Please note that this will be a 12 month fixed-term contract.
Who are we?
We are not your typical financial institution. It's our people who make us a cut above. Here, every person is respected because of their differences, not in spite of them.
We pride ourselves on a culture of purpose, passion and compassion. At Mizuho, we provide the stability of an international industry leader with the career trajectory of a growing business. Our steady, strategic growth gives our people at all levels rewarding degrees of responsibility and a richer work experience than a boutique firm or an established giant could offer alone.
Working for Mizuho opens doors not just to a rewarding career with excellent prospects, but to lasting friendships with colleagues from diverse cultures. It's the local expertise of our employees that makes our global network so powerful. By collaborating with colleagues and clients who have your same ambition, you can amplify your sphere of influence and base of knowledge as part of one of the largest-and growing-banks in the world.
What is the opportunity?
The Risk Management Department at Mizuho International is responsible for delivering an independent assessment of the risks taken across all the trading and origination activities of the Company, and the revenue generated in relation to these risks. It is also responsible for implementing a risk management framework consistent with the Company's risk appetite and capacity of resources, in agreement with the Company's Board and Mizuho Securities. The department is led by the Chief Risk Officer and is made up of the following teams:
- Market Risk Management
- Credit Risk Management
- Operational Risk Management
- Regulatory & Liquidity Risk Management
- Model Risk Management
- Risk Analytics
- Risk Reporting
What will you be doing?
As part of the EMEA Model Risk Management team, the role is responsible for taking the second line defence of the model risk management framework of the firm by conducting independent model validation and quantification of model risk including necessary communication of key facts and issues identified through those activities.
The role is also responsible for keeping close communication with the business and internal auditors for the firm's three line defence model of the model risk management framework to work effectively.
• Performing independent model validation for all quantitative models in Mizuho International, as defined in the firm's model risk management framework. Model Validation team's coverage includes valuation models, XVAs, risk models, etc.
• Performing periodic reviews where the continued soundness of models is assessed in light of current market conditions, size and broader modelling practice.
• Overseeing and managing the general Model Risk of the firm. Reviewing the firm's model risk management framework and conducting necessary enhancements in light of the industry's best practice, materiality of the firm's model risk and regulatory requirements. Use expert judgment to identify sources of Model Risk that require in-depth review, remediation, or escalation to senior management.
• Applying, maintaining and potentially enhancing the firm's model governance framework and model risk control procedures. In particular, maintaining the firm's Model Inventory that records approved models against usages, restrictions and remediation actions. Understanding new business initiatives and being involved in their approval process from Model Risk Control point of view.
• Maintaining and adding to the Model Validation team's quantitative library for the purpose of independent implementation of models. Researching alternative theoretical approaches and implementing them in the team's libraries.
• Liaising with teams in other Mizuho entities for joint validation projects, or model governance initiatives.
• Liaising with control functions such as Market Risk and Valuation Control to decide on best modelling approaches, identify areas of attention and discuss remediation actions.
What do you need to succeed?
• Experience developing and / or validating models for the valuation of derivatives;
• Keeping controls of model register or relevant documents.
• Experience around CVA and recent derivative issues;
• Working closely to recent changes or regulatory requirements;
• Experience managing model risks.
• Excellent excel / VBA skills
• Good knowledge of financial theory and time series analysis.
• Good knowledge of risk measures such as ES, VaR and Stress Testing;
• Good knowledge of derivatives and other financial instrument pricing.
• Relevant programming skills (e.g. one or more of Python, Java, C#, C++);
• Database management skills (SQL etc).
• Masters Degree or equivalent experience
What Mizuho can offer you
Here at Mizuho, there are fantastic progression opportunities and clear paths to promotion. We will give you ample opportunity to affect change and to help grow our business.
In addition to the great opportunity outlined above we are also currently able to offer:
- Competitive starting salary, plus discretionary bonus
- Non-contributory pension
- 27 days’ annual leave (increasing with service)
- Core working hours*
- Hybrid working - office and home based*
- Virtual GP
- Wellbeing benefits, including Mental Health Allies and First Aiders
* For applicable roles only
We champion a flexible work environment, as we understand the need for people to meet other commitments or simply strike a good work-life balance. As such, we are happy to talk flexible working for this role such as reduced working hours. The role will also include homeworking.
At Mizuho we are committed to supporting inclusion, equity and diversity, and seek to create a workplace that is fully inclusive. We welcome applications from all sections of the community that we operate in and from all ethnic backgrounds, sexual orientation, beliefs, gender identities and disabilities.
If you require more information about our equal opportunities policy or wish to discuss any accessibility requirements or reasonable adjustments please contact the recruitment team - recruitment@mhcb.co.uk and we will be happy to help.
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