Director, US Model Governance

Bank of Montreal•Chicago, IL

13d•$137,000 - $238,000

About The Position

Provides oversight, monitoring and reporting on model risk for the Enterprise and US portfolios. Develops and monitors the model risk management and governance framework and practices leveraged across BMO and US; ensures compliance with regulatory guidance and expectation for Model Risk Management and serves as a regulatory liaison on models and model risk related matters. Implements and maintains Model Risk policies and standards, risk rating methodologies, and controls to align with regulatory expectation and industry practice, and to increase transparency, accuracy, and consistency across groups. Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do and ensures alignment between values and behaviour that fosters diversity and inclusion. Builds interdependent teams that collaborate across functional and operating groups to ensure alignment in managing models and model risk and create 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. Develops an expert understanding of business/group objectives and challenges. Acts as a trusted advisor to senior leaders for making business decisions and implementing strategic initiatives within model risk appetite. Acts as the liaison and prime contact for regulators; manages regulatory relationships and represents the MRM during internal/external audits and/or regulatory examinations. Networks with industry contacts to gather competitive insights and best practices. May consult to or serve on various committees and task forces. Interprets new regulations and assesses impacts to the governance framework. Identifies emerging issues and trends to inform decision-making. Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution. Leads the development and maintenance of the model risk management governance framework and inventory systems. Ensures alignment between stakeholders. Provide guidance in the development and maintenance of comprehensive information management systems; designs and/or leads initiatives to improve processes, analysis and reporting. Defines business requirements for analytics & reporting to ensure data insights with respect to model risk and required actions. Leads the development of the communication strategy focusing on positively influencing or changing behaviour. Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives. Assesses and adapts existing operational programs; develops new capabilities to ensure ongoing success. Manages the review and sign-off process for relevant regulatory reporting. Leads and integrates the monitoring, measurement and reporting on the status of the model risk governance program to internal and external stakeholders. Leads the management of governance meetings and maintenance of governing body mandates, oversight and approval guidelines. May provide specialized support for other internal and external regulatory requirements. Provides input into the planning and implementation of ongoing operational programs in support of the model validation / risk framework. Leads in the design, implementation and management of core business/group processes. Oversees effective challenge to model stakeholder operating procedures to ensure compliance with requirements and expectation of the Model Risk Management Framework. Oversees compliance control and testing to ensure model life cycle activities adheres to all policies, procedures and established processes, documents and reports results of evaluations on an individual and summary basis. Provides guidance to and oversees the assigned business/group on implementation of the risk framework. Monitors and reports material risk including compliance gaps, and required remediation actions, to relevant committees. Assesses education and training needs, develops/delivers training on MRM framework and expectations. Develops and oversees reporting for complete, comprehensive and consistent risk measurement, including KRM/KRI, and escalation where needed. Develops and coaches employees to develop in-depth knowledge of business and related risk management requirements and legislative / regulatory directives and guidance. Builds effective relationships with internal/external stakeholders. Coordinates and monitors the review and sign-off of regulatory reporting and attestations. Operates at a group/enterprise-wide level and collaborates with other risk functions to ensure alignment of MRM with the Bank's Risk Framework. Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems. Communicates abstract concepts in simple terms. Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives. Monitors and reports development and trends in regulatory environment and industry practices. Broader work or accountabilities may be assigned as needed.

Requirements

Typically, 12+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
Expert knowledge and understanding of model risk management principles and practices, and model lifecycle.
Preferably experience in quantitative model development or validation.
Expert knowledge of regulatory requirements.
Experience in managing regulatory relationships and communications.
Expert knowledge & experience with risk policy frameworks, compliance and control / testing frameworks.
Seasoned expert with extensive industry knowledge.
Technical leader viewed as a thought leader for innovation.
Verbal & written communication skills - Expert.
Analytical and problem-solving skills - Expert.
Influence skills - Expert.
Collaboration & team skills; with a focus on cross-group collaboration - Expert.
Able to manage ambiguity.
Data driven decision making - Expert.

Responsibilities

Provides oversight, monitoring and reporting on model risk for the Enterprise and US portfolios.
Develops and monitors the model risk management and governance framework and practices leveraged across BMO and US; ensures compliance with regulatory guidance and expectation for Model Risk Management and serves as a regulatory liaison on models and model risk related matters.
Implements and maintains Model Risk policies and standards, risk rating methodologies, and controls to align with regulatory expectation and industry practice, and to increase transparency, accuracy, and consistency across groups.
Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do and ensures alignment between values and behaviour that fosters diversity and inclusion.
Builds interdependent teams that collaborate across functional and operating groups to ensure alignment in managing models and model risk and create 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.
Develops an expert understanding of business/group objectives and challenges.
Acts as a trusted advisor to senior leaders for making business decisions and implementing strategic initiatives within model risk appetite.
Acts as the liaison and prime contact for regulators; manages regulatory relationships and represents the MRM during internal/external audits and/or regulatory examinations.
Networks with industry contacts to gather competitive insights and best practices.
May consult to or serve on various committees and task forces.
Interprets new regulations and assesses impacts to the governance framework.
Identifies emerging issues and trends to inform decision-making.
Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.
Leads the development and maintenance of the model risk management governance framework and inventory systems.
Ensures alignment between stakeholders.
Provide guidance in the development and maintenance of comprehensive information management systems; designs and/or leads initiatives to improve processes, analysis and reporting.
Defines business requirements for analytics & reporting to ensure data insights with respect to model risk and required actions.
Leads the development of the communication strategy focusing on positively influencing or changing behaviour.
Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
Assesses and adapts existing operational programs; develops new capabilities to ensure ongoing success.
Manages the review and sign-off process for relevant regulatory reporting.
Leads and integrates the monitoring, measurement and reporting on the status of the model risk governance program to internal and external stakeholders.
Leads the management of governance meetings and maintenance of governing body mandates, oversight and approval guidelines.
May provide specialized support for other internal and external regulatory requirements.
Provides input into the planning and implementation of ongoing operational programs in support of the model validation / risk framework.
Leads in the design, implementation and management of core business/group processes.
Oversees effective challenge to model stakeholder operating procedures to ensure compliance with requirements and expectation of the Model Risk Management Framework.
Oversees compliance control and testing to ensure model life cycle activities adheres to all policies, procedures and established processes, documents and reports results of evaluations on an individual and summary basis.
Provides guidance to and oversees the assigned business/group on implementation of the risk framework.
Monitors and reports material risk including compliance gaps, and required remediation actions, to relevant committees.
Assesses education and training needs, develops/delivers training on MRM framework and expectations.
Develops and oversees reporting for complete, comprehensive and consistent risk measurement, including KRM/KRI, and escalation where needed.
Develops and coaches employees to develop in-depth knowledge of business and related risk management requirements and legislative / regulatory directives and guidance.
Builds effective relationships with internal/external stakeholders.
Coordinates and monitors the review and sign-off of regulatory reporting and attestations.
Operates at a group/enterprise-wide level and collaborates with other risk functions to ensure alignment of MRM with the Bank's Risk Framework.
Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.
Communicates abstract concepts in simple terms.
Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.
Monitors and reports development and trends in regulatory environment and industry practices.
Broader work or accountabilities may be assigned as needed.