Manager, Credit Risk Model Validation

BMO; Toronto; Hybrid; CAD 76,000 - 142,000; Full time

Benefits offered by this job

Health insurance

Tuition reimbursement

Accident and life insurance

Retirement savings plans

Job summary

BMO Financial Group in Toronto is seeking a Manager, Model Risk, Credit Risk to join the Model Risk Management Team. The role focuses on validating credit risk models (IFRS 9/CECL, loss forecasting) and stress testing, with responsibilities spanning governance, performance monitoring, and framework development.

The position requires 4+ years in model validation within a financial institution, strong Python/R/SAS and SQL/Oracle skills, and familiarity with cloud platforms.

Qualifications

• Minimum MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering or related fields.
• Experience: at least 4 years in model validation and/or development within a financial institution, specifically credit risk.
• CFA is helpful but not mandatory.

Responsibilities

• Validate models and estimation approaches and provide effective challenge to model risk.
• Engage stakeholders including model developers, owners, and users for governance and transparency.
• Lead development and enhancement of the model validation framework and methodologies.
• Independently validate models, data, methodologies, and supporting documentation.
• Identify and raise model risks, deficiencies and remediation actions; monitor progress.
• Research regulatory trends and best practices to strengthen governance.

Tools

Python

R

SAS

SQL

Oracle

AWS

Azure

Job description

Application Deadline:

08/03/2026

Address:

100 King Street West

Job Family Group:

Audit, Risk & Compliance

Seekinga skilled and experienced professional to join our Model Risk Management Team as a Manager, Model Risk, Credit Risk.As amanagerinoursecond lineof defenserisk management,governance,and controlfunction, you will play a pivotal role in the validation of credit risk models,such asAllowance (IFRS 9 /CECL/loss forecasting) models,Stress Testing (CCAR/EWST), Climate Riskmodelsand other initiatives.Other activities related to the model lifecycle such as model performance monitoring, annual reviews, assessment of overlay quantification are also part of the validation responsibilities.Experience in other credit risk families, such as credit adjudication and account management models, is also relevant.Thisis anindividual contributorrole.

Key RoleResponsibilities:

• Model Risk Review and Effective Challenge: You perform the validation of models, other estimation approachesand critical tool calculatorsand assess the model risk to confirm model appropriateness and capability for a designated portfolio. Youare responsible forproviding effective challenge to the credit risk models during model development and communicating decisionsregardingmodel use to the business to ensure transparency and understanding of models and model risks. You assess the models’ capabilities, stresspointsand limitations; you assess the associated model risk and the controls in place to mitigateidentifiedrisks.
• Stakeholder Engagement: Effective communication is crucial in this role. You will manage relationships with model developers, owners, and users, influencing and advising on model risk-related matters. Your ability to explain complex technical concepts in everyday language will set you apart.
• Change Management: BMO is at the forefront of innovation in model risk management. You will be part of the team that drives change by embracingnew technologyplatforms, tools, and operating models.
• Regulatory Expertise: Acts as a subject matter expert on relevant regulations and policies. May network with industry contacts to gain competitive insights and best practices. Interprets new regulations and assesses impacts to the program / portfolio validation framework.
• Risk Understanding: You will need to connect the dots between technical issues and business considerations.
• Serve as a trusted advisor to business partners, influencing stakeholders and supporting strategic planning and decision-making.
• Lead the development, execution, and enhancement of the model validation framework, methodologies, and validation strategies.
• Independently validate models, assumptions, data, methodologies, benchmarks, and supporting documentation to assess model effectiveness and compliance.
• Identify, quantify, document, and raise model risks, deficiencies, and required corrective actions while monitoring remediation efforts.
• Research emerging trends, regulatory requirements, and industry best practices to strengthen model risk management and governance.
• Provide expert consulting and technical guidance on model validation, risk management, and framework implementation.
• Lead validation-related initiatives, change management activities, process improvements, and operational programs across the portfolio.
• Represent the model validation function during internal audits, regulatory examinations, and stakeholder reviews.
• Develop, monitor, and report on model validation portfolio performance, model inventory, attestations, and governance outcomes.
• Build and maintain strong stakeholder relationships, ensuring alignment, effective communication, and successful delivery of strategic objectives.

Qualifications:

• A MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields.
• A minimum of4years of experience in modelvalidationand/ordevelopmentwithin a financial institution, particularly in the credit risk area.
• Certifications: While qualifications like CFA are helpful, they are not mandatory.
• Experience in credit risk models, including Stress Testing & loss forecasting, AIRB and Adjudication/Account Management.
• Proficiencyin a programming language such as Python, R, and SAS (Python is preferred).
• Proficiencyin working with relational databases – SQL or Oracle.
• Working with Big data tools and Cloud platforms (AWS/Azure) is a plus.
• A can-do attitude and a research, deep-dive mindset.

Our team values flexibility, collaboration and in-person engagement. This positionis located inToronto and offers flexibility with a hybrid work arrangement, where the successful candidate will spend at least3days per week on-site.

Salary** :**

$75,900.00 - $141,900.00

Pay Type:

Salaried

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. 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.