Manager, Model Risk Management

Manager, Model Risk Management page is loaded Manager, Model Risk Management Apply locations Toronto, Ontario time type Full time posted on Posted Yesterday job requisition id JR24050935

We are a leading financial services provider committed to making decisions easier and lives better for our customers and colleagues around the world. From our environmental initiatives to our community investments, we lead with values throughout our business. To help us stand out, we help you step up, because when colleagues are healthy, respected and meaningfully challenged, we all thrive. Discover how you can grow your career, make impact and drive real change with our Winning Team today. 

Working Arrangement

Hybrid

Job Description

The Opportunity

The Model Risk Management team is responsible for assessing and mitigating the risk associated with model designs and usage at Manulife. The team acts in an oversight role to ensure that risks associated with model development have been outlined and mitigated, and that the model itself is properly designed and used is in accordance with the Model Risk Management Policy and overall risk management strategy. 

The Manager, Model Risk Management role has accountability and responsibility for determining and assessing model acceptability, identifying potential model risks, testing model implementation, and for providing general consulting advice to business units as appropriate.

This position is based in the Toronto Head Office and will be hybrid with three days a week in office.

How will you create impact?

These models are developed by the business units across Manulife and are essential in supporting risk measurement, investment strategy development, asset liability management, product pricing, actuarial valuation and regulatory capital processes.

Responsibilities

• Lead the model validation projects in the group. Develop work plans that prioritize business needs of all stakeholders, establish project deliverables, timelines, and budget.
• Negotiate project prioritization and timelines with business clients. Exercise judgment in identifying issues, modifying plans as demands change, assessing courses of action, and developing recommendations.
• Provide leadership and mentoring to junior quantitative analysts. Ensure that business units understand their obligations under the Model Risk Management Policy to keep an inventory of their models and submit models for review prior to their official production use. The model submission process involves preparing adequate model documentation to enable an appropriate model review.
• Assess potential model risks related to embedded assumptions and target applications. This involves receiving the model specifications and intended results from the developer and ensuring that the mathematical theory is sound and that the intended results will indeed be achieved.
• Develop benchmark models to validate core analytics of submitted models. This validation requires two types of reviews: (a) implementation checks, and (b) model use assessment.
• Communicate effectively in the form of Model Risk Management reports, memos and presentations to risk management and businesses regarding the validity and potential risks associated with models/methodologies under review.
• Identify model limitations/risks, assess associated risk controls and processes.
• Stipulate permitted model usage with associated rationale.
• Ensure that proper and adequate model documentation (using model inventory template) and model risk mitigation processes are in place in order to appropriately assess and mitigate model risk.
• Participate in ad-hoc projects; provide quantitative support to senior management and other business unit when needed and deemed appropriate.

What motivates you?

• You obsess about customers, listen, engage, and act for their benefit.
• You think big, with curiosity to discover ways to use your agile approach and enable business outcomes.
• You thrive in teams and enjoy getting things done together.
• You take ownership and build solutions, focusing on what matters.
• You do what is right, work with integrity and speak up.
• You share your humanity, helping us build a diverse and inclusive work environment for everyone.

What we are looking for

• Advanced degree in Mathematics, Physics, Economics, Engineering etc. Master’s degree is a minimum, PhD is a plus.
• 2+ years’ experience in mathematical finance modelling is preferred.
• Experience in credit risk modelling is a plus.
• Familiarity with Moody’s Risk Frontier and Risk Analyst is desirable
• Strong programming experience in MATLAB, Python or R.
• Excellent communication and documentation skills.
• Ability to build strong working relationships with various business units, and other departments across Manulife.

What can we offer you?

• A competitive salary and benefits packages.
• A growth trajectory that extends upward and outward, encouraging you to follow your passions and learn new skills.
• A focus on growing your career path with us.
• Flexible work policies and strong work-life balance.
• Professional development and leadership opportunities.

Our commitment to you

• Values-first culture: We lead with our Values every day and bring them to life together.
• Boundless opportunity: We create opportunities to learn and grow at every stage of your career.
• Continuous innovation: We invite you to help redefine the future of financial services.
• Delivering the promise of Diversity, Equity, and Inclusion : We foster an inclusive workplace where everyone thrives.
• Championing Corporate Citizenship: We build a business that benefits all stakeholders and has a positive social and environmental impact.

#LI-Hybrid 

About Manulife and John Hancock

Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States. We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions. At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers. At the end of 2022, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, including total invested assets of $0.4 trillion (US $0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges, and under ‘945’ in Hong Kong.

Manulife is an Equal Opportunity Employer

At Manulife /John Hancock , we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour , ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process .  All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies . To request a reasonable accommodation in the application process, contact recruitment@manulife.com .

Salary & Benefits

The annual base salary for this role is listed below.

Primary Location

Toronto, Ontario

Salary range is expected to be between

$84,375.00 CAD - $151,875.00 CAD

If you are applying for this role outside of the primary location, please contact recruitment@manulife.com for the salary range for your location. The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education/training. Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance.

Manulife offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption/surrogacy and wellness benefits, and employee/family assistance plans. We also offer eligible employees various retirement savings plans (including pension and a global share ownership plan with employer matching contributions) and financial education and counseling resources. Our generous paid time off program in Canada includes holidays, vacation, personal, and sick days, and we offer the full range of statutory leaves of absence. If you are applying for this role in the U.S., please contact recruitment@manulife.com for more information about U.S.-specific paid time off provisions.

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We are a leading financial services provider committed to making decisions easier and lives better for our customers and colleagues around the world. From our environmental initiatives to our community investments, we lead with values throughout our business. To help us stand out, we help you step up, because when colleagues are healthy, respected and meaningfully challenged, we all thrive. 

We offer work that challenges and makes a difference within a flexible and supportive environment, so you can help make decisions easier and lives better for our customers.

We’re proud of our accomplishments and recognitions. Recent awards include:

• Best Place to Work in Asia-Pacific 2022
• Best Place to Work for LGBTQ Equality 2022

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Discover how you can grow your career, make impact and drive real change with our Winning Team today at www.manulife.com/careers .

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