Senior Market Risk Model Developer

Contract Length - Initially until end of Feb 2027

Senior role responsible for the development and analysis of Market Risk (MR) models. 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
• 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

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