Model Risk and Quantitative Audit Methodology Director

The mandate

This commission will design an internal-audit methodology for model risk and quantitative decision tools. The work must enable auditors to assess governance, data, development, validation, use, change and outcome proportionately.

Six artifacts define scope: model auditable-universe criteria, risk-tiering method, audit programme library, two-model pilot, evidence-quality assessment and transfer handbook. The methodology must distinguish review of model-risk governance from reperformance of specialist validation and specify when audit requires independent quantitative expertise.

Formal reviews conclude at the end of months 1, 2, 4, 6, 8 and 9. The Sponsor accepts universe and tiering; programme-library and pilot decisions sit with the Audit Quality Head; final quality and transfer acceptance sits with the Chief Audit Executive delegate. Acceptance requires reproducible scoping, defensible evidence, resolved pilot defects and internal application.

Client inputs include approved model inventories, governance standards, anonymised validation materials, change records, issue themes, secure data access and two pilot selections. The consultant will not validate production performance, tune models or approve management use. Missing inventory or evidence is documented as a dependency and audit risk.

What you will own

• Define model and quantitative-tool inclusion criteria based on decision consequence, complexity, autonomy, uncertainty and control dependence.
• Establish risk tiers that drive audit frequency, specialist involvement, evidence depth and committee visibility.
• Design programmes covering ownership, data, development, independent validation, limitation, use, override, change and monitoring.
• Specify how auditors evaluate validator competence and independence without duplicating every quantitative test.
• Pilot one higher-risk and one moderate-risk model, recording scope adjustments, contradictory evidence and methodology defects.
• Create workpaper standards for quantitative evidence, sensitivity, sampling, code or calculation review and conclusion limits.
• Define rating logic that connects technical weakness to decision consequence without sensationalising model complexity.
• Transfer methodology through an internal team-led scope, specialist decision and file-quality review.

Candidate qualifications

• At least 15 years across internal audit, model risk, quantitative assurance or external audit, including Director methodology work.
• Active Swedish authorised public accountant, CPA, ACA, ACCA or equivalent audit credential, supported by FRM, CFA or quantitative qualifications.
• Evidence of auditing model governance without inappropriately substituting for independent validation.
• Strong knowledge of model inventory, tiering, data, development, validation, limitations, monitoring, overrides and change.
• A case where the principal audit concern came from model use or governance rather than mathematical design.
• Experience directing quantitative specialists while owning scope, evidence sufficiency and the final audit judgement.
• Demonstrated transfer through internal application of specialist methodology to a new model population.

Working terms and boundaries

• The nine-month commission runs three days weekly with Stockholm travel for pilot and transfer milestones.
• Scope includes audit methodology and two pilots; inventory remediation, model validation, tuning and management-use approval are excluded.
• The consultant recommends audit treatment but cannot issue live findings outside internal-audit governance.
• Approved inventories, policies, validation evidence, change records, secure access and pilot models are client dependencies.
• Completion requires accepted pilot files, closed critical methodology defects and internal application to a third scope.

Application

Applications for this mandate are received in one way only: through the India Board Terminal's application process. It is automated end to end. Your Executive Passport travels to the mandate holder in its confidential form, your answers to the three questions below are read before anything else in your file, and every stage that follows is recorded on your applications page.

There is no address to write to and no intermediary to call. The mandate holder reads what the Terminal delivers and nothing else, which is what keeps the process the same for every applicant and keeps your name out of it until you release it. Applications close on 8 October 2026. Mandate reference AUD-CON-2026-STO-37.