Senior Manager, Credit Risk Model Validation

BMO

2d•Hybrid

About The Position

Seeking a skilled and experienced professional to join our Model Risk Management Team as a Senior Manager, Model Risk, Credit Risk. As a Senior Manager in our second-line governance and control, you will play a pivotal role in overseeing the validation of credit risk models, with particular emphasis on wholesale and retail Stress Testing (CCAR/EWST) models as well as Allowance (IFRS 9 /CECL) models. 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 wholesale borrower risk rating models, credit adjudication and account management models, and retail AIRB is also relevant. This dynamic position is a leadership role, requiring the supervision of 5+ people. Occasionally, you may also need to act as an individual contributor.

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 7 years of experience in model development and/or validation 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

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

Responsibilities

Model Risk Review and Effective Challenge: You perform the validation of models and assess the model risk to confirm model appropriateness and capability for a designated portfolio. You are responsible for providing effective challenge to the credit risk models during model development and communicating decisions regarding model use to the business to ensure transparency and understanding of models and model risks. You assess the models’ capabilities, stress points and limitations; you assess the associated model risk and the controls in place to mitigate identified risks.
Stakeholder Engagement: Effective communication is crucial in this role. You will manage relationships with model developers, owners, and users, influencing and advising on model risk-related matters. Your ability to explain complex technical concepts in everyday language will set you apart.
Project Management: Recommends business priorities, advises on resource requirements, and develops roadmap for strategic execution. Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.
Change Management: BMO is at the forefront of innovation in model risk management. You will be part of the team that drives change by embracing new technology platforms, tools, and operating models. Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment of initiatives.
Regulatory Expertise: Acts as a subject matter expert on relevant regulations and policies. May network with industry contacts to gain competitive insights and best practices. Interprets new regulations and assesses impacts to the program / portfolio validation framework.
Risk Understanding: You will need to connect the dots between technical issues and business considerations.

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

Stand Out From the Crowd

Upload your resume and get instant feedback on how well it matches this job.

Upload and Match Resume