Senior Analyst, Quantitative Model Validation; Model Vetting

Overview

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The TMX group of companies includes leading global exchanges such as the Toronto Stock Exchange, Montreal Exchange, and numerous innovative organizations enhancing capital markets. United as a global team, we’re connecting cross-functionally, traversing industries and geographies, moving opportunity into action, advancing global economic growth, and propelling progress. Through a rich exchange of ideas, meaningful collaboration, and a nimble operating model, we're powering some of the nation's most critical systems, fueling capital formation and innovation, bringing increased opportunity to business visionaries, product ingenuity to consumers, and career exploration to our team.

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Department Overview

TMX Group Model Validation Department provides independent, objective validation and an effective challenge of risk models and non-models—primarily for Post Trade (CDS and CDCC) subsidiaries of TMX Group. Model Validation is a core element of the Model Risk Management framework and an essential piece to ensure compliance with Regulatory Requirements around independent validation of risk models and non-models.

This function is guided by a philosophy of adding value to improve the operations of the organization. It assists the organization to accomplish its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the organization’s governance and risk management.

The Senior Analyst, Model Validation performs quantitative and qualitative validation of models and non-models developed to assess and analyze market, credit, liquidity, and financial risks. As a member of the independent Model Validation team, you are responsible for validating the soundness of TMX Group subsidiaries’ risk models. You will provide expertise and advice regarding advanced modelling techniques and applications, ensuring that model methodology and implementation meet regulatory requirements and internal policies.

Role

Reports to:

Head of Model Validation

Work Location: Hybrid (2-3 days/week in the office) - based in Toronto, ON

• Model Assessment: Assess model and non-model soundness and risk from technical and functional perspectives, evaluating conceptual soundness, performance, and ongoing monitoring.

• Benchmarking: Build financial, risk, pricing, econometric, and forecasting models to benchmark or replicate the results of models being validated.

• Risk Mitigation: Make rigorous and balanced decisions on complex issues and provide expertise to ensure TMX Group’s entities are not at undue risk.

• Project Leadership: Participate in projects to identify key model risks and controls and assess the soundness of the modelling environment.

• Post-Trade Validation: Carry out the validation of Post Trade’s new risk system-related models and non-models.

• Policy Development: Participate in the development and update of the Models and Non-Model Risk Policy and methodology.

• Reporting: Prepare validation reports and presentations for regulators and executive risk committees.

• Collaboration: Coordinate work plans and collaborate with internal stakeholders to ensure reviews and monitoring are completed as planned.

• Continuous Improvement: Ensure programs are consistent with worldwide best practices and contribute to the legal and risk department's efficiency.

Must Haves:

• Education: Master’s degree in Finance, Statistics, Mathematics, Economics, or other quantitative fields.

• Experience: 2+ years of relevant experience in researching, developing, and implementing quantitative models.

• Technical Proficiency: Advanced knowledge of programming tools such as Python and/or Matlab
  .

• Analytical Rigor: Ability to identify issues, analyze problems, and provide in-depth written reports and recommendations.

• High-Performance Execution: Proven ability to manage multiple projects and priorities concurrently in a fast-paced environment.

• Professionalism: Demonstrates a high degree of integrity and ethical conduct.

• Knowledge of SQL, VBA, Power BI, or Tableau.

• Knowledge of regulatory requirements such as…