Senior Model Risk Manager

HomeEquity Bank; Toronto; Hybrid; CAD 90,000 - 110,000; Full time

Job summary

A leading bank in Canada is seeking a Senior Model Risk Manager in Toronto to oversee model risk and validation projects. The ideal candidate will possess extensive experience in model development and risk management. This role offers a dynamic work environment with opportunities for professional growth and development within the field of finance.

Benefits

Extended health and dental benefits

Employee & Family Assistance Program

Employer-Matched Group Retirement Savings Plan

Employee Share Investment Plan

Well-being initiatives including wellness account

Corporate discount for GoodLife Fitness

Qualifications

• 8+ years experience in model development or validation.
• Experience with Credit Risk, Interest Rate Risk, and Liquidity Risk models.
• Ability to communicate complex topics to non-experts.

Responsibilities

• Manage model risk throughout the model lifecycle.
• Design and execute quantitative testing.
• Document and present findings to executive model owners.

Skills

Python

SQL

Analytical Skills

Problem-Solving

Communication

Education

Graduate degree in Quantitative Finance, Economics, Data Science

FRM or CFA designation

Job description

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Who We Are

HomeEquity Bank is a Schedule 1 Canadian chartered bank and the leading national provider of reverse mortgages, with a growing portfolio. As the only bank solely dedicated to serving homeowners 55 and up, we’re passionate about helping Canadian homeowners live retirement on their terms. We live that commitment every day, with a range of reverse mortgage solutions that include our flagship CHIP Reverse Mortgage product.

Who We Are

HomeEquity Bank is a Schedule 1 Canadian chartered bank and the leading national provider of reverse mortgages, with a growing portfolio. As the only bank solely dedicated to serving homeowners 55 and up, we’re passionate about helping Canadian homeowners live retirement on their terms. We live that commitment every day, with a range of reverse mortgage solutions that include our flagship CHIP Reverse Mortgage product.

OUR VALUES, OUR PASSION

At HomeEquity Bank, our values drive and inspire our actions with our customers, our partners and each other.

• Courage to Act. Do the Right Thing
• One Team. One Vision
• Think Long-Term. Ever-Evolving

Position Summary

This role works closely with our business partners as the second line of defense to manage the Bank's risk exposure within our stated Risk Appetite, while allowing the business to achieve its goals. This role will manage the bank’s model risk across business lines.

MAJOR ELEMENTS OF THE ROLE

Key accountabilities of this position include :

• Manage model risk throughout the model lifecycle including validation, ongoing performance evaluation and periodic model reviews.
• Manage model validation projects from start to finish, designing and executing quantitative testing, analyzing conceptual soundness and assessing model suitability.
• Work effectively with model owners to understand the models, convey second line expectations, and professionally challenge model elements.
• Use industry and academic expertise to properly assess model assumptions, mathematical formulation, and implementation considering each model’s business purpose.
• Research model performance benchmarks and build challenger models from scratch as appropriate.
• Document and present findings to executive model owners, clearly communicating key model limitations, and recommending compensating controls.
• Conduct on-going self-study of developments in modeling and validation techniques, regulatory guidelines, and new analytical tools.
• Support the continued evolution of an industry-best-practice model risk framework including validation process standards, guidance, practices, and templates.

Qualifications

SKILLS AND EXPERIENCE REQUIRED

• Graduate degree in Quantitative Finance, Economics, Data Science, or related field.
• FRM or, CFA designation or equivalent industry experience
• 8+ years experience in model development, model validation or quant-focused risk management at a financial institution.
• Experience with the following model types : Credit Risk, Interest Rate Risk, Loss Forecasting, Stress Testing, Actuarial and Liquidity Risk.
• Advanced Python and SQL skills, including data processing, automation, statistical packages and data visualization.

Attributes

• Strong analytic, creative thinking, and problem-solving abilities, with the ability to design and implement statistical testing to assess a given model’s effectiveness.
• Excellent communication skills, with the ability to translate complicated topics into straightforward business terms, present to executive audiences, and able to produce technical documentation with academic rigor.
• Effective and professional stakeholder management.
• Track record of attention to detail with lengthy experience self-policing for data anamolies, coding errors and overall accuracy.
• Hybrid work environment

WHY WORK AT HOMEEQUITY BANK?

HomeEquity Bank offers a hybrid working environment supported with a culture of flexibility – an approach that is unique to each person, and that enables both business and individual needs to be met in a mutually beneficial way.

We pride ourselves in recognizing and celebrating performance, community service, teamwork, and diversity among our employees.

A Dynamic Culture – With People at the Centre

We believe our people make all the difference; our tireless commitment to inclusivity, professional development, and employee experience has been recognized through awards including the Greater Toronto’s Top Employers 2024,Waterstone Canada's Most Admired Corporate Cultures 2022-2023, the Globe and Mail's Report on Business : Canada's Top Growing Companies 2022 (third year since 2019), Canadian's Mortgage Professional (CMP) Top Mortgage Employer 2023 for the third year in a row and Achievers Top 50 Most Engaged Workplaces 2023.

Growth and Opportunities

We provide challenging and rewarding careers in a wide variety of fields. We continuously develop and train our employees through professional growth opportunities and on-the-job training. We also encourage our employees to develop professionally and personally though a series of career developing programs including our Educational Assistance Program, designed to reimburse costs related to professional learning and development.

Celebrating Great Work and People

We believe in an environment that celebrates success, knowledge, leadership, and work that is inspired by our core values. For these reasons, we have created several programs that make it easy for our employees to say ‘great job’ to their colleagues and leaders.

From our Appreciate! Program to the High Five Award Program and President’s Award Program, we recognize professional achievement with a variety of rewards including points towards gift cards, merchandise, and travel experiences, as well as group RRSP / DPSP contributions and more.

Our Community Leadership Program recognizes employees who make a positive impact in their communities through volunteer work with a grant for their charity of choice. Additionally, we provide employees with one paid day off each year to volunteer at their favourite local charity.

The Perks

HomeEquity Bank offers a competitive total rewards package that includes :

• Extended health and dental benefits
• Employee & Family Assistance Program
• Employer-Matched Group Retirement Savings Plan
• Employee Share Investment Plan
• Well-being initiatives including : a wellness account; virtual self-care programs and extended mental health benefits
• Employee corporate discount for GoodLife Fitness

HomeEquity Bank is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Please note that our successful candidate is required to complete a background check.

Stay in the Know

Find out what we’re up to online, and learn more about what makes HomeEquity Bank a great place to work :

LinkedIn

Youtube

Facebook

Twitter

Instagram

Chip.ca

Join Us! If you’re ready to build the future of reverse mortgages, we want to hear from you.

Seniority level

Seniority level

Mid-Senior level

Employment type

Employment type

Full-time

Job function

Job function

Finance

Financial Services and Banking

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