Model Risk Audit Manager

Sumitomo Mitsui Banking Corporation•Charlotte, NC

1d•Hybrid

About The Position

SMBC Group is a global financial group headquartered in Tokyo, with more than 130 offices and 80,000 employees worldwide. In the Americas, it provides commercial and investment banking services to corporate, institutional, and municipal clients. SMBC is seeking an experienced audit professional to serve primarily as Auditor-in-Charge (AIC) for Third Line of Defense audits covering models and model risk management across SMBC Americas Division. The role leads audit engagements from inception through completion and partners with business and risk stakeholders to assess and promote effective model risk governance, risk management, and internal controls. It is accountable for the day-to-day leadership, execution, quality, and timely completion of assigned audits, including planning, risk assessment, testing, workpaper review, issue identification, stakeholder communication, and reporting.

Requirements

At least 5–7 years of relevant experience in banking, financial services, regulatory, or consulting, preferably in Second Line of Defense and/or Third Line of Defense roles involving model risk management, model validation, quantitative risk management, or model audit.
At least two years of hands-on audit experience, including familiarity with audit techniques, risk and control assessment, internal controls, workpaper standards, issue development, and audit reporting.
Demonstrated experience leading audits, model validations, risk assessments, or comparable assurance engagements from planning through completion.
Strong analytical and problem-solving skills, including the ability to evaluate complex information, exercise independent judgment, identify control weaknesses, and develop well-supported conclusions.
Ability to manage multiple priorities, coordinate audit resources, address execution challenges, and deliver high-quality work within established timelines.
Excellent written and verbal communication, presentation, and interpersonal skills, including the ability to communicate complex technical, quantitative, risk, and audit matters to stakeholders at various organizational levels.
Strong leadership and team-management capabilities, including directing work, reviewing deliverables, providing constructive feedback, and coaching and developing junior team members.
Advanced degree (master's or Ph.D.) in Finance, Mathematics, Statistics, Economics, Engineering, Computer Science, or another quantitative discipline.
Strong knowledge of model risk management principles and controls, including governance, development, validation, implementation and use, ongoing monitoring, change management, model inventory management, and issue remediation.
Strong knowledge in one or more model-risk areas, such as market risk and capital markets pricing models; credit risk models; financial crime, fraud, and corporate compliance models; capital stress testing and loss reserving models; Generative AI and AI/ML modeling technologies; or other advanced quantitative models used by financial institutions.
Working knowledge of banking and capital markets products, associated risks, and the application and use of models in financial institutions.
Strong understanding of applicable regulatory requirements and supervisory guidance governing model risk management, including SR 26-2, as applicable.
Strong understanding of internal audit methodologies and techniques, internal control and risk management frameworks, risk assessment practices, audit issue development, and workpaper and documentation standards.
Sound and independent judgment in analyzing complex quantitative and control matters, assessing weaknesses, and developing clear, evidence-based audit conclusions.

Nice To Haves

Relevant professional certifications, such as CIA, CPA, CFA, FRM, or PRM.

Responsibilities

Lead model and model risk management audits from inception through completion, including planning, risk assessment, scope and audit program development, testing, issue identification, workpaper review, reporting, and closure.
Develop and execute risk-based audit approaches that consider model risks, regulatory requirements, prior audit and regulatory issues, business and control environment changes, and emerging risks.
Coordinate and oversee audit team members by assigning responsibilities, setting milestones, monitoring progress, reviewing work, addressing execution challenges, and escalating significant matters.
Review audit workpapers to assess testing design and execution, evidence quality, documentation clarity, and support for audit conclusions.
Identify and assess control deficiencies, including their root causes, risk impacts, severity, and broader implications; ensure issues are clear, accurate, supported, and appropriately risk-rated.
Draft and review audit reports communicating audit scope, overall assessment, control themes, issues, risk implications, and recommended corrective actions.
Track and perform or oversee independent validation of remediation and closure of Internal Audit and regulatory issues, assessing whether corrective actions sustainably address control deficiencies.
Participate in quarterly and annual continuous monitoring and risk assessment activities to identify emerging risks, regulatory and business developments, control environment changes, and changes in the business risk profile.
Support the broader Internal Audit Department audit plan and assurance responsibilities, including ad hoc reviews, regulatory responses, special projects, and departmental strategic initiatives as needed.
Communicate audit strategy, scope, status, testing results, control gaps, and corrective actions to business stakeholders and senior audit management throughout the audit lifecycle.
Lead discussions about audit observations and issues, applying professional judgment and constructive challenge while preserving Internal Audit independence and professional skepticism.
Build and maintain collaborative relationships with business and functional leadership, Model Risk Management, external auditors, regulators, and other assurance functions.
Direct, coach, and provide timely feedback to junior auditors and co-sourced internal audit professionals.
Manage differing stakeholder perspectives and challenging discussions, escalating significant matters as appropriate and facilitating timely resolution.
Collaborate with regional and global audit colleagues to promote consistency in audit coverage, risk assessment, methodology, and identification of cross-regional model risk themes.
Apply subject-matter expertise to improve Model Audit methodologies, audit programs, testing approaches, continuous monitoring, and risk assessment activities.
Maintain awareness of developments in model risk management, quantitative methodologies, regulatory expectations, and evolving model technologies and consider their implications for audit risk assessment and approach.