AVP Model Risk

Peoples Group; Toronto; Hybrid; CAD 140,000 - 155,000; Full time

Job summary

An established industry player is seeking an AVP of Model Risk to lead the development of a comprehensive Model Risk Management Framework. This role offers the chance to work in a flexible hybrid environment, collaborating with various departments to ensure effective model performance and validation. The ideal candidate will have over a decade of experience in quantitative risk management, particularly in model development and validation within financial institutions. This position not only promises a competitive salary but also the opportunity to make a significant impact in a dynamic and supportive workplace culture.

Benefits

Competitive Annual Salary

Discretionary Profit Share

Group Benefits

RRSP Matching Program

Qualifications

• 10+ years in quantitative risk management focusing on model development.
• Master's degree required; PhD preferred in relevant fields.

Responsibilities

• Develop and operationalize an enterprise-wide Model Risk Management framework.
• Prepare reporting on model risk and maintain a centralized model inventory.

Skills

Quantitative Risk Management

Model Development

Model Validation

Data Governance

Time Management

Stakeholder Engagement

Education

Master's degree in Mathematics

PhD in Quantitative Fields

Job description

Peoples Group is a boutique Financial Institution with offices located in Vancouver, Calgary, Toronto, and Montreal that has been in the Canadian marketplace for over 35 years. Our mission is to exceed our customers' expectations by providing exceptional customer service backed by extensive product knowledge and experience.

Our culture here at Peoples Group is formed by our values; Strength-Based, Relationship Focused, and Passionate Execution. We believe people don't choose a company to work for, they choose a company to join. We also believe that people come first and each day we strive to be willing, trustworthy, and creative.

About the work environment :

Peoples Group offers a flexible and hybrid work environment. In this role you will work a combination of in-office and remotely from home. Typically, you'll be working regular business hours, Monday to Friday between 8:00am and 4:30pm with flexibility around start & end times.

We are hiring for this position out of our Toronto or Vancouver office. Successful candidates who apply outside of these areas will be expected to relocate and reside in a location that is within a commutable distance.

About you

As the AVP of Model Risk, reporting to the Senior Vice President of Financial Risk, you will lead the development and implementation of the group's Model Risk Management Framework. You will work closely with department leads across the organization that rely on models and calculators to support business decision-making and reporting, ensuring that models are consistently documented, independently validated, and that model performance is appropriately tracked and backtested.

You will oversee the centralized model inventory, tracking model usage and outstanding model findings, and preparing regular reporting on model risks and issues for the Chief Risk Officer (CRO) and Board.

This role is a great fit for an experienced risk professional with deep expertise in model development and validation at leading Canadian financial institutions. You should have a vision for an enterprise-wide Model Risk Management framework and a strong desire to implement it effectively, avoiding the missteps commonly made by Financial Institutions.

About the qualifications :

1. 10+ years of experience working in quantitative risk management (inclusive of time spent in relevant academic research), with a primary focus on model development and validation.
2. Minimum Education / Qualifications: Master's degree in mathematics or a quantitative discipline with applications to Finance. Applicants with a PhD in quantitative fields and experience in Finance are strongly encouraged.
3. Deep expertise with model development and validation, preferably in credit risk, with a willingness to expand their understanding under the guidance of an experienced CRO and senior management team.
4. An appreciation, through firsthand experience, for the importance of data governance and the impacts it can have on model performance and user acceptance.
5. Experience working with business stakeholders and model users as part of the model design / development process.
6. An informed view of the separate roles and contributions of developers, business owners, model users and validators in the overarching Model Risk Management Framework.
7. Experience with the development, implementation, performance monitoring and validation of credit models for adjudication scorecards and IFRS-9 provisioning.
8. Strong time management skills with an ability to balance multiple workstreams simultaneously.
9. Can excel as an individual contributor as well as a team leader; this role will have direct reports but will also have to take individual accountability for significant deliverables; as well as delegate some projects to external consultants.

About the day-to-day :

1. Develop and operationalize an enterprise-wide Model Risk Management framework.
2. Prepares reporting on model risk and outstanding issues with individual models.
3. Maintains a centralized model inventory, providing tracking of outstanding model findings and model performance results.
4. Supports tracking of performance monitoring results for individual models.
5. Independently reviews and challenges model performance results.
6. Provides independent validation of models.
7. Tracks and manages model risk mitigation efforts, ensuring compliance with regulatory standards.
8. Facilitates external validation of models as needed.

Compensation :

Peoples Group is pleased to offer employees a competitive annual salary plus a discretionary profit share opportunity. In addition, we are pleased to offer employees both group benefits and the option to participate in our RRSP matching program, beginning the first day of employment. Salary for this position will vary between $140,000 and $155,000 per year depending on the knowledge, skills, abilities and experience that the chosen candidate possesses. As part of our recruiting process, shortlisted candidates will be asked their salary expectations for this position.

Help us get to know you better by answering our application questions! Your participation is expected as an essential part of our selection process.

NOTE : This job posting is for an existing vacancy. Peoples Group is an Equal Employment Opportunity employer. Please accept our utmost appreciation for your interest; however, only those applicants under consideration will be contacted.