Internal Audit Manager: Model Risk

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Job Summary

As Vice President – Internal Audit Manager for Model Risk, you will serve as a senior technical subject matter expert (SME) and leader within the Internal Audit function. You will provide independent assurance and credible challenge over the design, governance, development, validation, implementation, and use of models across the organisation, influencing senior management and Board‑level stakeholders on matters of model risk.

Job Description

You will lead end‑to‑end delivery of complex model risk audits, taking full accountability for audit scoping, planning, execution, and reporting. This includes oversight and review of detailed audit testing, critical assessment of model documentation and evidence, and the articulation of clear, defensible conclusions for senior management, risk committees, and executive forums.

The role also plays a key part in evolving the Internal Audit model risk capability, strengthening audit methodology, and ensuring alignment with emerging regulatory expectations, industry best practice, and advances in modelling techniques (including advanced analytics and machine learning where applicable).

This position requires deep technical expertise in model risk management frameworks, strong regulatory awareness, and the ability to balance technical rigour with clear, executive‑level communication.

Key Areas of Audit Assurance

Model Risk Governance & Lifecycle Management

• Evaluate the effectiveness of the end‑to‑end model lifecycle, including model identification, classification, development, independent validation, approval, implementation, use, monitoring, change management, and decommissioning.

• Provide assurance over the Model Risk Management Framework, policies, standards, procedures, and governance forums.

• Assess roles and responsibilities across First, Second, and Third Lines of Defence, including escalation, issue management, and remediation oversight.

Model Development, Validation & Use

• Review model development practices, including conceptual soundness, methodology selection, assumptions, limitations, and documentation quality.

• Assess the adequacy and independence of model validation activities, including performance testing, outcomes analysis, back‑testing, stress testing, benchmarking, and sensitivity analysis.

• Evaluate controls over model implementation and use, including production controls, overrides, expert judgement, and model limitations management.

• Provide assurance over monitoring frameworks, key risk indicators (KRIs), thresholds, and triggers for model review or redevelopment.

Regulatory Compliance & Prudential Frameworks

• Review compliance with relevant regulatory and supervisory expectations relating to models, including Basel III/IV, IFRS 9, ICAAP, Pillar 2 and Pillar 3, and local prudential guidance.

• Assess the robustness of internal processes supporting regulatory submissions, model approvals, and supervisory engagement.

• Provide assurance that model risk is appropriately identified, measured, managed, and reported in capital, impairment, and risk management processes.

Leadership & Technical SME Responsibilities

• Act as a technical authority on model risk within Internal Audit, providing guidance and challenge across audit engagements.

• Lead, mentor, and develop high‑performing audit teams, ensuring strong technical capability, professional judgement, and consistent audit quality.

• Contribute to the enhancement of audit methodology, quality assurance standards, and risk‑based audit planning, particularly for complex and emerging model risks.

• Build strong, professional relationships with senior stakeholders across Model Development, Validation, Risk, Finance, Compliance, and Technology, while maintaining independence and objectivity.

• Support engagement with regulators and external assurance providers on matters relating to model risk.

Education & Experience

• Minimum of 5–8 years’ experience in internal audit, model risk management, model validation, quantitative risk, or a related function within a financial services environment.

• Proven expertise in model risk management frameworks and regulatory expectations applicable to financial models (e.g. credit risk, capital, stress testing, valuation, or IFRS 9 models).

• Demonstrated experience reviewing, validating, or auditing models, including PD/LGD/EAD, capital models, stress testing models, or advanced analytics models.

• Strong understanding of model governance, documentation standards, and regulatory guidance (e.g. Basel, IFRS 9, SR 11‑7–type principles).

• Proficiency in data analysis and model interrogation using tools such as SAS, SQL, Python/R, or Excel; ability to interpret model outputs and validation evidence is essential.

• Track record of engaging with and influencing senior management, risk committees, and executive stakeholders.

• Solid grounding in internal audit methodology, risk‑based assurance, and professional judgement.

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.

Absa Bank Limited reserves the right not to make an appointment to the post as advertised