1. Model Risk Audit Planning and Execution:

• Participate in the development and execution of the annual internal audit plan providing inputs on model risks.
• Conduct audits of various models and analytical frameworks used for risk management, pricing, capital calculation, and decision-making processes.
• Evaluate the effectiveness of model governance, including model development, validation, implementation, and monitoring processes.
• Assess the accuracy, completeness, and reliability of data inputs used in models.
• Perform technical testing and analysis, including model validation, stress testing, and sensitivity analysis.
• Collaborate with other audit teams to deliver integrated audits and advisory assignments
• Participate in the development of audit analytics and automation.

2. Audit Reporting and Documentation:

• Prepare comprehensive audit reports detailing findings, risks, and recommendations for remediation.
• Document audit procedures, evidence, and working papers in accordance with established standards and methodologies.
• Collaborate with model developers, risk management teams, and business stakeholders to validate findings and ensure accurate reporting.

3. Risk Assessment and Advisory:

• Analyze and evaluate the potential impact of identified risks on the organization’s decision- making processes, financial performance, and overall risk profile.
• Provide practical recommendations to mitigate risks associated with models and enhance the effectiveness of model governance.
• Assist in the development and implementation of remediation plans and model risk management strategies.
• Contribute to model risk advisory projects and assessments, providing subject matter expertise and guidance

4. Continuous Learning and Development:

• Stay updated with emerging model risk management practices, regulatory changes, and industry best practices related to model auditing.
• Participate in training and professional development opportunities to enhance technical and auditing skills.
• Contribute to the improvement of audit methodologies and procedures within the team.

5. Stakeholder Management and Mentorship:

• Collaborate effectively with model developers, risk management teams, business units, and relevant stakeholders during audit engagements.
• Foster positive relationships and maintain open communication channels to facilitate the audit process.
• Provide guidance, mentorship, and support to junior auditors and team members.