Head of Audit, Lloyds
Models
£124.7-181.6k
+ Annual performance-related bonus + Share schemes including free shares
2 days a week in office
Retail and commercial bank
Be an early applicant
Retail and commercial bank
1001+ employees
Be an early applicant
£124.7-181.6k
+ Annual performance-related bonus + Share schemes including free shares
2 days a week in office
1001+ employees
Company mission
To support families and businesses, helping them to take the next step, whatever that may be.
Role
Who you are
- You’ll ideally be very technically oriented, so strong academic qualifications in a quantitative discipline are crucia
- An important part of the role is to review, challenge and identify areas of improvements
- You’ll therefore be comfortable understanding the underlying methodologies and assumptions of models and their development and use
- As well as these technical requirements, it is key that you also possess good consistent track record of delivery and leading a team
- Excellent analytical, presentational, report writing, and communication skills are essential
- Understanding of internal audit approaches, audit universe, and how to design auditable entities to allow clear articulation of ongoing audit coverage strategies
- Ability to produce concise and impactful audit opinions in board papers, audit reports and provide guidance to team member to produce effective working papers
- In-depth knowledge of the model life cycle, and their associated risks
- Effective model risk management and governance and a understanding of model risk principles for sound model risk management (SS1/23, SR11/07 & SS3/18)
- Knowledge of capital management frameworks and regulatory capital treatments (CRR, SS3/24, SS4/23, FRTB, Basel requirements & Solvency II)
- An understanding of traditional AI, machine learning, and Generative AI models, risks, and approaches to validate these models
- Statistical analysis and qualitative techniques for developing and validating models; ideally in one of the following areas:
- Credit risk regression based models, e.g. retail credit risk scorecards, PD, LGD & EAD, credit provision modelling techniques
- Stress testing and scenario analysis, including qualitative and quantitative techniques for firm wide stress testing, and knowledge of econometric modelling and forecasting
- Analysis and modelling of market risk (VaR) and traded products valuation (all product types)
- Asset liability management, knowledge of ALM models and systems
- Compliance and other operational management models (e.g. AML, fraud, AI & ML)
- Liquidity stress testing and capital stress testing
- Insurance actuarial models such as insurance product pricing models, assumptions setting and risk calibration for longevity risk and other Internal Model components
What the job involves
- This Head of Audit role is an excellent opportunity to lead the Models Audit team, part of Group Audit. You’ll work within a leading Audit function and gain exposure to a wide range of risk modelling, capital assessment and other analytical techniques across our banking and insurance businesses!
- You’ll build trust, respect and confidence among colleagues across the function to foster strong relationships and higher levels of collaboration, including management of a team. Proactively identifying areas to add strategic and sustainable value for the organisation and for our customers
- Lead and develop your team as a Development Manager, fostering career growth and building capabilities through focused conversations and coaching
- Translate sophisticated modelling concepts into clear, relatable insights for senior stakeholders and regulators, ensuring audit outcomes are well understood and impactful
- Connect model risk to business strategy, identifying key priorities and drawing meaningful links between model risk management and operational outcomes
- Own and evolve the audit coverage strategy for the model risk universe, ensuring it remains relevant, risk-focused, and clearly articulated
- Drive integrated audit thinking, collaborating across business and functional audit teams to ensure comprehensive coverage of model risk
- Deliver high-quality audits that are timely, risk-based, and aligned with regulatory expectations—providing challenge, direction, and support to your audit team
- Be a trusted partner to business stakeholders and audit delivery teams, sharing insights and helping land key messages effectively
- Make authoritative recommendations that are technically sound and professionally robust, with both short-term and long-term impact on the business
- Strengthen the team’s model risk capability, building a market-leading function that delivers valued insights through expertise, data analytics, and innovative audit approaches
- Shape and implement the strategic vision for the Models Centre of Excellence, ensuring it drives excellence and innovation in model risk auditing
Application process
- End Date: Thursday 30 October 2025
Our take
Lloyds Bank, part of Lloyds Banking Group, began operations back in 1765 and is nowadays one of the UK’s leading retail and commercial banks. As with many leading banks, the company has dealt with its share of controversy – including for its handling of PPI complaints in 2015, and the 2009 European Commission ruling that forced it to part ways with TSB – but it has nonetheless stood the test of time and worked to build back its public reputation in the wake of these setbacks.
Of the company’s 26 million customers, over 18 million of them are online, making it the largest UK digital bank. As part of its ongoing digital transformation, the company is seeking to put the cloud at the front of its services and systems, and has cited intentions to invest heavily in overhauling its current technology infrastructure. All this seeks to serve the modern banking customer, and to compete with the fast-increasing number of alternative banking options appearing on the market.
Recently, Lloyds Bank has shown great interest in facilitating innovation in the industry, joining as a partner on FinTech Action Labs (a FinTech accelerator programme) to bring its industry expertise to early-stage FinTechs. As well as investment in digital transformation and AI, the company is enhancing its wealth product and corporate banking offerings, as well as expanding its partnerships with digital banking companies.
Steph
Company Specialist at Welcome to the Jungle
Insights
-1% employee growth in 12 months
Company
Company benefits
- Flex cash: This is 4% of your basic salary and can be used to spend on the benefits of your choice, or you can choose to take it as a cash top up in your monthly salary.
- A generous holiday allowance: You’ll be eligible for a minimum of 22 days holiday (excluding bank holidays), rising to 30 days based on length of service and grade.
- A flexible way of working: Whether you want flexibility over your location or when you log on, together we can create an approach that works for you and for the business.
- Family leave: Up to 63 weeks of maternity or adoption leave. Statutory maternity or adoption pay is available for 39 weeks, and 20 weeks will be enhanced to the equivalent of full pay. Partners can have six weeks of fully paid paternity leave.
- Health insurance: Our company funded Private Medical Benefit provides all colleagues with access to good quality medical care, including accommodation, nursing care and specialist advice.
- Colleague Offers: Get discounts on everything from electrical items to cinema tickets and weekly food shopping. You can share this benefit with up to ten family members or friends.
- Financial products: Take advantage of our great financial products, some at a discounted rate, including current accounts, home and car insurance and loans.
- Share plans: Participate in Sharematch and receive matching shares of up to £45 a month from the company, and you can choose to participate in Sharesave, our combined savings and share option plan.
- Pension: We offer a generous pension plan, with all joiners being automatically enrolled in our 'Your Tomorrow' scheme. You can decide how much you save and get a say in where your contributions are invested.
Company HQ
City of London, London, UK
Leadership
Charlie Nunn
(Group Chief Executive, not founder)Spent nine years at HSBC, including as Group Head of Wealth Management and Digital, and as CEO of Wealth and Personal Banking.
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