Director, Model Risk Management

Vancity; Toronto; Hybrid; CAD 141,900 - 183,000; Full time

Benefits offered by this job

Competitive salary

Annual incentive program

Inclusive hiring process

Job summary

A member-owned credit union is seeking a Director of Model Risk Management to lead the establishment of their Model Risk Management function. This full-time role involves designing frameworks for effective risk oversight and ensuring compliance with regulations. The successful candidate will possess strong leadership capabilities, a degree in a relevant field, and extensive experience in model risk management. The position offers competitive compensation and the opportunity to make a meaningful impact on risk governance and financial sustainability.

Qualifications

• 10-15 years of experience in Model Risk Management, or related fields.
• Deep expertise in model lifecycle governance and regulatory expectations.
• Strong analytical and critical-thinking skills.

Responsibilities

• Lead design and implementation of Model Risk Management capability.
• Establish and oversee a comprehensive enterprise model inventory.
• Serve as senior authority on model governance.

Skills

Model Risk Management

Quantitative analysis

Leadership

Regulatory compliance

Communication

Education

Bachelor’s degree in Finance, Economics, Mathematics, Engineering, Data Science

Master’s degree (Finance, Financial Engineering, Economics, Data Analytics, MBA)

Professional designation (FRM, PRM, CFA)

Job description

Overview

We’re Vancity, a member-owned credit union built on the principles of inclusion and social justice. Since 1946, our relentless commitment to these values has helped us challenge the status quo and break down barriers. We’ve made bold commitments to become net-zero by 2040 across all mortgages and loans, and we’re advancing meaningful strategies in Indigenous banking and financial resilience for our members.

As the largest private-sector Living Wage Employer in Canada, we’re proud to be consistently recognized as one of the country’s Top Employers. If you’re ready to join a team of 2,300 purpose-driven individuals, access competitive rewards and benefits, and be part of a greater movement, we invite you to apply.

Your Role in Supporting Our Members

As the Director, Model Risk Management (MRM), you will lead the establishment and ongoing development of Vancity’s enterprise Model Risk Management function. You will be responsible for designing and implementing the frameworks, governance standards, and operating practices that enable effective second-line oversight of model risk across the organization, while providing independent review and challenge to ensure models are used responsibly and in line with Vancity’s risk appetite and regulatory expectations.

This is a full-time, permanent role reporting directly to the Vice President, Risk Management - Finance & Treasury (RMFT) and is foundational to the development of Vancity’s newly established Finance & Treasury Risk function. You will work closely with Treasury, Finance, Risk, and senior leadership to embed model risk governance into decision-making, strengthen oversight of model use, and support Vancity’s financial sustainability, regulatory compliance, and long-term resilience. Our head office is based in Vancouver, with a hybrid working model and flexibility for candidates based in British Columbia or Ontario.

How You’ll Make an Impact

• Lead the enterprise-wide design and implementation of Vancity’s Model Risk Management capability, including policies, governance structures, operating principles, reporting standards, and escalation pathways
• Establish and oversee a comprehensive enterprise model inventory, covering all internal and third-party models, with clear classification criteria, materiality tiers, lifecycle governance, and ownership accountability
• Design and apply a proportionate, risk-based model governance and validation approach, ensuring governance intensity is aligned to model materiality, complexity, and risk impact
• Design and oversee a risk-based model validation framework and validation schedule, including prioritization of validation activities based on model materiality, complexity, and risk, and oversight of validation outcomes and remediation actions
• Ensure appropriately rigorous challenge across high-impact models spanning IRRBB, liquidity, capital, credit, and other risk domains, aligned with regulatory and industry-leading practices
• Act as Vancity’s senior authority on model governance, providing independent oversight of conceptual soundness, data lineage, performance monitoring, and model change activities
• Oversee governance and risk management of advanced analytics, AI/ML, and third-party/vendor models, including explainability, bias considerations, performance monitoring, and change controls
• Identify systemic model-risk issues, elevate governance maturity, and influence senior leadership decisions related to model reliance, limitations, and risk acceptance
• Serve as the primary liaison for model risk matters with regulators, Internal Audit, and senior executives
• Build enterprise-wide awareness of model risk through education, guidance, and proactive communication on emerging regulatory expectations and best practices

What You’ll Bring to the Team

• Bachelor’s degree in Finance, Economics, Mathematics, Engineering, Data Science, or a related quantitative discipline
• Master’s degree (e.g., Finance, Financial Engineering, Economics, Data Analytics, or MBA with a quantitative focus) strongly preferred
• 10-15 years of progressive experience in Model Risk Management, quantitative risk, model governance, or model development within a financial institution or regulatory environment
• Professional designation such as FRM, PRM, CFA, or equivalent
• Deep expertise in model lifecycle governance, regulatory expectations (OSFI, BCFSA), and data governance principles
• Proven strategic leadership capability to design, build, and operationalize a new or evolving model-risk function
• Strong analytical and critical-thinking skills, with the ability to translate complex quantitative issues into clear, actionable governance guidance
• Exceptional communication and influencing skills, including the ability to provide constructive challenge and shape senior-level decision-making
• Demonstrated ability to align cross-functional stakeholders and drive adoption of governance standards across Risk, Treasury, Finance, and business teams
• High levels of judgment, discretion, and accountability when navigating regulatory expectations and model-risk escalations

You’ll Thrive Here If You Are:

• A builder at heart - You are energized by creating clarity, structure, and discipline where frameworks and governance need to be established or elevated
• Comfortable with ambiguity - You are able to define the “right” level of rigor while balancing regulatory expectations, business needs, and practical execution
• Naturally systems-oriented - You see how models, data, controls, and decisions connect across Treasury, Finance, Risk, and the broader enterprise
• Fluent in technical depth and executive dialogue - You are able to translate complex quantitative concepts into clear, decision-ready insights
• Regulator-minded but business-aware - You understand how strong model governance enables better decisions rather than slowing them down

What You’ll Earn:

The annual salary band of this role is $141,900 - $183,000. The base pay offered may vary depending on factors such as relevant qualifications, skills, previous experience, and internal equity. As part of our total rewards package, employees may also be eligible for our annual incentive program, subject to program eligibility requirements

Vancity Talent Programs:

Vancity supports an inclusive hiring process for candidates who self-identify as Indigenous, Black, or Trans. With special permission from the BC Human Rights Commissioner, this initiative provides access to career development opportunities, prioritized job screening, and feedback. Any information you choose to share will be stored securely and used only for recruitment and career development connected to this initiative, in line with the BC Personal Information Protection Act (PIPA). For details, please see our dedicated Talent Programs job posting.

This role is an open vacancy, and our hiring process is grounded in fairness, transparency, and inclusion. We are committed to an inclusive, barrier-free and accessible recruitment experience for all candidates. If you require any accommodations or support at any stage of the recruitment process (including the application stage), we encourage you to let us know by contacting our Talent Acquisition team at [e-mail]. We’re here to work with you to ensure your needs are met promptly and effectively. All requests will be handled with the utmost respect and confidentiality, so you can participate fully in the process.