Senior Market Risk Model Developer at HSBC, London, 6 Months initial, to £900 per day

Senior Market Risk Model Development

Location - Hybrid (3 days in London)

Rate - up to circa £900/day Umbrella

Contract Length - Initially 6 months

Senior role responsible for the development and analysis of Market Risk (MR) models, with a focus on Equity and FX products. The role supports accurate risk measurement under FRTB IMA and related internal/regulatory requirements, and provides subject matter expertise across pricing and risk computations.

Key responsibilities

● Develop and re-design MR models (especially for Equity and FX) to support accurate measurement of FRTB IMA and other required risk measures, in line with internal governance and regulatory expectations.

● Interpret regulatory and business requirements and propose modelling approaches that are fit-for-purpose, well-controlled, and defensible under internal and regulatory scrutiny.

● Partner with Risk Transformation and Financial Engineering teams end-to-end: define modelling objectives, develop and test models in Python, produce model documentation, and support ongoing model assessment and validation.

● Act as an SME in pricing and risk computations for Equity and FX products; liaise effectively with Front Office Traders, Quants, Traded Risk, and technology teams.

● Build Python tools to test proposed models, perform required analysis, and quantify the impacts of model changes.

● Deliver new models to tight timeframes, managing a potentially changing set of regulatory requirements.

● Maintain strong understanding of market risk measurement changes and translate these into impacts on asset class data classifications and risk reporting.

● Develop market risk measurement methods using available (often limited) datasets and demonstrate adequacy, subject to appropriate model validation.

● Maintain a strong focus on input data quality (securing, monitoring, and improving data controls).

● Apply FRTB/Market Risk regulations carefully when implementing model prototypes.

● Build a clear understanding of the Traded Risk IT infrastructure, with the capacity to replicate it at prototype level; develop knowledge of HSBC’s traded risk systems globally and locally.

● Produce highly readable, reusable code to tight deadlines, conforming to team software development standards.

● Work autonomously and manage senior stakeholders across business, Traded Risk, and IT; collaborate across regions and functions.Risk, controls and compliance

● Continually reassess operational risks associated with the role, considering changing market conditions, legal/regulatory requirements, operating practices, restructurings, and new technology.

● Demonstrate adherence to internal controls through compliance with procedures, appropriate record-keeping, and timely implementation of internal/external audit points (including regulatory issues).

● Implement Group compliance policy by containing compliance risk in liaison with Compliance, engaging early on new initiatives, and supporting a strong compliance culture.

Required qualifications and experience

● Master’s level qualification in Mathematics / Science / Engineering / IT (or equivalent).

● Clear, demonstrable familiarity with market risk measures and FRTB/IMA regulations.

● Strong knowledge of derivative products, pricing and risk models (Equity and FX in particular; other asset classes a plus).

● Advanced Python programming skills.

● Experience producing clear, understandable technical documentation.

● Proven experience collaborating effectively in a change-driven environment, including with technology, internal controls, and project management teams.

● Experience with software build systems, version control (Git/GitHub) and issue trackers (JIRA). Experience in agile workflow is a plus.

● Ability to investigate and explain large IT platforms with limited documentation, and replicate them at prototype level.

Highly desirable

● Previous experience in FRTB IMA model development.

● Strong, demonstrable coding and model development skills (robust, testable, maintainable implementations).