Manager - Credit Risk Model Validation

BMO Financial Group; Toronto; On-site; CAD 75,000 - 142,000; Full time

Job summary

A global financial institution is seeking a Manager for Credit Risk Model Validation in Toronto. This role focuses on validating credit risk models, providing challenge to developers, and communicating risks to stakeholders. The ideal candidate should have 3-5 years of experience in model validation and hold a Master's or PhD in a quantitative field. Proficiency in Python and SAS is essential. This position offers a competitive salary ranging from $75,900 to $141,900.

Qualifications

• 3-5 years of model validation or development experience in credit risk.
• In-depth knowledge of model validation and risk management practices.
• Understanding of regulatory requirements.

Responsibilities

• Perform model validation activities across different stages.
• Provide effective challenge to model developers.
• Communicate model risk findings to stakeholders.

Skills

Proficiency in Python

Proficiency in SAS

Analytical skills

Communication skills

Collaboration skills

Problem-solving skills

Influence skills

Education

MSc or PhD in statistics, mathematics, data science, actuarial sciences, engineering

Job description

Application Deadline:

Address: 100 King Street West

Job Family Group: Audit, Risk & Compliance

BMO is seeking an experienced professional to join the Model Risk Management Team as Manager, Credit Risk Model Validation. This role is part of the second-line governance and control function, with a primary focus on validating credit risk models such as AIRB Capital models, adjudication, and account management models.

The position is primarily an individual contributor role, with opportunities for leadership. You will be responsible for performing model validation activities across different stages of the model life cycle, providing effective challenge to model developers, and communicating model risk findings to stakeholders.

This role is ideal for a professional with a strong quantitative background who thrives in a collaborative environment and is committed to advancing model risk governance.

Performs validation of models and assesses model risk to confirm model appropriateness and capability for a designated portfolio. Provides effective challenge during model development and communicates decisions regarding model use to the business to ensure transparency and understanding of models and model risks. Assesses model’s capabilities, stress points and limitations; assesses the associated model risk and the controls in place to mitigate identified risks.

• Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
• Ensures alignment between values and behaviour that fosters diversity and inclusion.
• Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.
• Recommends and implements solutions based on analysis of issues and implications for the business.
• Independently validates / tests models and their associated assumptions, benchmarks, and supporting documentation against model vesting process, standards, guidelines and principles; assesses the data for model development as well as inputs to the model; compares validation results with model developer results for replicability.
• Identifies deficiencies, conditions for model use, recommends changes, and escalates as required; quantifies model risks, documents outcomes and communicates with stakeholders.
• Identifies where corrective actions are required and escalates per guidelines; monitors and ensures corrective action is taken.
• Provides technical advice and guidance to assigned business/group on implementation of the model vetting framework, and resolution of model risk issues.
• Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.
• Builds effective relationships with internal/external stakeholders.
• Ensures alignment between stakeholders.
• Monitors and tracks performance; addresses any issues.
• Coordinates and monitors the review and sign-off of model validation reporting including model inventory and model inventory attestations.
• Provides specialized consulting, analytical and technical support.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Works independently and regularly handles non-routine situations.
• Broader work or accountabilities may be assigned as needed.

Qualifications

• Typically between 3 - 5 years of model validation or development within a financial institution, particularly in the credit risk area.
• A MSc or PhD degree in related field of study such as statistics, mathematics, data science, actuarial sciences, engineering.
• Proficiency in Python and SAS is required; experience with other statistical software such as R is considered beneficial.
• In-depth knowledge and understanding of model validation, model risk management practices.
• In-depth knowledge of regulatory requirements.
• Deep knowledge and technical proficiency gained through extensive education and business experience.
• Verbal & written communication skills - In-depth.
• Collaboration & team skills - In-depth.
• Analytical and problem solving skills - In-depth.
• Influence skills - In-depth.

Salary

Salary: $75,900.00 - $141,900.00

Pay Type

Pay Type: Salaried

To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

About Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we’ll help you gain valuable experience, and broaden your skillset.

To find out more visit us at https://jobs.bmo.com/ca/en .

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.