Program Manager, Model Validation - Risk

Investment Management Corporation of Ontario (IMCO); Toronto; Hybrid; CAD 95,000 - 105,000; Full time

Job summary

A leading investment management firm in Toronto is seeking a Program Manager for Model Validation - Risk. This role involves establishing a model risk management framework, assessing models and their risks, and working collaboratively across departments. Candidates should have a strong quantitative background, with 5+ years in model risk management. The firm offers competitive compensation and professional development opportunities in a hybrid work model.

Benefits

Competitive salary

Comprehensive benefits

Opportunities for career growth

Qualifications

• Minimum of 5 years of experience in a model risk-related role.
• Comprehensive understanding of data system structures affecting credit risk valuation.
• Knowledge of model validation processes, development, and governance.

Responsibilities

• Act as the primary subject matter expert on Model Risk Management.
• Lead and manage the model risk assessment approach.
• Collaborate with various departments to identify and manage model risk.

Skills

Expertise in model validation

Communication skills

Quantitative analysis

Problem-solving skills

Education

Bachelor’s degree or graduate degree in a quantitative field

Job description

Join to apply for the Program Manager, Model Validation - Risk role at Investment Management Corporation of Ontario (IMCO)

Join to apply for the Program Manager, Model Validation - Risk role at Investment Management Corporation of Ontario (IMCO)

At IMCO, our talent is among the best! IMCO offers a uniquely stimulating and rewarding environment where you can help build and drive organizational transformation, all while seeking to challenge yourself, learn, and grow your career.

We offer a culture of collaboration and passion, creating unwavering value for the clients we serve. Our vision is to be the partner of choice for Ontario’s public sector funds and build a high-performing, value-based Asset Management firm in the heart of downtown Toronto.

If you are ready to drive best-in-class service, and join a collaborative, motivated, and fun team of professionals, we’re ready to offer you a great place to work with exciting opportunities for growth and development.

If you want to use your expertise to drive strategic business outcomes, then we want you at IMCO!

Model Risk Management is a new risk function within the Investment Risk Management team. This role will be a key contributor to the creation of the function and the inaugural roll-out of the Model Risk Management framework at IMCO.

You will be responsible for maintaining a model inventory, performing risk assessments, validation, and periodic post-implementation reviews and for communicating requirements and results to stakeholders across the organization – as outlined in IMCO’s Model Risk Management Framework. You will be accountable for assessing and evaluating potential risks associated with model design, implementation and usage to ensure reasonableness, accuracy and model soundness. This role will report to the VP, Investment Risk Management (IRM) and collaboration with senior members of Enterprise Risk Management (ERM).

As a Member of Our Team, You Will be Responsible For :

• Act as the primary subject matter expert on Model Risk Management in the organization, including understanding key industry trends and best practice, and making recommendations on enhancements to the policy framework.
• Take ownership in launching the model risk assessment approach within the Model Risk Management framework, including communicating with senior stakeholders to drive engagement, develop new processes and standards, and work to embed model risk management within the organization.
• Lead and manage the end-to-end process : integrating the monitoring, measurement & reporting of the status of the model validation, model inventory, and attestations with internal & external senior stakeholders.
• Collaborate with cross-functional groups, including Risk, Investments, Finance, and other departments to effectively identify, assess, monitor & manage model risk.
• Prepare materials to support the Model Risk Oversight Committee (MROC) and follow-up on action items as required.
• Present findings and recommendations and able to respond to challenges and questions with both technical and non-technical lens for the MROC.
• Manage model inventory while actively collaborating with model owners to ensure the accuracy, completeness, and integrity of all information and components.
• Evaluate modelling methodologies to identify the most appropriate approach, ensuring consistency with underlying theory, logic, and intended purpose.
• Assess models risks, evaluating potential vulnerabilities in design, implementation, and usage to ensure sound methodology and appropriate application.
• Perform benchmark model output against alternative theories, assumptions, data, and techniques to ensure reasonableness, while independently validating models, assessing their assumptions, and supporting documenting against established standards.
• Conduct periodic model reviews and ongoing independent testing through sensitivity testing, stress testing, and / or back-testing where feasible, to ensure robustness, stability, and accuracy of the implemented models.
• Identify resolutions of model deficiencies, conditions for model use, quantify model risks, document outcomes and communicate the results of model reviews with stakeholders.
• Provide input into the planning and implementation of ongoing operational programs in support of the portfolios and model vetting framework.
• Advise on technical matters and provide recommendations, guidance and support to assigned business / group on implementation of the model vetting framework, and resolution of model risk issues.
• Conduct and / or effectively challenge risk assessments for business / group, ensure model risk controls are operating and aligned with regulatory requirements, and assist to identify more effective compliance controls.

What Do You Need To Succeed?

Bachelor’s degree or graduate degree (M.Sc. or Ph.D.) in a quantitative field (Finance / Economics / Statistics / Mathematics) or related discipline.

Minimum of 5 years of experience in a model risk-related role

Comprehensive understanding of various data system structures / processes and how they affect the inputs and outputs of credit risk valuation process.

Knowledge & experience with risk policy frameworks; quality control / testing frameworks.

Model Risk Management Knowledge : Expertise and understanding of model validation processes, including the development, validation, and governance of complex models.

Collaboration & Facilitation : Must be able to work with a variety of individuals in a productive and professional manner. Proactively seek to develop & maintain partnerships across IMCO. Must earn & build trust as a valuable business partner.

Communication & Interpersonal Skills : Ability to communicate verbally and in writing, complex concepts to a diverse audience, including technical and non-technical stakeholders at all levels of the organization.

Mathematical and Quantitative Skills : Proficiency in mathematical modelling, quantitative analysis, and data interpretation, with the ability to apply advanced techniques to evaluate model performance, and ensure compliance with best practices.

Data Driven Decision-Making : Strong expertise in data-driven decision making to assess, validate and enhance model risk management frameworks, ensuring accuracy, compliance, and operational efficiency.

Critical thinking & Problem Solving : Ability to address unique or ambiguous situations to find solutions to multiple, independent, complex problems.

Sound Reasoning & Judgement : Demonstrates sound reasoning to assess, challenge, and validate complex models and risk methodologies.

Research Skills : Ability to effectively research and develop validation of new types of models and best practices.

Overall Business / Industry Knowledge : Strong understanding of the institutional investment management industry, peer and good governance practices

What IMCO Can Offer You :

We thrive on the challenge to be our best, to deliver an unparalleled employee experience and to work as one team to continuously improve the management of broader public-sector investment funds. In addition to offering a competitive salary and comprehensive benefit package, we pride ourselves on helping you reach your potential, making a difference in our communities, and achieving success that is mutual.

We thank all applicants, however, only those selected for an interview will be contacted.

Our hybrid work model offers flexibility and provides our employees with the opportunity to lead a well-balanced life. Our Corporation’s offices located at 16 York Street, Suite 2400, Toronto, ON M5J 0E6 provide a welcoming space for employees to gather, work collaboratively, and grow together.

IMCO is committed to providing accommodation for people with disabilities in its recruitment process. Please advise IMCO if you require an accommodation and we will work with you to meet your needs. Candidates being considered for this position will be required to submit to a background screening.

Seniority level

Seniority level

Mid-Senior level

Employment type

Employment type

Full-time

Job function

Job function

Project Management and Information Technology

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