Manager, Credit Risk Model Validation

Overview

Seeking a skilled and experienced professional to join our Model Risk Management Team as a Manager, Model Risk, Credit Risk. As a manager in our second line of defense risk management, governance, and control function, you will play a pivotal role in the validation of credit risk models, such as Allowance (IFRS 9 /CECL/loss forecasting) models, Stress Testing (CCAR/EWST), Climate Risk models and other initiatives.

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 credit adjudication and account management models, is also relevant. This is an individual contributor role.

• Model Risk Review and Effective Challenge:
  You perform the validation of models, other estimation approaches and critical tool calculators 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.
• 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.
• 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.

• 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 4 years of experience in model validation and/or development within a financial institution, particularly in the credit risk area.
• Certifications:
  
  While qualifications like CFA are helpful, they are not mandatory.
• 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.
• Working with Big data tools and Cloud platforms (AWS/Azure) is a plus.
• A can-do attitude and a research, deep-dive mindset.

Our team values flexibility, collaboration and in-person engagement. This position is located in Toronto and offers flexibility with a hybrid work arrangement where the successful candidate will spend at least 3 days per week on-site and the other days remote.

At BMO we are driven by a shared

Purpose:

Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world.

BMO is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO will be considered BMO property. A recruiting agency must have a valid, written and fully executed agency agreement contract for service to submit resumes.