Credit Risk Model Validation

BMO • Chicago, IA

3d • $74,000 - $138,000

About The Position

BMO is seeking an experienced professional to join the Model Risk Management Team as Manager, Credit Risk Model Validation. This role is part of the second-line governance and control function, with a primary focus on validating credit risk models such as AIRB Capital models, adjudication, and account management models. The position is primarily an individual contributor role, with opportunities for leadership. You will be responsible for performing model validation activities across different stages of the model life cycle, providing effective challenge to model developers, and communicating model risk findings to stakeholders. This role is ideal for a professional with a strong quantitative background who thrives in a collaborative environment and is committed to advancing model risk governance. Performs validation of models and assesses model risk to confirm model appropriateness and capability for a designated portfolio. Provides effective challenge during model development and communicates decisions regarding model use to the business to ensure transparency and understanding of models and model risks. Assesses model’s capabilities, stress points and limitations; assesses the associated model risk and the controls in place to mitigate identified risks. Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do. Ensures alignment between values and behaviour that fosters diversity and inclusion. Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through. Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders. Attracts, retains, and enables the career development of top talent. Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance. Acts as a trusted advisor to assigned business/group. Influences and negotiates to achieve business objectives. Recommends and implements solutions based on analysis of issues and implications for the business. Assists in the development of strategic plans. Identifies emerging issues and trends to inform decision-making. Researches existing or emerging requirements & related best practices to assist and develops recommendations for changes/enhancements. Helps determine business priorities and best sequence for execution of business/group strategy. Conducts independent analysis and assessment to resolve strategic issues. Supports development and execution of strategic initiatives in collaboration with internal and external stakeholders. Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations. Ensures alignment between stakeholders. Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives. Leads the research and development for validation of new types of models. Leads and integrates the monitoring, measurement & reporting of the status of the model validation program / portfolio to internal & external stakeholders. Provides input into the planning and implementation of ongoing operational programs in support of the model vetting framework and portfolio. Leads/participates in the design, implementation and management of core business/group processes. Develops validation strategies and plans to ensure appropriate type and level of vetting of models is carried out. Independently validates / tests models and their associated assumptions, benchmarks, and supporting documentation against model vesting process, standards, guidelines and principles; assesses the data for model development as well as inputs to the model; compares validation results with model developer results for replicability. Identifies deficiencies, conditions for model use, recommends changes, and escalates as required; quantifies model risks, documents outcomes and communicates with stakeholders. Identifies where corrective actions are required and escalates per guidelines; monitors and ensures corrective action is taken. Provides technical advice and guidance to assigned business/group on implementation of the model vetting framework, and resolution of model risk issues. Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance. Builds effective relationships with internal/external stakeholders. Ensures alignment between stakeholders. Monitors and tracks performance; addresses any issues. Coordinates and monitors the review and sign-off of model validation reporting including model inventory and model inventory attestations. Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus. Provides specialized consulting, analytical and technical support. Exercises judgment to identify, diagnose, and solve problems within given rules. Works independently and regularly handles non-routine situations. Broader work or accountabilities may be assigned as needed.

Requirements

• Typically between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Proficiency in Python and SAS is required; experience with other statistical software such as R is considered beneficial.
• In-depth knowledge and understanding of model validation, model risk management practices.
• In-depth knowledge of regulatory requirements.
• In-depth knowledge & experience with risk policy frameworks; quality control / testing frameworks.
• Deep knowledge and technical proficiency gained through extensive education and business experience.
• Verbal & written communication skills - In-depth.
• Collaboration & team skills - In-depth.
• Analytical and problem solving skills - In-depth.
• Influence skills - In-depth.
• Data driven decision making - In-depth.

Nice To Haves

• in Finance/Economics areas (i.e., MBA).

Responsibilities

• Performs validation of models and assesses model risk to confirm model appropriateness and capability for a designated portfolio.
• Provides effective challenge during model development and communicates decisions regarding model use to the business to ensure transparency and understanding of models and model risks.
• Assesses model’s capabilities, stress points and limitations; assesses the associated model risk and the controls in place to mitigate identified risks.
• Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
• Ensures alignment between values and behaviour that fosters diversity and inclusion.
• Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.
• Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
• Attracts, retains, and enables the career development of top talent.
• Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
• Acts as a trusted advisor to assigned business/group.
• Influences and negotiates to achieve business objectives.
• Recommends and implements solutions based on analysis of issues and implications for the business.
• Assists in the development of strategic plans.
• Identifies emerging issues and trends to inform decision-making.
• Researches existing or emerging requirements & related best practices to assist and develops recommendations for changes/enhancements.
• Helps determine business priorities and best sequence for execution of business/group strategy.
• Conducts independent analysis and assessment to resolve strategic issues.
• Supports development and execution of strategic initiatives in collaboration with internal and external stakeholders.
• Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations.
• Ensures alignment between stakeholders.
• Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
• Leads the research and development for validation of new types of models.
• Leads and integrates the monitoring, measurement & reporting of the status of the model validation program / portfolio to internal & external stakeholders.
• Provides input into the planning and implementation of ongoing operational programs in support of the model vetting framework and portfolio.
• Leads/participates in the design, implementation and management of core business/group processes.
• Develops validation strategies and plans to ensure appropriate type and level of vetting of models is carried out.
• Independently validates / tests models and their associated assumptions, benchmarks, and supporting documentation against model vesting process, standards, guidelines and principles; assesses the data for model development as well as inputs to the model; compares validation results with model developer results for replicability.
• Identifies deficiencies, conditions for model use, recommends changes, and escalates as required; quantifies model risks, documents outcomes and communicates with stakeholders.
• Identifies where corrective actions are required and escalates per guidelines; monitors and ensures corrective action is taken.
• Provides technical advice and guidance to assigned business/group on implementation of the model vetting framework, and resolution of model risk issues.
• Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.
• Builds effective relationships with internal/external stakeholders.
• Ensures alignment between stakeholders.
• Monitors and tracks performance; addresses any issues.
• Coordinates and monitors the review and sign-off of model validation reporting including model inventory and model inventory attestations.
• Focus is primarily on business/group within BMO; may have broader, enterprise-wide focus.
• Provides specialized consulting, analytical and technical support.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Works independently and regularly handles non-routine situations.
• Broader work or accountabilities may be assigned as needed.

Benefits

• BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.
• To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level