Model Risk Audit Associate

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

Role Description

Conduct regular 3LOD audits of a business unit or functional area to evaluate the effectiveness and sustainability of internal controls relating to business risks. Create audit reports for review with senior audit management and business leadership. Facilitate audit issue tracking to ensure timely remediation.

Responsibilities

• Support regular Third Line of Defense (3LOD) audits of covered business units and functional areas in accordance with IAD audit methodology, evaluating the completeness, sustainability, and effectiveness of internal controls related to models and model risk management.

• Participate in model audits from inception through completion, including planning, risk assessment, testing, issue identification, workpaper preparation and review, and audit reporting.

• Effectively communicate with business stakeholders and senior audit management, clearly articulating audit strategy and scope, testing results, identified control gaps, and recommended corrective actions.

• Draft high-quality, clear, and well-supported audit reports for review by senior audit management and subsequent issuance to relevant business stakeholders.

• Facilitate audit issue tracking and remediation monitoring to promote timely and sustainable resolution of identified issues and support business stakeholders through the issue-closure process.

• Perform or support the independent validation of remediation and closure of issues identified by Internal Audit and regulators, including assessing whether corrective actions adequately address the underlying control deficiencies.

• Participate in quarterly and annual continuous monitoring and risk assessment activities to identify emerging risks, business and regulatory developments, control environment changes, and shifts in the business risk profile.

• Develop, promote, and maintain strong and collaborative working relationships with audit stakeholders, while preserving Internal Audit independence and appropriate professional skepticism. Provide input, as appropriate, regarding business or functional-area self-assessments of key risks and controls.

• As needed, support the execution of IAD’s broader audit plan and assurance responsibilities, including participation in ad hoc reviews, special projects, and investigations.

Qualifications and Skills

• Minimum of two years of relevant experience in the banking, financial services, or consulting industry, preferably in Second Line of Defense (2LOD) and/or Third Line of Defense (3LOD) roles involving model risk management, model validation, or model audit.

• Working knowledge of banking and capital markets products, including an understanding of the associated risks and the use of models within financial institutions.

• Understanding of applicable regulatory requirements and supervisory guidance governing model risk management, including SR 26-2, as applicable.

• Understanding of internal audit methodologies and techniques, internal control frameworks, and audit workpaper and documentation standards.

• Excellent written and verbal communication, presentation, and interpersonal skills, with the ability to communicate technical and audit matters clearly and effectively with stakeholders at various levels of the organization.

• Advanced degree (master’s or Ph.D.) in Finance, Mathematics, Statistics, Economics, Engineering, Computer Science, or another quantitative discipline.

SMBC’s employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.

SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at [email protected].

EOE, including Disability/veterans