Head of Model Risk Management

National Bank; Montreal; On-site; CAD 120,000 - 180,000; Full time

Job summary

A leading financial institution in Montreal seeks a Head of Model Risk Management to lead the strategic governance and validation of model risks in the Capital Markets and Treasury Management Risk team. The role demands a graduate degree in quantitative disciplines, extensive experience in model risk management, and strong leadership capabilities. This position offers competitive compensation and a range of benefits aimed at promoting employee wellbeing, alongside an inclusive work environment.

Benefits

Health and wellness program

Flexible group insurance

Generous pension plan

Employee Share Ownership Plan

Telemedicine service

Qualifications

• Extensive experience in model risk management or quantitative risk within financial services.
• Deep understanding of capital markets and treasury/ALM models.
• Proven ability to engage and influence senior leaders.

Responsibilities

• Lead model risk management strategy and transformation.
• Own and improve the model risk management framework.
• Direct validation of models ensuring rigorous standards.

Skills

Model risk management

Quantitative analysis

Leadership

Communication skills

Risk regulations knowledge

Education

Graduate degree in a quantitative discipline

Job description

Overview

A career as a Head of Model Risk Management in the Capital Markets and Treasury Management Risk team at National Bank means acting as a strategic leader for both enterprise-wide model risk governance and independent model validation. This role is central to reshaping how the Bank manages model risk in light of evolving expectations (including OSFI Guideline E‑23), the rapid growth of AI/ML, and expanding reliance on models in areas such as financial crime, fraud, and advanced analytics. This job allows you to have a positive impact on our organization through deep model risk expertise and a demonstrated ability to build, lead, and transform high-performing teams.

Your role

• Lead and transform model risk management by defining and executing a multi‑year strategy aligned with E‑23, modernizing practices across model families (including AI/ML, financial crime/fraud, and capital markets/treasury).
• Own and continuously improve the Bank’s model risk management framework, policies, and end‑to‑end lifecycle governance (definition/scope, tiering, approval, change management, monitoring, use restrictions, and decommissioning).
• Maintain and enhance the enterprise model inventory to ensure completeness, accurate classification/tiering, clear ownership, and timely updates for new models, changes, and retirements across all business areas.
• Direct independent validation of key models, setting rigorous, risk‑based standards (conceptual soundness, data/assumptions, implementation verification, outcomes testing, benchmarking/back-testing where applicable) and ensuring consistent documentation quality and timely escalation.
• Drive effective findings management and remediation tracking to closure; design an efficient resourcing model (internal and third‑party), oversee external validation and vendor-model reliance where applicable, and improve productivity, automation, and tooling.
• Act as the main contact for model risk matters: lead regulatory and audit interactions, partner with model owners and stakeholders to strengthen risk culture, and promote responsible model use and ethical AI.

Your team

Within the Model Risk Management department, you report to the Senior Vice‑President, Capital Markets and Treasury Management Risk. This is a highly visible leadership role at the centre of National Bank of Canada’s risk, analytics, and AI agenda, with regular engagement with senior executives, governance committees, and regulators.

Requirements

• Graduate degree in a quantitative discipline.
• Extensive experience in model risk management, independent model validation, model development, or quantitative risk within financial services.
• Significant leadership experience managing quantitative teams with enterprise-wide or multi-line responsibility and delivering transformational change.
• Deep understanding of risk, capital markets, and treasury/ALM models, including methodologies, data requirements, and common limitations/controls.
• Strong knowledge of model risk regulations and guidance applicable to Canadian federally regulated financial institutions (including OSFI Guideline E-23)
• Exceptional communication skills, with the ability to engage, influence, and provide effective challenge to senior business leaders, governance committees, and regulators.
• Proven ability to build, develop, and motivate diverse teams, and to raise standards through coaching, accountability, and talent development.

Your benefits

In addition to competitive compensation, upon hiring you’ll be eligible for a wide range of flexible benefits to help promote your wellbeing and that of your family. Health and wellness program, including many options; Flexible group insurance; Generous pension plan; Employee Share Ownership Plan; Employee and Family Assistance Program; Preferential banking services; Opportunities to get involved in community initiatives; Telemedicine service; Virtual sleep clinic. These are a few of the benefits available to you. We have an offer that keeps up with trends as well as your needs and those of your family. Our dynamic work environments and cutting-edge collaboration tools foster a positive employee experience. We actively listen to employees’ ideas. Whether through our surveys or programs, regular feedback and ongoing communication is encouraged. We\'re putting people first. We’re a bank on a human scale that stands out for its courage, entrepreneurial culture, and passion for people. Our mission is to have a positive impact on peoples\' lives. Our core values of partnership, agility, and empowerment inspire us, and inclusivity is central to our commitments. We offer a barrier-free workplace that is accessible to all employees. We want our recruitment process to be fully accessible. If you require accommodation, feel free to let us know during your first conversations with us. We welcome all candidates! What can you bring to our team? Come live your ambitions with us!