Senior Audit Group Manager, Global Models Audit
4 weeks ago
Work Location: Toronto, Ontario, Canada
Hours: 37.5
Line of Business: Audit
Job Description:
Department Overview
Our team of trusted audit professionals interact with every part of the Bank to provide strategic guidance and independent oversight. Through due diligence, and with a strong sense of integrity, we help mitigate potential risks to our business. At the heart of audit is our specialization in all the businesses across the bank.
As part of the Internal Audit Division, the Global Models Audit team is responsible for assessing the design and operating effectiveness of controls designed for managing model risk across the Bank and evaluating compliance of the Bank’s model risk management practices with regulatory requirements as well as industry best practices. The team works with other audit teams and businesses/risk functions to assess risks associated with models that are applied in a variety of functions including valuation, risk management, regulatory capital, performance measurement of risk (i.e., Market Risk, Credit Risk, Liquidity Risk, etc.). The team also provides subject matter expertise on quantitative matters to all groups within Internal Audit.
Job Description
Reporting to the AVP, Global Models Audit, the Senior Audit Group Manager – Global Models Audit is responsible for planning, overseeing, and executing complex audits across different business units and risk functions with model risk management activities. The general accountabilities of this role include, but are not limited to, the following:
- Assist in developing the annual audit plan for the group, working closely with stakeholders across the division and with management to ensure adequate coverage of model risks and priority areas to the Bank
- Lead audit activities, including audit planning, fieldwork, reporting, continuous monitoring, and oversight of management remediation plans to address open issues
- Adhere to audit standards
- Be a strategic advisor to management and audit leadership, drawing on a solid understanding of the Bank's Model Risk Framework and Policy, and related regulatory requirements
- Act as thought leader and promote awareness of model risk management practices and expectations across the Audit Division
- Lead the team in meeting key internal deliverables and commitments, advising on adherence to Audit Division's methodologies, processes and procedures
- Maintain and monitor team scheduling and resourcing to ensure commitments to senior management are met in a timely and effective manner
- Coordinate the delivery of ad-hoc requests from internal partners and external regulators
- Build positive work environment, drive employee engagement and provide ongoing support such as Staff Development and Diversity & Inclusion initiatives
Job Requirements
- Advanced quantitative skills with post-secondary degree in one or more of the following areas: finance, mathematics, statistics, economics, financial engineering, computer science
- Deep knowledge and understanding of the fundamental concepts of modeling, model risk management and relevant risk management fields such as Credit, Market, Liquidity, Interest Rate, AML and Financial Crimes
- Excellent analytical skills and ability to effectively assess, challenge and articulate issues related to model risk such as model conceptual soundness, assumptions and intended usage
- Strong knowledge of financial products/portfolios regarding credit, pricing/valuation, liquidity, IRRBB as well as financial/regulatory reporting in CAR, CECL, FRTB and Stress Testing
- Proficient in relevant programming languages such as SAS and Python
- Strong ability to focus on what matters and translate complex technical/quant issues using simple terms in communication with senior management and stakeholders
- Good knowledge of the regulatory requirements related to model risk management and capital adequacy, and experience with the evolving landscapes of ESG and Artificial Intelligence/Machine Learning would be an asset
- Strong people management skills with demonstrated experience in leading high performing teams, proven ability to manage and motivate a diverse group of professionals
- Strong collaborator who engages colleagues, control partners and stakeholders cross-organizationally at varying levels
- Demonstrated relationship building skills, with the ability to make things happen through the use of positive influence
- Strong ability to stay resilient under pressure, focus on what matters and handle competing projects under tight deadlines
- Prior experience with risk management processes (e.g., credit, market, liquidity, interest rate, financial crimes, anti-money laundering, etc.) would be an asset
Education and Accreditation
Post-secondary degree in one or more of the following areas: finance, mathematics, statistics, economics, financial engineering, computer science
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