Credit Risk Model Development Specialist

Description

Job Summary: We are seeking a Credit Risk Model Development Specialist to build IFRS9 provisioning models and stress test models, redefining our work through innovation and technology. Key Highlights: 1. Lead a customer-centric transformation with disruptive thinking. 2. Impact the development of credit risk models. 3. Promote growth, learning, and real-world impact. Credit Risk Model Development Specialist Country: Spain **NOW IS THE TIME** Santander (www.santander.com) is evolving from a **globally impactful brand** into a **technology-driven organization**, with people at the heart of this journey. Together, we are leading a **customer-centric transformation** that values **disruptive thinking**, the courage to challenge what’s possible, and the ability to **innovate**. This is more than a strategic shift: **it’s an opportunity to grow, learn, and make a real impact**. Our mission is to help more **people and businesses thrive**. We uphold a strong risk culture and expect all our teams to adopt a proactive and responsible approach to risk management. **THE IMPACT YOU WILL MAKE** We are looking for a **Credit Risk Model Development Specialist** based in **MADRID**. As a model specialist, your objective will be to develop IFRS9 provisioning models and stress test models compliant with both regulatory requirements set forth by the European Banking Authority (EBA) and internal management analyses and financial projections under macroeconomic, climate-related, sectoral, or operational scenarios — as well as participating in defining new methodologies, extensively leveraging data in big data environments, applying advanced modeling techniques, collaborating on coordinating a growing team, and ensuring integration into risk management and the impact of these models. We are redefining how we work through innovation, cutting-edge technology, collaboration, and the freedom to explore new ideas. In this role, your key responsibilities will include: * Modeling PD, LGD, EAD, and prepayment parameters under IFRS9, adapting existing models to changes in the current environment, credit management policies, and recovery policies. * Developing stress test models under macroeconomic, climate-related, sectoral, or operational scenarios. * Deepening portfolio understanding to refine loss calculations. * Analyzing the incorporation of macroeconomic scenarios into IFRS9 models. * Interpreting and applying accounting, regulatory, and corporate standards to Santander Spain’s portfolios. * Assessing impact and coherence to align IFRS9 models with IRB methodologies. * Macroeconomic and econometric knowledge for use in stress test models. * Knowledge of climate risk modeling techniques: transition and physical risk. * Using new working tools for model development: R, Python, machine learning techniques, and advanced algorithms. * Providing functional support on key topics and technical review to other team members/consultancy teams. * Documenting functional and technical aspects of the estimation process. * Managing and resolving recommendations (AI, VI, AE). * Supporting and interacting with various involved areas and regulators. * Reporting results to senior management. **WHAT YOU WILL BRING TO THE TEAM** Our people are our greatest strength. Each individual contributes unique perspectives that make us stronger as a team and as an organization. We value who you are and amplify what you bring. The following requirements represent the essential knowledge, skills, and competencies for this role. **Professional Experience** * End-to-end modeling experience for IRB/IFRS9/Stress Test risk parameters. * Knowledge of accounting and/or prudential regulation. **Languages** * High-level English proficiency. **Technical Skills (Hard Skills)** * Programming in: SAS/R/Python. **Interpersonal Skills (Soft Skills)** * Autonomy and proactivity. * Teamwork and communication skills to transfer knowledge to new team members. * Commitment to team objectives. **WE VALUE YOUR IMPACT** Your contribution matters—and we recognize it. At Santander, you can expect a fair and competitive compensation package reflecting your impact and the value you deliver. Take a moment to understand what we mean: * **Limitless Growth.** We empower our teams with **global opportunities and extensive career paths**, enabling them to go further. * Flexibility that works. Enjoy a **hybrid work model**—some days remote and others in the office with your team—as well as flexible working hours. * **Continuous Learning.** Access hundreds of courses on our platforms, including exclusive access to our global learning space: **Santander Open Academy** (www.santanderopenacademy.com). * **Competitive Rewards.** Receive a **highly competitive salary plus a bonus** for your achievements, motivating you to keep growing with us. * **Financial Benefits.** Access preferential banking conditions, special interest rates on loans, life insurance, and much more. * **Your Health Is Our Priority.** Through **BeHealthy**, our global wellbeing program, we **promote holistic wellbeing**: physical, emotional, social, and financial. * **Family Comes First.** We know family is everything. That’s why we offer childcare support and family programs designed for every life stage. * **Always By Your Side.** Access **Santander Contigo**, our employee and family support program offering legal advice, emotional support, and administrative assistance. * **Extra Benefits.** Gym/WellHub access, on-site medical centers at several of our locations, meal subsidies, parking, shuttle services across various points in Madrid, plus exclusive discounts and offers for Santander employees. And this is just the beginning… we’ll tell you much more when you join! We’re here to **keep you motivated**, help you **achieve your goals**, and **celebrate your achievements** at every step of the way. **LOCAL COMPLIANCE** Santander is proud to be an equal opportunity employer regardless of age, gender, disability, marital status, race, religion, or sexual orientation. We are committed to delivering an inclusive and accessible recruitment process for everyone. **WHAT’S NEXT?** If everything you’ve just read resonates with you, apply now and join our team. **Ready to take the next step?** #LI-Hybrid #LI-JP1