Manager, Credit Risk Model Validation

BMO; Toronto; Hybrid; CAD 75,900 - 141,900; Full time

Benefits offered by this job

Health insurance

Tuition reimbursement

Life insurance

Retirement plans

Job summary

BMO is seeking an experienced Manager, Model Risk, Credit Risk, to join the second line of defense in Toronto. The role oversees validation of IFRS 9/CECL, CCAR/EWST, climate risk and related models, including performance monitoring and annual reviews.

Strong programming skills and regulatory insight are essential, with hybrid on-site work in Toronto. The candidate will collaborate with model developers, owners, and users, guiding risk assessments and framework enhancements while maintaining

Qualifications

• MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields.
• A minimum of 4 years of experience in model validation and/or development within 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.
• Proficiency in a programming language such as Python, R, and SAS (Python is preferred).
• Proficiency in 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.

Responsibilities

• Model Risk Review and Effective Challenge: validate models, estimation approaches, and tools; assess model risk and communicate decisions to the business.
• Stakeholder Engagement: manage relationships with developers, owners, and users; explain complex concepts simply.
• Change Management: drive adoption of new platforms, tools, and operating models in model risk.
• Regulatory Expertise: interpret regulations; assess impacts to the validation program.
• Risk Understanding: connect technical issues to business considerations.
• Serve as a trusted advisor to partners; support strategic planning and decision-making.
• Lead the development and execution of the model validation framework and strategies.
• Independently validate models, assumptions, data, methodologies, benchmarks, and documentation.

Skills

Python

R

SAS

Education

MSc or PhD in quantitative fields

Tools

SQL

Oracle

AWS/Azure

Job description

Seeking a skilled and experienced professional to join our Model Risk Management Team as a Manager, Model Risk, Credit Risk. As a manager in our second line of defense risk management, governance, and control function, you will play a pivotal role in the validation of credit risk models, such as Allowance (IFRS 9 /CECL/loss forecasting) models, Stress Testing (CCAR/EWST), Climate Risk models and 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. This is an individual contributor role.

Note- We welcome applications from Senior Analyst candidates with fewer years of experience, provided they have a strong technical background and experience that is closely aligned with the role

Key Role Responsibilities

• Model Risk Review and Effective Challenge: You perform the validation of models, other estimation approaches and critical tool calculators and assess the model risk to confirm model appropriateness and capability for a designated portfolio. You are responsible for providing effective challenge to the credit risk models during model development and communicating decisions regarding model use to the business to ensure transparency and understanding of models and model risks. You assess the models' capabilities, stress points and limitations; you assess the associated model risk and the controls in place to mitigate identified risks.
• 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 embracing new technology platforms, 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 elevate 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 of 4 years of experience in model validation and/or development within 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.
• Proficiency in a programming language such as Python, R, and SAS (Python is preferred).
• Proficiency in 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 position is located in Toronto and offers flexibility with a hybrid work arrangement, where the successful candidate will spend at least 3 days per week on-site.

Salary

• $75,900.00 - $141,900.00
• Pay Type: Salaried
• 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.

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.