience in risk governance, risk management regulatory deliverables and project management
  • Good understanding of enterprise risk management principles and practice including risk governance, the three lines of defence approach, risk appetite and stress testing
  • Good understanding of PRA SS 1/23 and SS 3/18
  • Good understanding of and curiosity over the use of AI and the risks posed by using AI in a banking context
  • Reasonable understanding of core banking models, for example credit risk default and recovery model, market risk VaR, pricing models and forecasting models
  • Excellent communication and interpersonal skills with the ability to form effective relationships and to engage, collaborate and influence stakeholders
  • Adaptable and willing to learn and develop
  • Attention to details
  • Good analytical and problem solving skills
  • Excellent organisational skills

Having a presence in the UK for more than 90 years, Bank of China London Branch has been providing an excellent financial service to the market and maintain its competitive edge as an international bank operated in the UK. It has employees in over 33 countries, and it is one of the most internationalised overseas branch in the Bank of China Group. The Bank values the diversity of its employees and aims to create an inclusive environment where everyone can speak up and enjoy the equal opportunities to grow both personally and professionally.  

We strive to offer you a continuous learning environment and we will invest in your development. We provide personalised and varied learning tools to support your growth and career through: 

  • access to the best in class qualifications from leading professional bodies such as the Professional Bankers Certificate and Green & Sustainable Finance Certificate from the Chartered Banker Institute 

  • 24/7 on-demand access to over 600 e-tutorials to build and refresh core and advanced banking knowledge 

  • regular pan-bank stay connected sessions to keep in touch with what is going on across the bank and build your network 

  • exploring your unique and collective strengths and development areas to become the best version of yourself using the globally renowned Insights personality profile 

  • developing our People Managers to help coach and guide you towards success, through our 9-month People Manager Development Programme  

  • encouraging a “growth” personal mindset and promoting continuous professional development (CPD) through annual events such as Learning at Work Week 

  • embracing change in a fast-moving industry and encouraging a forward-looking perspective on career development to “future-proof” your career 

  • promoting cross cultural intelligence and to seek out diverse and inclusive perspectives on challenges faced and their solutions 

We provide an attractive and comprehensive benefits package, offering flexibility that can enable you to select the benefits that suits your needs, including: 

Celine Luo
Assistant Vice President, Financial Crime and Compliance

Bank of China is a great platform for everyone who wants to gain different knowledge and self-development. I started as a Junior Associate and had the opportunities to gain invaluable working experience in two different departments. I am happily working here, as an Assistant Vice President in the Financial Crime and Compliance department. I believe I will continue to grow here, not only in my career development but also in my personal wellbeing.

Daniel Shulakov
Senior Associate,
Credit Management

I joined Bank of China as a university graduate and I believe I have found the best place for me. From the first day my priority was always to learn. This was quickly recognised by my department, which provided me with the platform to grow, and my colleagues have been very helpful in the guidance they have provided me with along my journey. There are ample opportunities to grow with the Bank and it all depends on how much one would like to develop themselves.

Rita Cobbold
Vice President – Head of Customer Due Diligence, CFU Middle Office

I have been working at Bank of China for almost 8 years. In March 2022 I was promoted to VP - Head of Customer Due Diligence and I lead the CDD Unit. There are so many great things about working for the company. My favourite is probably the Bank’s commitment to identifying talent and nurturing them to develop into great leaders. The Bank embraces employees of all experience levels, backgrounds, and beliefs. They understand the value of a diverse team and make efforts to hire a variety of people. Working here has really enhanced my knowledge, my understanding of different cultures, leadership skills and a sense of direction for the future.

Ashley Watson
AVP – Security Operations & Risk Manager, General Administration

Over the past four years at Bank of China UK, I have had the opportunity to grow both professionally and personally in my role as the Security Operations and Risk Manager. My role involves safeguarding the bank’s operations through robust risk management and proactive security strategies. Every day brings new challenges, and the dynamic nature of the role keeps me engaged and motivated. One of the most rewarding aspects of working here is being part of a truly diverse and multicultural environment. Collaborating with colleagues from different backgrounds has broadened my perspective and enriched both my professional and personal experiences.

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