Manager/Director, Model Risk Management

Manulife • Waterloo, ON

13d • CA$88,800 - CA$138,800 • Hybrid

About The Position

The Manager or Director, Model Risk Management is a senior member in the Group Model Risk Management team, responsible for validation of models in the Global Wealth Management Segment covering portfolio construction, digital investment advisory, business planning, valuation and risk for structured assets and etc. Reporting to the Head of GWAM Model Risk Management. The incumbent is accountable for determining and assessing model acceptability, identifying potential model risks, testing model implementation, and for providing general consulting advice to business units as appropriate. These models are developed by the business units across GWAM and are essential in supporting risk measurement, investment strategy development, asset liability management, product pricing, and regulatory reporting purposes. Validation is a critical step to ensure model effectiveness.

Requirements

• Master's or PhD degree in a quantitative discipline (Math, Finance, Economics, Physics, Engineering, etc.)
• 3+ years of experience in financial mathematics modeling with expertise in optimization and numerical techniques.
• Proficiency in quantitative modeling.
• Programming skills in VBA, C++, SQL, Excel, MATLAB, or Python.
• Strong analytical, problem-solving, communication, and documentation skills.
• Proven organizational, team-building, and relationship-building abilities across business functions, team player.

Nice To Haves

• Bilingualism (English and French) is a strong asset. If the successful candidate is in Québec, proficiency in both languages will be required to support clients from various provinces outside of Quebec.
• Knowledge of Global Wealth Management products and services, such as portfolio construction, digital investment advisory platforms, structured products, and valuation methodologies, is highly desirable.
• Previous model validation experience is a plus.

Responsibilities

• Assess the model's adequacy and appropriateness for stated objectives and assumptions, general practice, and company policies.
• Ensure submitted models from 1st line are mathematically sound, following industry standard, implemented correctly, and with adequate performance.
• Perform independent research and develop independent benchmark models where needed.
• Assess Potential Model Risks.
• Evaluate potential model risks related to embedded assumptions vs target applications, and limitations of model implementation.
• Recommend risk mitigation measures where needed.
• Document model validation outcome and communicate findings to stakeholders and model risk leaders.
• Ensure business units understand their obligations under the Model Risk Policy such as providing adequate documentation to enable independent validation and having processes and controls to govern the entire model lifecycle.
• Participate annual model materiality refresh and inventory attestation process.
• Provide mentorship to junior staff.
• Participate in Ad-Hoc Projects as needed.

Benefits

• health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans.
• various retirement savings plans (including pension and a global share ownership plan with employer matching contributions) and financial education and counseling resources.
• generous paid time off program in Canada includes holidays, vacation, personal, and sick days, and we offer the full range of statutory leaves of absence.

What This Job Offers

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