Manager, Model Validation

Scotiabank; Toronto; On-site; CAD 70,000 - 90,000; Full time

Job summary

A leading bank in the Americas is seeking a Model Validation Analyst in Toronto to assist in validating models for market and counterparty credit risks. The ideal candidate will have an advanced degree in fields like Mathematics or Statistics, alongside experience in market risk modeling. Proficiency in programming languages such as MATLAB, C/C++, and Python is essential. This role offers growth opportunities in a collaborative and innovative environment.

Benefits

Professional development opportunities

Internal training

Inclusive working environment

Qualifications

• Master's or Ph.D. is preferred with credentials like CFA or FRM.
• Experience in market risk and counterparty credit risk modeling.
• Sound understanding of modeling techniques and various tests.

Responsibilities

• Assist in model validation and approval for market risk.
• Conduct detailed quantitative and technical reviews of models.
• Develop new validation techniques and ensure compliance.

Skills

Derivative pricing model theory

Market risk modeling

Programming languages (MATLAB, C/C++, Python)

Excellent written and presentation skills

Machine learning concepts

Education

Advanced degree in Mathematics, Statistics, or related field

Job description

Requisition ID: 244367

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Please be advised that our Careers site will be unavailable from November 28 at 12am ET to November 29 12am ET for scheduled system maintenance.

Conduct initial and ongoing model validations/approvals to ensure model risk management initiatives are following regulatory requirements and internal policies/procedures.

Is this role right for you? In this role you will:

• Assist Director/Senior Manager and/or independently validate and/or review Market risk capital models, counterparty credit risk capital models, trade surveillance models and the market risk/counterparty credit risk related stress testing models.
• Perform detailed quantitative and technical review of models, including responsibility for designing the validation framework, research on appropriate statistical / mathematical technical tests, coding/programming to analyze various aspects of model implementation and performance.
• Responsible for the review of all necessary documentation related to validation assignments, including reviewing documentation of work assignments under the incumbent's supervision; ensuring accuracy and completeness of archived information and related documentation to allow independent third‑party review of the validation work performed.
• Undertake research and development of new validation techniques.
• Comply with internal policies, procedures and regulatory requirements where applicable.
• Provide reports summarizing findings and recommendations to Senior Manager or Director.
• Manage relationships and communications with key stakeholders as identified for each validation request submission.
• Provide active and direct support to resolve outstanding audit and regulatory issues and respond to ad‑hoc senior management and regulatory requests.

Do you have the skills that will enable you to succeed in this role? - We'd love to work with you if you have:

• Advanced degree in fields such as Mathematics, Statistics, Econometrics, Physics, Computer Science, Financial Mathematics, Financial Engineering (Master or above, Ph.D. Preferred); industry certification or credentials will be an asset (e.g. CFA, FRM).
• Knowledge of derivative pricing model theory, counterparty credit risk modeling, market risk capital modeling, market data. Experience in market risk modeling including valuation and capital models, or counterparty credit risk modeling; knowledge of stochastic calculus, FRTB and CVA is preferred.
• Familiar with various trading products including IR, FX, Equity, Commodity, etc.
• Excellent written and presentation skills to provide advice, explanations and communications to various users and stakeholders.
• Sound understanding of various modelling techniques and proficiency in conducting various tests.
• Proficient computing skills and grasp of programming languages such as MATLAB, C/C++, Python.
• Ability to manage efficiently multiple priorities; attention to detail and ability to work independently or in teams; consensus-building ability.
• Familiar with concepts, structures, pros and cons, and various aspects of machine learning (ML) and AI models.

What's in it for you?

• The opportunity to join a forward‑thinking and collaborative team, surrounded by innovative thinkers.
• A rewarding career path with diverse opportunities for professional development.
• Internal training to support your growth and enhance your skills.
• An inclusive working environment that encourages creativity, curiosity, and celebrates success!

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here.

Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.

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