Manager, Model Validation & Approval (6 Month Contract)

Scotiabank•Toronto, ON

11d•Onsite

About The Position

The Global Model Risk Management area provides independent and consistent model validation and approval across various risk types, including market risk, retail/non-retail credit risk, operational risk, provisioning and capital models, anti-money laundering, and other key risk/financial models. The Manager provides support to Senior Manager and plays a key part in ensuring the sound development and ongoing performance of the IFRS 9 provisioning models used in the Bank’s retail and non-retail business lines. This position entitles activities related to model validation work to establish overall soundness of the credit risk measurement, delivery of various ad-hoc validation assignments, and collaboration/communication with the model development teams and business lines to ensure model development methodologies and validation processes follow internal framework and regulatory requirements.

Requirements

Graduate degree (Master’s or PhD preferred) in a quantitative field (e.g., Statistics, Mathematics, Finance, Engineering)
1+ years of experience in credit risk model development or validation within a financial institution
Exposure to retail/small business/non-retail credit risk management applications and practices preferred.
Exposure to IFRS 9/ AIRB related credit risk management and quantification preferred.
Strong programming skills in Python, SAS, R, or MATLAB (Python preferred)
Solid understanding of statistical modelling, data analysis, and large dataset manipulation
Experience evaluating model assumptions, performance, and limitations using quantitative techniques
Proven ability to communicate complex technical concepts to both technical and non-technical audiences
Experience interacting with audit or regulatory stakeholders is an asset
Professional certifications (FRM, CFA, CQF, MBA) are considered an asset

Responsibilities

Conduct independent validation of IFRS 9 provisioning models (PD, LGD, EAD, Lifetime, SICR) across multiple business lines
Assess model methodologies, assumptions, and outputs, including forward-looking macroeconomic components
Perform detailed data reviews, including replication of key data transformations and validation of data integrity
Evaluate model performance using quantitative testing, benchmarking, and sensitivity analysis
Identify model limitations and provide actionable recommendations to improve model design and performance
Prepare high-quality validation reports and supporting documentation for internal and external review
Support audit and regulatory interactions, including addressing findings and responding to inquiries
Oversee model risk rating assessments and maintain IFRS 9 model inventory governance (updates, recalibrations, decommissioning)
Drive continuous improvement in validation methodologies, tools, and automation initiatives
Collaborate cross-functionally with model development, risk, audit, and business teams