Senior Manager, Model Risk Audit CoE

RBC; Toronto; On-site; CAD 90,000 - 120,000; Full time

Job summary

A leading financial institution in Toronto is seeking a Senior Manager for its Internal Audit team. The role focuses on model risk audits related to AI and machine learning, requiring a strong understanding of model development and validation processes. Ideal candidates will have significant experience in the field and the ability to develop audit strategies that provide meaningful insights. This full-time position includes a comprehensive rewards program and opportunities for development and growth.

Benefits

Comprehensive Total Rewards Program

Flexible work/life balance options

Opportunities for professional development

Qualifications

• Must have 4+ years of experience in model development, validation, or audit.
• Understand risks in AI/ML models and risk mitigation techniques.
• Ability to work independently and collaboratively.

Responsibilities

• Lead model risk audit projects focusing on AI/ML models.
• Develop and implement audit strategy and methodologies.
• Evaluate controls and adherence to model risk policies.

Skills

Working knowledge in AI and ML techniques

Model development/validation/audit experience

Self-motivated and effective communicator

Knowledge of model risk management regulations

Ability to work under pressure

Education

PhD or Master’s in quantitative areas

Job description

Overview

What is the opportunity?

Internal Audit (IA), as the Third Line of Defense, provides independent assurance to senior management and the Board of Directors on the effectiveness of risk management policies, processes, and practices in all areas of RBC. Internal Audit is hiring a Senior Manager within Model Risk Audit CoE Team. This role will provide independent and objective assurance over the design and operating effectiveness of the model risk management framework, governance, and control processes within the first and second line of defense across RBC, and throughout the model lifecycle with a focus on Artificial Intelligence (AI) and Machine Learning (ML) models. This role will report into Managing Director, Model Risk Audit CoE.

As a Senior Manager in the Model Risk Audit CoE team, you will lead model risk audit projects for AI/ML models and related processes including but not limited to model identification, model development, model validation, model implementation, model performance monitoring, and governance processes. You will work collaboratively with various audit teams and related internal stakeholders to achieve audit objectives and deliverables, and also build and maintain strong partnership. You will also lead/contribute to other BAU audit projects within Model Risk Audit CoE.

What will you do?

• Lead and manage model risk audit projects (e.g., model risk audit, validation of regulatory issues/remediations, etc.) for enterprise models with a key focus on AI/ML models. This includes audit planning, execution, tracking, reporting, monitoring and issue closure verification. Ensure timely completion of model audit projects with high quality.
• Develop and execute comprehensive model audit strategy including audit scope, approaches, sampling methodologies, and audit steps to support the planning and execution of the model risk audit projects.
• Provide advises and insights on AI/ML models and emerging risks/controls.
• Evaluate the design and operating effectiveness of the controls around model risk and adherence to internal model risk policies and regulatory requirements and expectations (e.g., SR11-7, E23, etc.).
• Partner and support audit projects where expertise in model risk and/or AI/ML models is required.
• Build and maintain effective working relationships with stakeholders and audit partners. Support management in developing robust action plans to address deficiencies, and ensure corrective actions are implemented in a timely manner to effectively address the issues.
• Balance risk with operational efficiency when raising audit issues, ensuring that recommendations and management actions are aligned with RBC’s organizational goals and risk tolerance to deliver real value.

What do you need to succeed?

Must-Haves:

• Working knowledge in AI and ML techniques including model development/validation/audit. Hands-on experience with the following model types: unsupervised learning, deep learning, and/or LLMs. Solid understanding of risks in AI/ML models and the associated risk mitigation approaches/compensating controls.
• 4+ years of experience in model development, model validation, or model audit functions for AI/ML models.
• Self-motivated and able to work and learn independently, communicate and collaborate effectively with others at all levels in the organization.
• Knowledge of legislation and regulations relating to model risk management in Canada, USA and UK.
• Ability to work under pressure and communicate effectively with the key stakeholders.
• PhD or Master’s degree in quantitative areas such as mathematics, physics, statistics, engineering, or equivalent working experience.

Nice to have:

• Working knowledge of Internal Audit Services practices, policies, procedures and systems with Internal Audit experience in Banking.

What’s in it for you?

We thrive on the challenge to be our best, progressive thinking to keep growing, and working together to deliver trusted advice to help our clients thrive and communities prosper. We care about each other, reaching our potential, making a difference to our communities, and achieving success that is mutual.

• A comprehensive Total Rewards Program including bonuses and flexible benefits, competitive compensation
• Leaders who support your development through coaching and managing opportunities
• Work in a dynamic, collaborative, progressive, and high-performing team
• Opportunities to do challenging work
• Flexible work/life balance options

Job Skills

Adaptability, Auditing, Commercial Acumen, Communication, Detail-Oriented, Internal Controls, Interpersonal Relationship Management, Long Term Planning, Results-Oriented

Additional Job Details

Address: 20 KING ST W TORONTO

City: Toronto

Country: Canada

Work hours/week: 37.5

Employment Type: Full time

Platform: INTERNAL AUDIT

Job Type: Regular

Pay Type: Salaried

Posted Date: 2025-08-12

Application Deadline: 2025-11-29

Note: Applications will be accepted until 11:59 PM on the day prior to the application deadline date above

Inclusion and Equal Opportunity Employment

At RBC, we believe an inclusive workplace that has diverse perspectives is core to our continued growth as one of the largest and most successful banks in the world. Maintaining a workplace where our employees feel supported to perform at their best, effectively collaborate, drive innovation, and grow professionally helps to bring our Purpose to life and create value for our clients and communities. RBC strives to deliver this through policies and programs intended to foster a workplace based on respect, belonging and opportunity for all.

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