Senior Manager, Model Risk Governance

Scotiabank•Toronto, ON

2d•Onsite

About The Position

Supports the design, implementation, and continuous enhancement of the Bank’s Enterprise Model Risk Management processes and oversight of models across market risk, credit risk (retail and non-retail), operational risk, capital, and treasury models, among others, across both domestic and international portfolios. This position is part of the Model Risk Governance unit within Global Model Risk Management (GMRM), which must ensure governance processes meet internal standards and global regulatory expectations (e.g., OSFI E-23, FRB SR 11-7, PRA SS 1/23), while fostering a culture of accountability, transparency, and continuous improvement.

Requirements

Bachelor’s degree in Business, Data Science, Mathematics, Economics, or a related field preferred, with strong reporting experience.
5+ years of related experience in risk management, preferably in model risk management, compliance, audit or a related risk identification and reporting function within a financial institution.
Strong understanding of model risk management principles, including regulatory frameworks (e.g., OSFI E-23, FRB SR 11-7, PRA SS 1/23).
Proficiency in data analysis and reporting tools such as SQL, Power BI, Excel, VBA, R, Python etc.
Strong knowledge of internal control design, implementation, testing and documentation
Knowledge on financial products and models used for various purposes
Knowledge on model validation, model development or model risk audit practices
Good knowledge on databases, on systems for inventory management (IBM OpenPages/SAS MRM), on solutions for intake/process/initiatives tracking (SharePoint for Communication, SharePoint Lists, Microsoft Forms)
Excellent analytical and problem-solving skill, with the ability to work independently through complex challenges and tight timelines
Proactive, self-directed, and able to work independently and collaboratively within a team.
Strong written and communication skills with the ability to simplify and convey complex technical concepts.
Strong organizational skills and the ability to manage efficiently multiple priorities under tight deadlines.

Nice To Haves

Fluency in Spanish is a significant asset.

Responsibilities

Foster a high-performance, inclusive work environment that encourages continuous improvement and cross-functional collaboration.
Lead the design, review, and continuous enhancement of the Bank’s enterprise-wide Model Risk Management (MRM) documentation—including the Framework, Policy, and Standards—ensuring alignment with regulatory expectations and stakeholder input.
Drive the development and refinement of model performance monitoring and issue management frameworks, ensuring exceptions are proactively identified, tracked, and resolved in alignment with enterprise-wide governance documents.
Oversee the integration of model performance monitoring into policy and procedural documentation, ensuring consistency, clarity, and traceability across all model types and business lines.
Enhance the model risk rating methodology to support consistent and transparent assessment of model risk across portfolios, incorporating lessons learned and industry best practices.
Support ongoing governance activities such as policy attestations, regulatory reporting, and assessments of new risk initiatives, ensuring timely and accurate execution. And maintain all process and procedure documents supporting the control administration of the bank's model inventory
Design and maintain specific training of model stakeholders to new governance operating model
Champion a risk-aware and customer-focused culture by fostering strong partnerships with Model Owners, Reviewers, Users, and other key stakeholders across the Bank.
Manage relationships with material subsidiaries and international markets, providing expert guidance on model governance implementation and regulatory alignment.
Act as a trusted advisor to internal stakeholders including MVA, BGRO, Audit, and Finance, responding to inquiries and promoting consistent application of model governance principles.
Ensure model governance activities reflect and reinforce the Bank’s risk appetite and risk culture in day-to-day decision-making.
Oversee the Bank’s model inventory platform (e.g., SAS MRM), ensuring completeness, accuracy, and alignment with internal MRM documentation and governance standards.
Support specification of requirements to implement revised E23 compliance governance framework into SAS model management platform.
Lead the discovery and attestation process to ensure all models in scope are accurately captured and maintained within the inventory, supporting enterprise-wide transparency and accountability.
Coordinate and support the development of model risk reporting for Senior Management and the Board, delivering insights that inform strategic decision-making.
Prepare and present executive-level decks that highlight key trends, risks, and opportunities in model risk across the Bank.
Lead and manage internal control processes related to Model Risk, including RCSA, ERAF, NIRA, TPRM activities, ensuring robust documentation and effective risk mitigation.
Lead and manage internal deliveries with Compliance programs related to Regulatory Library (RLM), Regulatory Change Management (RCM), Controls Testing (GCT), Monitoring (GCM), CRCA, Triannual Reviews, ensuring timely delivery, robust documentation and effective definitions of mandates, requirements, controls, and mapped business units.
Research and incorporate industry best practices in model risk governance, with a focus on regulatory expectations and audit readiness.
Support the model risk governance strategy and enterprise-wide risk management goals, ensuring proactive identification and mitigation of model-related risks.
Design and implement automation tools and process efficiency initiatives to strengthen controls, reduce manual effort, and enhance data integrity.
Leverage advanced tools (e.g., Power BI, SQL, Python, VBA) to drive innovation in reporting, monitoring, and governance processes.