Manager, Credit Risk Model Validation

BMO•Toronto, ON

5d•CA$75,900 - CA$141,900•Hybrid

About The Position

Seeking a skilled and experienced professional to join our Model Risk Management Team as a Manager, Model Risk, Credit Risk. As a manager in our second line of defense risk management, governance, and control function, you will play a pivotal role in the validation of credit risk models, such as Allowance (IFRS 9 /CECL/loss forecasting) models, Stress Testing (CCAR/EWST), Climate Risk models and other initiatives. Other activities related to the model lifecycle such as model performance monitoring, annual reviews, assessment of overlay quantification are also part of the validation responsibilities. Experience in other credit risk families, such as credit adjudication and account management models, is also relevant. This is an individual contributor role. Note- We welcome applications from Senior Analyst candidates with fewer years of experience, provided they have a strong technical background and experience that is closely aligned with the role

Requirements

A MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields.
A minimum of 4 years of experience in model validation and/or development within a financial institution, particularly in the credit risk area.
Experience in credit risk models, including Stress Testing & loss forecasting, AIRB and Adjudication/Account Management.
Proficiency in a programming language such as Python, R, and SAS (Python is preferred).
Proficiency in working with relational databases – SQL or Oracle.
A can-do attitude and a research, deep-dive mindset.

Nice To Haves

Working with Big data tools and Cloud platforms (AWS/Azure) is a plus.
Certifications: While qualifications like CFA are helpful, they are not mandatory.

Responsibilities

Perform the validation of models, other estimation approaches and critical tool calculators and assess the model risk to confirm model appropriateness and capability for a designated portfolio.
Provide effective challenge to the credit risk models during model development and communicate decisions regarding model use to the business to ensure transparency and understanding of models and model risks.
Assess the models’ capabilities, stress points and limitations; assess the associated model risk and the controls in place to mitigate identified risks.
Manage relationships with model developers, owners, and users, influencing and advising on model risk-related matters.
Explain complex technical concepts in everyday language.
Drive change by embracing new technology platforms, tools, and operating models.
Act as a subject matter expert on relevant regulations and policies.
Network with industry contacts to gain competitive insights and best practices.
Interpret new regulations and assess impacts to the program / portfolio validation framework.
Connect the dots between technical issues and business considerations.
Serve as a trusted advisor to business partners, influencing stakeholders and supporting strategic planning and decision-making.
Lead the development, execution, and enhancement of the model validation framework, methodologies, and validation strategies.
Independently validate models, assumptions, data, methodologies, benchmarks, and supporting documentation to assess model effectiveness and compliance.
Identify, quantify, document, and escalate model risks, deficiencies, and required corrective actions while monitoring remediation efforts.
Research emerging trends, regulatory requirements, and industry best practices to strengthen model risk management and governance.
Provide expert consulting and technical guidance on model validation, risk management, and framework implementation.
Lead validation-related initiatives, change management activities, process improvements, and operational programs across the portfolio.
Represent the model validation function during internal audits, regulatory examinations, and stakeholder reviews.
Develop, monitor, and report on model validation portfolio performance, model inventory, attestations, and governance outcomes.
Build and maintain strong stakeholder relationships, ensuring alignment, effective communication, and successful delivery of strategic objectives.