Senior Manager, Model Validation
6 days ago
12/12/2024
Address:
100 King Street West
Job Family Group:
Audit, Risk & Compliance
This role is hybrid and will require 2 or more days in our downtown Toronto office.
The ideal candidate should have:
Knowledge:- 5+ years of experience in fraud or AML financial model validation, model development, or a related position; or equivalent experience in credit risk models
- Outstanding knowledge and relevant training in data mining, machine learning, and various statistical analysis techniques, with demonstrated experience pertaining to machine learning/statistical modeling
- Experience in supervising or coaching junior team member(s)
- In-depth knowledge of industry best practices and understanding of model risk regulatory requirements and the evolvement of regulations in AML, fraud, and lending practices across jurisdictions.
- Good knowledge of the bank’s different lines of business and various products offered
- Analytical, detail-oriented, well-organized, highly self-motivated with good interpersonal skills
- Good ability of conflict-solving and to collaboratively work with first line model owner and developers
- Proficiency in statistical and database modeling tools, particularly Python, SAS, R, SQL, Access/VBA, etc.
- Effective time management skills and multi-tasking skills to effectively deliver concurrent projects within completing timelines
- Ability to supervise and lead junior team members to complete complex projects
- Support the Director of Behavioral Analytics Model Validation in the development and execution of overall validation work plan
- Independently validate new and existing fraud and other customer behavioral analytics models with a concentration on models used for BMO Canada, US, and international lines of business.
- Lead junior model risk specialist to ensure the assigned validation projects are completed within required timeline and in compliance with the model risk management framework requirement.
- Provide effective challenge and communicate identified model risk to the first line model owners and developers to ensure the risk is well understood and mitigation actions are taken; escalating where necessary to senior management
- Provide consultancy to the senior management and first line model owner and developer regarding the technical model issues of the fraud models
- Report writing and model inventory maintenance
- Keep abreast of latest development in AML and fraud modeling
- Host regulator update meetings on assigned projects to both MV senior management and the first line model owners and developers.
- Provide day-to-day supervision and training to the junior analyst, and review work completed by the reporting analyst before the draft report and recommendation are submitted to MV Director for approval
- Support the MV director to identify and implement improvements to work, process, and systems to ensure operational effectiveness.
- Support various ad-hoc reporting requests from senior management, internal audit, and regulators
- Manage HR administration requests of the junior analyst
- Assist the MV Director to ensure all models covered by the team meet the requirement of the Enterprise Model Risk Management Framework, e.g., all AML and fraud models used by the bank are validated and approved and issues identified are mitigated properly.
- Support the MV Director to ensure all validation review work is conducted in accordance with defined model validation process, and in compliance with all bank and regulatory requirements.
Model Validation (MV) group in Enterprise Risk has the mandate to review and approve enterprise-wide model use so that the Bank is not subject to unjustified, undue, and unidentified risks due to error or misuse of models, and to promote the transparency and understanding of models and model risks across the Bank.
Under the guidance of Director Behavioral Analytics Model Validation, the Senior Manager is accountable for the model validation and benchmark model development (if applicable) of the financial crime prevention models, primarily fraud and AML models, as well as other customer behavioral analytics models, such as marketing strategy models and newly emerged AI/ML solutions. The individual will be responsible for preventing any regulatory finding and/or financial loss due to the misuse of the models, for the purpose of protecting and enhancing BMO’s reputation and financial safety.
Though dealing with a large volume of new financial crime prevention modeling initiatives, this is an excellent opportunity for an individual that wants to enhance knowledge of financial crime prevention models, and to further develop leadership and people management skills.
BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. a href="#">Total Rewards
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At BMO we are driven by a shared Purpose: It calls on us to create lasting, positive change for our customers, our communities, and our people. We strive to help you make an impact from day one – for yourself and our customers. We’ll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching to manager support and network-building opportunities, we’ll help you gain valuable experience and broaden your skillset.
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