Senior Manager Model Validation-AML and Fraud Models

BMO•Toronto, ON

1d•CA$94,600 - CA$176,000•Onsite

About The Position

This role is responsible for the validation of AML, fraud, and other customer behavioral analytics models, with a focus on models used by BMO Canada, US, and international lines of business. The Senior Manager will support the Director of Behavioral Analytics Model Validation in developing and executing the overall validation work plan, ensuring projects are completed on time and in compliance with the model risk management framework. Key responsibilities include providing effective challenge to model owners and developers, communicating identified model risks, and offering consultancy on technical model issues. The role also involves report writing, maintaining model inventory data, and staying updated on financial crime and AI/ML modeling techniques. Additionally, the Senior Manager will provide managerial leadership, including hosting regulator update meetings, supervising and training junior analysts, and supporting process improvements. Governance responsibilities include ensuring models meet the Enterprise Model Risk Management Framework requirements, conducting validation reviews in accordance with bank and regulatory standards, and assessing model risk, capabilities, and controls.

Requirements

5+ years of experience in AML, fraud or marketing campaign model validation, model development or a related position; or equivalent experience in credit risk models
Outstanding knowledge and relevant training in data mining, machine learning, and various statistical analysis techniques, with demonstrated experience pertaining to machine learning/statistical modeling.
Experience in supervising or coaching junior team member(s)
In-depth knowledge of industry best practices and understanding of AML regulatory requirements and the evolvement of in the regulations in AML, fraud and lending practices across jurisdictions.
Good Knowledge of the bank’s different lines of business and various products offered.
Analytical, detail-oriented, well-organized, highly self-motivated with good interpersonal skills
Good ability of conflict-solving and to collaboratively work with first line model owner and developers.
Proficiency in statistical and database modeling tools, particularly Python, SAS, R, SQL, Access/VBA, etc.
Effective time management skills and multi-tasking skills to effectively deliver concurrent projects with completing timelines.
Ability to supervise and lead junior team members to complete complex projects.
Strong written and verbal communication skills; skilled at explaining complex concepts ad processes in simple language
Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
In-depth / expert knowledge and understanding of model validation, model risk management practices.
In-depth / expert knowledge of regulatory requirements.
In-depth / expert knowledge & experience with risk policy frameworks; quality control / testing frameworks.
Seasoned professional with a combination of education, experience and industry knowledge.
Verbal & written communication skills - In-depth / Expert.
Analytical and problem solving skills - In-depth / Expert.
Influence skills - In-depth / Expert.
Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
Able to manage ambiguity.
Data driven decision making - In-depth / Expert.

Responsibilities

Independently validate and/or guide junior analyst(s) to validate new and existing AML, Fraud and other customer behavioral analytics models with a concentration on models used for BMO Canada, US and international lines of business.
Ensure the assigned validation projects are completed within required timeline and in compliance with the model risk management framework requirement.
Provide effective challenge and communicate identified model risk to the first line model owners and developers to ensure the risk are well understood and mitigation actions are taken; escalating where necessary to senior management.
Provide consultancy to the senior management and first line model owner and developer regarding the technical model issues of the AML and fraud models.
Report writing and model inventory data attributes maintenance.
Keep abreast of latest development in financial crime and AI/ML modeling techniques.
Host regulator update meeting on assigned projects to both MV senior management and the first line model owners and developers.
Provide day-to-day supervision and training to the junior analyst, and review work completed by the reporting analyst before the draft report and recommendation are submitted to MV Director for approval.
Support the MV director to identify and implement improvement to work, process and systems to ensure operational effectiveness.
Support various ad-hoc reporting requests from senior management, internal audit and regulators.
Manage HR administration requests of the junior analyst.
Assist the MV Director to ensure all models covered by the team meet the requirement of the Enterprise Model Risk Management Framework, e.g., all AML and fraud models used by the bank are validated and approved and issues identified are mitigated properly.
Support the MV Director to ensure all validation review work is conducted in accordance to defined model validation process, and in compliance with all bank and regulatory requirements.
Performs validation of models and assesses model risk to confirm model appropriateness and capability for a designated portfolio.
Provides effective challenge during model development and communicates decisions regarding model use to the business to ensure transparency and understanding of models and model risks.
Assesses model’s capabilities, stress points and limitations; assesses the associated model risk and the controls in place to mitigate identified risks.
Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
Ensures alignment between values and behaviour that fosters diversity and inclusion.
Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.
Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
Attracts, retains, and enables the career development of top talent.
Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
Provides strategic input into business decisions as a trusted advisor.
Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.
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.
Influences and negotiates to achieve business objectives.
Identifies emerging issues and trends to inform decision-making.
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.
Measures the effectiveness of validation and monitoring framework; recommends changes as required.
Conducts independent analysis and assessment to resolve strategic issues.
Acts as the prime subject matter expert for internal/external stakeholders.
Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations.
Ensures alignment between stakeholders.
Designs and produces regular and ad-hoc reports, and dashboards.
Develops and manages comprehensive information management systems; designs and/or leads initiatives to improve processes, analysis and reporting.
Defines business requirements for analytics & reporting to ensure data insights inform business decision making.
Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
Leads the development of the communication strategy focusing on positively influencing or changing behaviour.
Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution.
Leads the research and development for validation of new types of models.
Leads and integrates the monitoring, measurement & reporting of the status of the model validation program / portfolio to internal & external stakeholders.
Provides input into the planning and implementation of ongoing operational programs in support of the model vetting framework and portfolio.
Leads in the design, implementation and management of core business/group processes.
Develops validation strategies and plans to ensure appropriate type and level of vetting of models is carried out.
Independently validates / tests models and their associated assumptions, benchmarks, and supporting documentation against model vesting process, standards, guidelines and principles; assesses the data for model development as well as inputs to the model; compares validation results with model developer results for replicability.
Identifies deficiencies, conditions for model use, recommends changes, and escalates as required; quantifies model risks, documents outcomes and communicates with stakeholders.
Identifies where corrective actions are required and escalates per guidelines; monitors and ensures corrective action is taken.
Provides technical advice and guidance to assigned business/group on implementation of the model vetting framework, and resolution of model risk issues.
Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance.
Builds effective relationships with internal/external stakeholders.
Ensures alignment between stakeholders.
Monitors and tracks performance; addresses any issues.
Coordinates and monitors the review and sign-off of model validation reporting including model inventory and model inventory attestations.
Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders.
Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.
Implements changes in response to shifting trends.
Broader work or accountabilities may be assigned as needed.