Risk Analyst - Model Validation

There is greater demand and scrutiny on models than ever before in financial services. We are looking for a Risk Analyst to join the team to support with the independent validation of business-critical models.

The growing prominence of model risk management is reflected in Nationwide’s investment in the continuous improvement of our modelling capability, highlighting the value placed on advances in this area. As part of this investment, a fantastic opportunity has become available in model risk oversight, and we are seeking a talented person to become a member of this vibrant team. This highly technical role sits within our Financial Risk Oversight function.

The team’s key purpose is to assist the business make effective risk-based decisions by ensuring that supporting models are reliable, accurate, well controlled and compliant with relevant regulations. 

As a Risk Analyst your responsibilities include undertaking technical reviews, applying a range of statistical and analytical techniques as well as assessing the compliance of models. You’ll provide insight and an evaluation of risks, and present your findings to senior management. 

At Nationwide we offer hybrid working wherever possible. More rewarding relationships are supported through our hybrid approach, bringing colleagues together across our UK wide estate, whilst also supporting generous access to home working. We value our time in the office to solve problems, to learn, and to feel connected.

For this job you'll spend at least two days per week, or if part time you'll spend 40% of your working time, based at either our Swindon or London office. If your application is successful, your hiring manager will provide further details on how this works. You can also find out more about our approach to hybrid working here. 

If we receive a high volume of relevant applications, we may close the advert earlier than the advertised date, so please apply as soon as you can.

Responsibilities

What you’ll be doing

You will be responsible for conducting thorough validation of models used for regulatory capital estimation, credit risk management and the forecasting of key financial and economic measures, ensuring compliance with the regulator’s Model Risk Management (MRM) principles. This will involve assessing the accuracy, robustness and reliability of the models, as well as identifying potential risks and proposing mitigations. To do this, you will need to analyse the data and use statistics to independently assess the fitness for purpose of the models.  

Other responsibilities include but not limited to:

• Conduct independent review and challenge of model developments, including their: data profiling, selection, validation, back-testing and model documentation.

• Evaluate established models, including their: design, assumptions, statistical formulations, performance, operation, reporting and governance.

• Ensure model designs and processes are compliant with the regulator’s Model Risk Management (MRM) principles, Nationwide Internal Standards and Capital Regulations.

• Conduct independent testing to assess model accuracy and robustness under different scenarios and market conditions.

• Assess and quantify model risks due to model limitations and propose mitigations.

• Produce high-quality validation reports highlighting risks and limitations of models and communicate findings to stakeholders, senior management.

• Develop knowledge of model risk and regulatory requirements.

• Engage with colleagues across the business to build and maintain relationships.

About you

As a minimum requirement you’ll have:

• A degree in a numerate discipline or experience of statistics, programming and manipulating data in a professional environment.

• Demonstrate a strong aptitude for programming and coding tools such as SAS / Python / R / VBScript, experience is preferable but not required as training will be provided.

• Ability to work with data, interpreting results and making recommendations.

• A logical and analytical mind with a passion for solving complex problems.

• Ability to build collaboration and influence stakeholders.

• Ability to present findings to others both verbally and through a written report, sometimes translating this for non-technical stakeholders.

Our customer first behaviours put customers and members at the heart of how we work together. They are the set of behaviours that every colleague needs to display, in every role:

• Feel what customers feel - We step into our customers’ shoes, using their feedback and insights to empathise with them and to understand their needs, so that every decision we make starts and finishes with our customers in mind

• Say it straight - We are brave in speaking out and saying what we think – we’re honest and direct with good intent, openly sharing diverse perspectives to reach the best conclusions and using language everyone can understand

• Push for better - We don’t settle for mediocrity, we challenge the status quo, taking responsibility for continuous improvement and personal development

• Get it done - We prioritise what will have the greatest impact, we are decisive, and we take accountability for delivering brilliant customer outcomes

You can strengthen your application by showing how our customer first behaviours resonate with you, and where you may have already demonstrated these.

Qualifications

The extras you’ll get

There are all sorts of employee benefits available at Nationwide, including:

• 25 days holiday, pro rata

• Private medical insurance

• A highly competitive pension to help you build a strong foundation for retirement

• Access to an annual performance-related bonus

• Training and development to help you progress your career

• A great selection of additional benefits through our salary sacrifice scheme

• Life assurance to provide peace of mind for you and your loved ones in the event of your death

• Wellhub – access to a range of free and paid options for health and wellness

• Up to 2 days of paid volunteering a year

Banking – but fairer, more rewarding, and for the good of society

We forge our own path at Nationwide.

As a mutual, we’re owned by our members - those customers who bank, save or have a mortgage with us. We challenge the financial sector status quo. We don’t see customers as the engine of our own profit. We share our profits with them and put their needs first. Always there when they need us. Supporting them and their lives.

If you’re inspired by fairer finances, passionate about making a meaningful impact, and truly care about our customers, you’re one of us.

At Nationwide, you are challenged to grow and rewarded for doing so. Valued. Recognised. Inspired to be your best. As a community, we want our working lives to count. As a team, we celebrate what we achieve. As a standard-setter, we work for the good of customers, communities, and broader society.

We are purpose-driven. Uncompromisingly customer. Unstoppably Nationwide.

What to do next

If this role is for you, please click the ‘Apply Now’ button. You’ll need to attach your up-to-date CV and answer a few quick questions for us. 

We respond to everyone, so we will be in contact shortly after the closing date to let you know the outcome of your application.

Keeping your data and personal information confidential is important to us. To find out more about how we use and process your data, please read our Privacy policy.

If you want to find out more about using AI in our recruitment process, please read more here.

Disability Confident 

We’re not just guided by data, we’re driven by the real experiences of our people. We’re a Disability Confident Level 3 Leader, the highest level. 

That’s why we’re constantly evolving our policies and practices to make sure everyone feels genuinely supported, valued, and empowered to champion inclusion. Whatever your needs, we’re here to support you. If you need any additional support throughout your application journey, email our team at Recruitment Support. 

Apply safely with Nationwide

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Please note that should you be successful in securing this role, the job title on our internal systems will be Risk Analyst.