Senior Analyst – Model Risk Validation & Testing - RFA Bank of Canada

RFA; Toronto; Hybrid; CAD 70,000 - 110,000; Full time

Job summary

An established industry player is seeking a Senior Analyst for Model Risk Validation and Testing. This role is pivotal in bridging the gap between model owners and risk management, focusing on identifying and mitigating model-related risks. You will develop analytical solutions, ensure compliance with regulatory standards, and enhance model documentation processes. Join a company that values innovation, accountability, and inclusivity, offering a hybrid work environment and a comprehensive benefits package. If you are passionate about finance and risk management, this is the perfect opportunity to make a significant impact.

Benefits

Vision Care

RRSP Match

Health & Wellness Spend

Vacation & Personal Days

Hybrid working environment

Qualifications

• 3+ years in quantitative risk management at a regulated financial institution.
• Solid quantitative background with interest in Finance and Risk management.

Responsibilities

• Identify and document business requirements with stakeholders.
• Test and document expected outcomes of models and support validation.

Skills

Quantitative Risk Management

Problem-Solving Skills

Communication Skills

Attention to Detail

Education

Degree in Mathematics

Degree in Financial Engineering

Degree in Financial Risk Management

Job description

Senior Analyst – Model Risk Validation & Testing - RFA Bank of Canada

Date: April 7, 2025

Location: Toronto, ON

Company: RFA Bank of Canada

Job Type: Permanent

About RFA

Founded in 1996, RFA (Realty Financial Advisors) is a leading Canadian-owned real estate firm. Through RFA Bank of Canada and RFA Mortgage Corporation, RFA offers mortgage brokers a complete range of Prime and Alternative mortgage solutions.

RFA Bank of Canada, a division of RFA (Realty Financial Advisors), is a federally regulated Schedule I Bank. Our goal is to be a long-term leader in the residential lending market by offering more than just competitive rates and compensation. At RFA Bank of Canada, we focus on delivering a unique value proposition in the Alternative mortgage space, committed to innovation and exceptional service to meet a diverse range of borrower needs.

The Opportunity

We’re looking to fill a Senior Analyst, Model Risk, Validation and Testing position at RFA Bank of Canada!

The Senior Analyst, Model Risk, Validation will act as the primary liaison between the Bank Model owners and ERM and is responsible for identifying, analyzing and reporting on model related risks.

Core Responsibilities

As the Senior Analyst, Model Risk, Validation and Testing, you will:

• Work with stakeholders to identify and document business requirements, provide independent, effective challenge to Model Owners/Sponsors to ensure requirements are completely and accurately articulated.
• Work with various data owners to discover and select available data sources from internal sources and external vendors to fulfill analytical needs.
• Develop analytical solutions and make recommendations based on an understanding of the business strategy and stakeholder needs.
• Keep abreast of industry and regulatory developments and evolving expectations; develop relationships with counterparts at other financial institutions.
• Ensure that proper and adequate model documentation (using model inventory template) and model risk mitigation processes are in place to appropriately assess and mitigate model risk.

Model Testing and Validation:

• Test and document the expected outcomes of the Models. Work with Model owners/developers to identify and close deficiencies with respect to testing results.
• Support the model validation program, including review of model documentation; conduct research on new methodology and validation techniques; design and implement validation and testing plans.
• Review and communicate Model Validation reports, memos and presentations to risk management and business regarding the validity and potential risks associated with models/methodologies under review.

Regulatory & Compliance:

• Complete all regulatory and compliance and risk management training.
• Comply with requirements as set by the Compliance function and external regulatory bodies.
• Act in accordance with the company’s Board-approved risk appetite and tolerance for risk.

What You’ll Need to Succeed

• 3+ years of experience working in quantitative risk management in a regulated financial institution, or equivalent.
• Solid quantitative background and problem-solving skills with a keen interest in Finance, Economics, Risk management and Regulations.
• Degree in quantitative fields such as Mathematics, Financial Mathematics, Econometrics, Financial Engineering, Financial Risk Management.
• Stress testing/modelling/loss forecasting experience is preferred.

What Sets You Apart

• Effective communication and specifically the ability to summarize complex ideas in simple terms.
• Ability to respectfully challenge ideas, concepts, and hypotheses.
• Detail-oriented and organized.

Our Values and What We Offer at RFA

At RFA, we live by our core values. These values guide our daily actions and shape our work culture:

• Accountability: You take ownership of your work & its consequences. You always consider risk & make informed decisions.
• Selflessness: You share info & teach others. You’re able to put your ego aside & understand that the best idea wins.
• Inclusivity: You value differing viewpoints & experiences. You understand how this can drive growth & innovation.
• Innovation: You seek opportunity & embrace change. You see tech as a way to enhance productivity & drive profitability.
• Courage: You make tough decisions in our best interest. You see opportunity when faced with challenge or adversity.
• Impact: You value results & your contributions. You rise to the occasion and never settle for sub-par.
• Performance: You embody a competitive spirit, desire to win and strive for executional excellence.

Along with a strong work culture, RFA offers a comprehensive benefits package, including:

• Vision Care
• RRSP Match
• Health & Wellness Spend
• Vacation & Personal Days
• Hybrid working environment

Ready to take the next step?

If this opportunity excites you and aligns with your skills and aspirations, we’d love to hear about how you can contribute to our team at RFA.

Accessibility

Accommodation is available upon request for applicants and employees with disabilities. If you are contacted for a job opportunity, please advise us of any accommodations needed to ensure you have access to a fair and equitable process. Any information received relating to accommodation will be addressed confidentially.