VP, Model Risk Manager

Do you want your voice heard and your actions to count?

Discover your opportunity with Mitsubishi UFJ Financial Group (MUFG), one of the world’s leading financial groups. Across the globe, we’re 150,000 colleagues, striving to make a difference for every client, organization, and community we serve. We stand for our values, building long-term relationships, serving society, and fostering shared and sustainable growth for a better world.

With a vision to be the world’s most trusted financial group, it’s part of our culture to put people first, listen to new and diverse ideas and collaborate toward greater innovation, speed and agility. This means investing in talent, technologies, and tools that empower you to own your career.

Join MUFG, where being inspired is expected and making a meaningful impact is rewarded.

Would you like to work for one of the World's largest banks in an exciting, dynamic and international environment?

We are currently recruiting for a VP Model Risk Manager in Amsterdam.

About MUFG

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english.

About MUFG in the European Economic Area

Following the decision taken by the UK in 2016 to leave the European Union, MUFG has taken all of the necessary steps to ensure the continuation of all services to clients, regardless of their location. Clients located in the European Economic Area (EEA) access services through MUFG Bank (Europe) N.V. as well as MUFG Securities (Europe) N.V.

About MUFG Bank (Europe) N.V.

MUFG Bank (Europe) N.V. (MBE) is a fully-owned subsidiary of MUFG Bank, headquartered in Amsterdam. With offices throughout Europe, our teams provide clients with comprehensive financing solutions spanning Coverage & Structured Finance, Capital Markets and Transaction Banking, using MUFG’s global reach to provide bespoke solutions. With 73 green, sustainability, sustainability-linked and transition bond tranches in 2021 and 51 sustainability-linked loans in EMEA in 2021, MUFG is committed to supporting clients to achieve sustainable business growth.

Please visit our website for more information – https://www.mufgemea.com/mbe

Your impact at MUFG

The Model Risk Manager within Enterprise Risk Management performs model governance activities within MBE, ensuring robust oversight and compliance across the bank’s expanding model landscape, including AI models. The role is critical in supporting the bank’s transition to ECB supervision, including preparation for supervisory reviews, on-site inspections, and enhancement of model risk governance to ECB standards.

Function positioning

ERM is a sub-function within the wider Risk domain and organizationally reports to the Chief Risk Officer (CRO). ERM consists of 7 coverage areas: Governance, Resilience, Integrated Risks, Model Risk, ESG risks, Risk Technology and Risk Affairs.

The role includes the following:

• Lead and contribute to the development and maintenance of Model Risk Management framework at MBE, acting as the central point of contact for model risk governance;

• Lead key model governance activities, including model onboarding, risk appetite monitoring, periodic assessments, and model lifecycle change process;

• Act as the local owner of model risk policy and procedures, support the reviews to ensure that policy documents remain fit for purpose, accessible and implement new policies as appropriate, ensuring appropriate stakeholder communication;

• Drive effective running of relevant Model Risk Working Group meetings including preparation of materials, review of submissions, and escalation of issues, and minute meetings;

• Ensure that all identified models are recorded in the model risk inventory, investigate issues and escalate inconsistencies, monitor model use restrictions, respond to model inventory queries;

• Coordinate and oversee the planning and execution of outsourced model risk services, among others the model validation activities.

• Assess and challenge model related risks, perform detailed review and effective challenge of model validation reports to ensure technical soundness, regulatory compliance and appropriateness for local use. Escalate and, where necessary, recommend restriction or non-approval of models where validation findings are insufficient.

• Oversee and assess the quality and consistency of third-party validation providers, ensuring deliverables meet internal standards and regulatory expectations, and challenge outputs where necessary. Leverage support from EMEA Model Risk Management under inter-affiliate agreement, while retaining local accountability for validation oversight and challenge;

• Perform periodic risk control testing and risk assessments, prepare model risk dashboards and inform senior management and internal committees on model risk in the bank;

• Support audit reviews and ensure timely remediation of audit points;

• Drive delivery of change and ad-hoc project work (e.g. implementation of new regulatory requirements and/or new internal initiatives from Head Office).

• Engage with auditors and supervisors (DNB, ECB) and develop strong relationships with key stakeholders within MBE, EMEA and Tokyo HO.

• Support broader ERM activities including ICAAP, Stress Testing, Risk Appetite, Product Risk Management;

• Support broader MUFG activities in relation to model Risk within EMEA and globally as applicable.

In order to be successful in the role, you will need the following:

Skills and experience:

• Experience in model risk management (e.g. assessment, governance, reporting, policies, risk appetite);

• Knowledge of wholesale and/or investment banking services/global markets products and services.

• Working knowledge of Python/R/VBA to read and review and challenge model implementations;

• Strong Microsoft Office skills;

• Strong understanding of EBA guidelines and EU regulatory framework, as well as ECB expectations including TRIM principles, and relevant supervisory requirements;

• Experience in preparing and giving presentations to senior management and supervisors;

• Experience of working across departments and functional fields;

Personal requirements:

Integrity and Responsibility

• Balance Risk with Opportunity

• Customer Focus

• Demonstrate Global Perspective

Professionalism and Teamwork

• Drive For Results

• Collaborate and Build Partnerships

• Communicate Effectively and Professionally

Challenge Ourselves To Grow

• Influence and Inspire Others

• Lead Change & Seek Continuous Improvement

• Think Strategically

• Manage and Develop Talent

What do we have to offer:

We offer you a role in one of the largest banks of the world in a growing and international environment. You have various opportunities to develop yourself and we will support you with that by offering various training and development possibilities.

• We take into account your home situation and your ambitions and help you to balance work and private life.

• Monthly team events.

• To work in an ambitious, international environment with colleagues from different countries and cultures, who strive for the best.

Besides that we will offer you:

• Gross salary based on experience and consistent with the market

• 8% holiday allowance and 13th month payment.

• 30 vacation days per year. Optional you can buy 15 additional days.

• Commuting allowance based on annual public transport 2nd class, most economical way, or € 0,23 per km with a max of 75km one way.

• €5,00 net remote working compensation per day, with a maximum of €60,00 per month.

• Possibility to order a mobile phone (up to €800,-)

• Possibility to order Office Equipment’s for the home office, (up to €500,-)

• Remote Working Policy i.e. Working From Home (WFH) and Remote Working in another Country.

• Bicycle plan (fiscal benefit)

• Company fitness (fiscal benefit)

• Mental health workshops and budget for external courses (i.e. Dutch language classes).

• Employee contribution towards Pension insurance (max 5%, currently 2%), our pension scheme is based on a defined contribution scheme.

• Training & development possibilities paid by the bank

Additional information:

Acquisition in response to this vacancy is not appreciated.

The role is based in the Netherlands. All candidates need to be willing to relocate to the Netherlands. Internal employees will be supported in case of relocation.

We are open to considering flexible working requests in line with organisational requirements.

MUFG is committed to embracing diversity and building an inclusive culture where all employees are valued, respected and their opinions count. We support the principles of equality, diversity and inclusion in recruitment and employment, and oppose all forms of discrimination on the grounds of age, sex, gender, sexual orientation, disability, pregnancy and maternity, race, gender reassignment, religion or belief and marriage or civil partnership.

We make our recruitment decisions in a non-discriminatory manner in accordance with our commitment to identifying the right skills for the right role and our obligations under the law.