Model Risk Audit Methodology Specialist

Responsibilities:

• Support the QAG team in developing and enhancing audit methodology, quality assurance guidance, and practitioner materials related to Model Risk.
• Translate regulatory requirements, internal audit standards, and QA expectations into practical audit guidance, templates, workpapers, and testing procedures.
• Develop and maintain audit test plans and procedures covering the design adequacy and operating effectiveness of Model Risk Management frameworks and controls.
• Create quality review checklists, sampling approaches, planning tools, and audit documentation standards.
• Support the development of risk-based testing methodologies for Model Risk audits.
• Review and incorporate relevant financial services regulatory expectations, including Model Risk Management guidance and emerging AI and GenAI governance principles.
• Develop practical guidance on the use of GenAI-enabled and prompt-based approaches to support audit testing and Model Risk assessments.
• Prepare training materials and facilitate training sessions for internal audit practitioners and audit teams.
• Coordinate with stakeholders across Internal Audit, QAG/QA, Business, First Line, Second Line, Risk, and Technology functions.
• Support internal audit, quality assurance, and regulatory remediation initiatives related to Model Risk.
• Contribute subject matter expertise to the continuous improvement of Model Risk audit methodology and quality standards.

Requirements:

• Minimum of 5 years of experience in Model Risk within Internal Audit in the financial services industry.
• Minimum of 4 years of experience developing audit methodology, QA guidance, practitioner materials, training materials, or audit templates related to Model Risk.
• Strong understanding of:
  • Model Risk Management;
  • Model Validation;
  • Internal Audit methodology;
  • Audit planning and risk assessment;
  • Risk-based testing;
  • Control design adequacy and operating effectiveness testing.
  • Demonstrated experience translating regulatory and Model Risk expectations into practical audit procedures, testing methodologies, sampling approaches, planning tools, and review documentation.
  • Strong knowledge of financial services regulatory expectations related to Model Risk Management, including relevant FRB guidance and emerging AI governance principles.
  • Experience developing audit test plans, audit procedures, workpapers, and quality review checklists.
  • Familiarity with AI and GenAI applications in audit testing, Model Risk assessment, or control evaluation.
  • Experience supporting Internal Audit, Quality Assurance, or regulatory remediation programs is preferred.
  • Strong written communication skills, with the ability to produce clear and practical guidance for audit practitioners.
  • Strong facilitation and presentation skills, with experience delivering training or knowledge-sharing sessions.
  • Ability to work effectively across multiple stakeholder groups, including Audit, Business, First Line, Second Line, QA, Risk, and Technology teams.