Manager, Model Risk Validation

Canada Guaranty Mortgage Insurance Company; Toronto; Hybrid; CAD 90,000 - 120,000; Full time

Job summary

Canada Guaranty is seeking a Manager for Model Risk Validation to oversee model validations and ensure compliance with industry standards. The ideal candidate will have extensive experience in retail banking or insurance, along with a strong background in statistical modeling and programming. This role offers a competitive salary and a comprehensive benefits package in a supportive work environment.

Benefits

Competitive compensation

Company-matched retirement programs

Health and dental coverage

Flexible work options

Inclusive and supportive culture

Qualifications

• 5+ years of experience in retail banking or insurance sectors.
• Experience in building or validating financial and risk models.
• Knowledge of model risk management frameworks and regulatory guidelines.

Responsibilities

• Conduct independent validations of models across various business domains.
• Prepare validation reports outlining model assumptions and performance.
• Ensure compliance with internal risk management policies and industry regulations.

Skills

Data Analysis

Statistical Modeling

Programming in SAS

Programming in SQL

Programming in Python

Programming in R

Education

Undergraduate degree in Economics, Statistics, Finance, Actuarial or related field

Master's degree in Economics, Statistics, Finance, Actuarial or related field

Job description

Canada Guaranty is a privately held Canadian mortgage insurer, established in 2010 following the acquisition of AIG United Guaranty Mortgage Insurance Company Canada by the Ontario Teachers' Pension Plan and National Mortgage Guaranty Holdings Inc.

As a proudly Canadian company, we are committed to service excellence and helping Canadians achieve successful, long-term homeownership. Our mortgage solutions help protect lenders and investors from losses related to borrower default and foreclosure while ensuring Canadians are provided with greater access to affordable and sustainable homeownership.

Canada Guaranty's performance-driven culture thrives on accountability, collaboration, and supportive teamwork. If you're a dedicated team player with a strong track record of excellence, we can't wait to hear from you!

About The Opportunity

The Manager, Model Risk Validation provides oversight, monitoring and validation on all models used at Canada Guaranty. This is a business-critical position with high visibility and regular contact with senior and executive management across the organization.

Reporting to the Senior Manager, Model Risk Governance, the successful candidate will bring a thorough understanding of validating the financial, statistical, and machine learning models used across various business lines. While experience in secured lending is beneficial, the Manager will be responsible for conducting thorough model validations, ensuring adherence to industry standards, and providing insightful reports to senior management. The Risk Management team has overall responsibility for guiding the prudent growth and evolution of the mortgage insurance portfolio through the effective use of analytics, credit policy and an Enterprise Risk framework.

In this role, you will :

• Model Validation, Vetting and Testing : Conduct independent and comprehensive validations of models across various business domains, including but not limited to credit, property valuation, and stress testing models.
• Documentation and Reporting : Prepare clear, concise, and well-documented validation reports, outlining model assumptions, methodologies, performance, and any identified risks or limitations.
• Model Assessment : Evaluate model performance, conduct back-testing, sensitivity analysis, and stress testing to assess model robustness under different scenarios. Assessments of models to identify potential vulnerabilities or issues; provide recommendations to mitigate identified risks
• Compliance : Ensure models comply with internal risk management policies, industry regulations, and best practices. Support the implementation, and maintenance of the model risk management policy and procedures to ensure compliance with regulatory guidelines.
• Collaboration : Work closely with cross-functional teams, including model developers, business stakeholders, and senior risk management professionals, to understand model objectives and provide recommendations for model improvements.
• Model Monitoring : Assist in the development and maintenance of monitoring frameworks for ongoing model performance and model drift analysis.
• Continuous Learning : Stay current on the latest trends, tools, and methodologies in model development and risk management to enhance the validation process.
• Work closely with the modeling teams across the organization to understand and constantly evaluate risk from both a detailed and enterprise level.

Essential Qualifications

• Undergraduate degree in Economics, Statistics, Finance, Actuarial or a related field
• 5+ years of progressive relevant work experience in retail banking and / or insurance sectors, with at least 2 years experience building or validating financial and risk models
• Proficiency in programming languages such as SAS, SQL, Python, or R for developing and validating models
• Strong skills in data analysis and statistical modeling and expertise in validating actuarial, statistical, financial models, including stress testing, scenario analysis, and sensitivity analysis
• Experience with model risk management frameworks and regulatory guidelines, such as OSFI's proposed revisions to E23 or familiarity with the OCC's SR 11-7
• Solid grasp of credit risk management concepts (Probability of Default, Loss Given Default, Exposure at Default, Expected Loss, Economic Capital, etc.)
• In-depth knowledge of the model life cycle and model risk management practices
• Advanced knowledge of quantitative techniques, including regression analysis, and time series analysis and the ability to apply these methods to evaluate model accuracy and robustness
• Excellent understanding of analytical, financial, competitive, regulatory, and legal environments in assessing credit and fraud risk
• Ability to explain complex issues in such a way that non-technical staff and senior management are able to understand the potential impacts

Preferred Qualifications

• Master's degree in Economics, Statistics, Finance, Actuarial or a related field
• Strong preference for formal actuarial education
• Experience with stochastic modeling
• Passed all examinations required to be a Fellow of Society of Actuaries, Casualty Actuarial Society or another actuarial organization
• Thorough understanding of residential mortgage lending, property markets, and consumer credit risk modeling
• Strong ability to document model development, validation processes, and results comprehensively
• Experience in design, develop, and maintain custom solutions using Atlassian Confluence is an asset

What We Offer You

Canada Guaranty is proudly recognized by Great Place to Work as one of the Best Workplaces in Financial Services & Insurance (2024), Best Workplaces in Ontario (2024), Best Workplaces with the Most Trusted Executive Teams (2025), and Best Workplaces in Canada - 100-999 Employees (2025). Join us and see why!

We offer a comprehensive total rewards package, including competitive compensation, company-matched retirement programs, health and dental coverage, flexible work options, and a friendly, inclusive, and supportive culture.

Accommodation Notice

Canada Guaranty is committed to fostering an equitable, accessible environment where all employees feel valued and supported. We are committed to building a workforce that is representative of the communities we serve and work alongside. Candidates may request accommodation at any point during the interview process.

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