Senior Manager, Model Validation

Join a Challenger

At EQ, we're remaking banking so every Canadian gets ahead, every day. Serving nearly 4 million Canadians from coast to coast, we offer a wide variety of financial services from banking and lending, to trust and credit union solutions.

We've been at this since 1970, challenging the conventions of traditional banking with smarter, faster, and more connected financial experiences.

What's kept us moving? The people behind it all: challengers who ask better questions, push back on old assumptions, and look for a better way forward.

If you're driven to help reshape how banking works for Canadians and the businesses that power our economy, this could be your next big opportunity.

We can’t wait to get to know you!

The Senior Manager, Model Validation reports to the Director, Model Risk Management, and supports the Director and the VP, Model Risk Management, with respect to all aspects of model validation activities within the Bank. The incumbent is responsible for assisting in the development of strategies to validate models through effective challenge and for executing the related validation procedures. The incumbent will also be responsible for ensuring model risk is appropriately managed in accordance with the Bank’s Model Risk Management Framework and applicable regulatory requirements.

This includes models for credit and treasury risk management (such as AIRB and IFRS 9 ECL models, interest), interest rate risk, liquidity, and stress testing approaches used to support ICAAP.

The incumbent will be instrumental in fostering relationships with model risk stakeholders. The scope of work includes validating model methodology, evaluating the reasonableness of assumptions, identifying the model effective range of use, limitations, assessing the quality of model inputs, developing benchmark analysis, articulating and communicating identified issues and recommendations, drawing conclusions, and creating model validation reports in accordance to the Bank’s Model Risk Management Framework (MRMF).

The incumbent’s primary focus will be on conducting model validation activities. The incumbent may also support model governance activities, such as self-assessments against regulatory guidance and requirements, as well as risk reporting.

• Develop model Elaborate model validation strategies and maintain model validation plans.
• Assess the appropriateness of the model framework with respect to current or planned use, its assumptions, mathematical implementation, underlying data, and system implementation.
• Assess the modeling data from extraction to preparation, cleansing, and treatment for model development suitability. Review and conduct model testing, including outcome analysis through sensitivity, scenario, and stress testing; conduct benchmark analysis; review implementation and user acceptance testing.
• Produce validation reports in accordance with the MRMF, including the identification of model limitations, weaknesses, effective range of model use, and assess the level of model risk according to the MRMF principles.
• Ensure effective communication with model risk stakeholders by setting expectations, obtaining and providing model-related information, and communicating model risk issues and independent recommendations during the validation process.
• Support model governance by ensuring that model metadata is captured and tracked accurately in the model risk management system, and support other model governance related activities such as annual model attestation or model risk reporting.

• Stay current with industry trends and practices in model risk management and act as a sounding board…