Senior Manager, Credit Risk Model Validation

BMO Financial Group; Toronto; On-site; CAD 94,000 - 176,000; Full time

Job summary

A leading financial institution is seeking a Senior Manager for Model Risk Management. This role involves validating credit risk models, managing stakeholder relationships, and overseeing project initiatives. The ideal candidate holds an MSc or PhD in a quantitative field and has at least 7 years of relevant experience. The position is located in Toronto with a hybrid work arrangement, offering a salary range of $94,600 to $176,000.

Benefits

Health insurance

Tuition reimbursement

Retirement savings plans

Performance-based incentives

Qualifications

• Minimum of 7 years of experience in model development and/or validation within a financial institution.
• Experience with credit risk models including stress testing and loss forecasting.
• Certifications like CFA, FRM, PRM are beneficial.

Responsibilities

• Validate credit risk models and assess model risk for designated portfolios.
• Manage relationships with model developers and users.
• Provide project and change management oversight.

Skills

Model development and validation

Stakeholder management

Project management oversight

Analytical skills

Communication skills

Education

MSc or PhD in quantitative fields

Tools

Python

R

SAS

SQL

Oracle relational databases

Job description

Job Overview

Application Deadline: 11/13/2025

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 Senior Manager, Model Risk, Credit Risk. In this second‑line governance and control role you will play a pivotal part in overseeing the validation of credit risk models, with a strong emphasis on wholesale and retail stress‑testing models (CCAR/EWST) and allowance models (IFRS 9/CECL). You will also be responsible for model performance monitoring, annual reviews and assessment of overlay quantification. Leadership of a team of five or more people is required, with the ability to act as an individual contributor when needed.

Key Role Responsibilities

• Validate credit risk models and assess model risk to confirm appropriateness and capability for a designated portfolio, providing effective challenge and clear communication to business users.
• Engage stakeholders, managing relationships with model developers, owners and users while translating complex technical concepts into everyday language.
• Provide project and change management oversight, recommending business priorities, advising on resources and leading the execution of strategic initiatives.
• Act as a subject matter expert on relevant regulations and policies, interpreting new regulations and assessing impacts to the validation framework.
• Integrate risk understanding, connecting technical issues with business considerations to mitigate risks.
• Facilitate culture, diversity, and inclusion aligned to BMO purpose, values and strategy.

What we are looking for

• MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields.
• Minimum of 7 years of experience in model development and/or validation within a financial institution, particularly in credit risk.
• Certifications such as CFA, FRM, PRM are beneficial but not mandatory.
• Experience with credit risk models including stress testing, loss forecasting, AIRB, and adjudication/account management.
• Proficiency in Python (preferred), R, and SAS; experience with SQL or Oracle relational databases.
• Knowledge of big‑data tools and cloud platforms (AWS or Azure) is a plus.
• Can‑do attitude, deep‑dive mindset and strong analytical and communication skills.

Location and Work Arrangement

The position is located in Toronto and offers a hybrid work arrangement: at least three days per week on site and the remainder remote.

Compensation

Salary: $94,600.00 - $176,000.00

Pay Type: Salaried

Benefits

BMO offers health insurance, tuition reimbursement, accident and life insurance, retirement savings plans and performance‑based incentives. View more details at BMO Total Rewards.

About BMO

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. We create lasting, positive change for our customers, communities and people. We value diversity, inclusive opportunities and development of talent across the organization.

Accessibility Statement

Accommodations are available on request for candidates participating in all aspects of the selection process.