Manager, Credit Risk Model Validation

BMO U.S.; Toronto; On-site; CAD 70,000 - 150,000; Full time

Benefits offered by this job

Health insurance

Tuition reimbursement

Retirement savings plans

Job summary

BMO Financial Group is seeking a Manager, Model Risk, Credit Risk to join a second line of defense in validation of credit risk models (IFRS 9/CECL, CCAR/EWST) and related activities. You will oversee model validation, monitoring, and governance within a collaborative risk management team.

The role requires expertise in quantitative analysis, strong programming skills (Python, R, SAS) and experience with SQL/Oracle databases, cloud platforms (AWS/Azure), and regulatory frameworks.

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.

Responsibilities

• Validate credit risk models and estimation approaches (IFRS 9/ CECL/loss forecasting).
• Lead or participate in model performance monitoring and annual reviews.
• Engage with model developers, owners, and users to explain complex concepts and influence risk decisions.
• Develop and enhance the model validation framework, methodologies, and governance within the portfolio.

Skills

Python

R

SAS

SQL

Education

MSc / PhD in quantitative fields

Tools

AWS

Azure

SQL / Oracle

Job description

Application Deadline: 11/01/2026
Address: 100 King Street West
Job Family Group: Audit, Risk & Compliance

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.


• 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.

Salary

Salary: $70,000.00 - $150,000.00

Pay Type

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.

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.

BMO is a leading bank driven by a single purpose: to Boldly Grow the Good in business and life. Everywhere we do business, we’re focused on building, investing and transforming how we work to drive performance and continue growing the good.

Who we are

We’re proud to be fueling growth and expanding possibilities for individuals, families and businesses. More than 12 million customers count on us for personal and commercial banking, wealth management and investment services. As the 8th largest bank in North America by assets, we provide personal and commercial banking, wealth management and investment services to more than 12 million customers.

In Canada, the United States and across the globe, we’ll continue to build, invest and transform to drive performance that serves the good that grows.