Global Risk Economist

HSBC
London - United Kingdom
S: Competitive

Role Purpose
Context

IFRS9 requires expected credit loss calculations of a financial instrument to be derived using information on past events, current conditions and forecasts of economic conditions. Forward Economic Guidance is the process of supplying appropriate economic data and analysis to support IFRS9 expected loss calculations. The Global Scenario Stress Testing Team is responsible for the provision of Forward Economic Guidance and is seeking to recruit an economist responsible for formulating, shaping and delivering the Forward Economic Guidance model and ultimately being responsible for running the team and process in charge of IFRS9 Economics. Economic forecasts and analysis play an important role in determining forward looking expected loss calculations and, as a result, the financial position of the bank. This is therefore a high profile role, requiring the responsible individual to develop a large network across the bank and deliver on a strategic and complex project to challenging deadlines.

Role Summary

The key responsibilities for this role include:
Work with multiple stakeholders to identify economic information needs for the IFRS9 FEG process.
Evaluate the optimal solution for provision of economic data.
Evaluate alternative economic information providers and forecasters to find best vendor solutions.
Identify team capability required to meet IFRS9 FEG needs and be responsible for building out appropriately.
Scope IT and data requirements for the FEG process. Work with multiple stakeholders to ensure timely delivery.
Develop data quality standards for economic data. Ensure necessary automation.
Design the supporting economic analysis and reporting framework to comment on emerging risks, fast moving events and the impact on forecasts.
Develop governance process leveraging off existing internal governance on scenarios.
Build a team to deliver on IFRS9 FEG requirements.
Transition to running the IFRS9 economics team.
Participate in economic scenarios and stress testing

Qualifications

Knowledge & Experience / Qualifications Experience
Substantial experience working in a central bank, investment bank, academia, or policy research as an economist, in forecasting or scenario development/stress testing using macroeconomic quantitative techniques and structural models, with a focus on the Global economies preferred but not required

Skills
Understand and interpret complex business requirements. Proven experience with rolling out large, complex economic projects.
Strong quantitative skills in Economics or econometrics
Familiarity with structural models, such as NIGEM, or DSGE models desirable
Strong competence in both Macroeconomic Theory and Time Series Econometrics (VAR, Cointegration)
Experience in advanced statistical modeling and coding in one or more of the following environments: SAS or Matlab; VBA, Gauss, or Stata also considered.
Analytically minded with good financial and business acumen.
Excellent communication and interpersonal skills.
Familiarity with large economic datasets.
Proven ability to work well in a team, be cooperative and open, and embrace diversity
Demonstrated ability to foresee and manage potential project risks.
Proven negotiating skills.
Integrity and ability to challenge when appropriate.
Demonstrated ability to influence senior stakeholders.
Clear communication skills in order to convey complex scenario analysis to stakeholders.

Job summary