Senior Manager, Credit Risk Model Validation

OverviewSeeking a skilled and experienced professional to join our Model Risk Management Team as a Senior Manager, Model Risk, Credit Risk. The role is a second‑line governance and control position overseeing the validation of credit risk models, with emphasis on wholesale and retail Stress Testing (CCAR/EWST) models as well as Allowance (IFRS 9 / CECL) models. The validation responsibilities also cover model performance monitoring, annual reviews, and assessment of overlay quantification. Experience in other credit risk families such as wholesale borrower risk rating models, credit adjudication and account management models, and retail AIRB is relevant. This is a leadership role supervising 5+ people; occasionally you may act as an individual contributor.ResponsibilitiesModel Risk Review and Effective Challenge: validate models, assess model risk for designated portfolios, and provide effective challenge during model development. Communicate decisions regarding model use to the business to ensure transparency and understanding of models and model risks. Assess model capabilities, stress points, limitations, associated model risk, and controls to mitigate identified risks.Stakeholder Engagement: manage relationships with model developers, owners, and users; influence and advise on model risk-related matters; explain complex concepts in layman's terms.Project Management: recommend business priorities, advise on resource requirements, and develop roadmaps for strategic execution. Manage resources and lead strategic initiatives to deliver on business and financial goals.Change Management: participate in driving innovation in model risk management by embracing new technology platforms, tools, and operating models. Lead change management programs of varying scope, including readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment.Regulatory Expertise: serve as a subject matter expert on regulations and policies; interpret new regulations and assess impacts to the program/portfolio validation framework.Risk Understanding: connect technical issues to business considerations and assess related risks.QualificationsA MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields.Typically 7+ years of relevant experience in model development and/or validation within a financial institution, particularly in credit risk.Certifications: CFA, FRM, PRM are helpful but not mandatory.Experience in credit risk models, including Stress Testing & loss forecasting, AIRB and Adjudication/Account Management.Proficiency in programming languages such as Python, R, and SAS (Python preferred).Proficiency with relational databases – SQL or Oracle.Experience with Big Data tools and Cloud platforms (AWS/Azure) is a plus.A can‑do attitude and a research, deep‑dive mindset.Additional InformationLocation: Toronto with a hybrid work arrangement requiring at least 3 days on-site per week. Our team values flexibility, collaboration, and in‑person engagement.Performs validation of models and assesses model risk to confirm model appropriateness and capability for designated portfolios. Provides effective challenge during model development and communicates decisions regarding model use to the business to ensure transparency and understanding of models and model risks. Assesses models’ capabilities, stress points and limitations; assesses the associated model risk and the controls in place to mitigate identified risks.Fosters a culture aligned to the company purpose, values, and strategy; models behaviors that promote diversity and inclusion.Communicates how work ties to purpose, sets goals, defines outcomes, and ensures accountability.Builds interdependent teams across functional groups to maximize value for stakeholders.Attracts, retains, and develops top talent; improves team performance and conducts coaching, including addressing underperformance.Provides strategic input to business decisions as a trusted advisor; makes recommendations on strategy and new initiatives.Maintains subject matter expertise on relevant regulations and policies; networks with industry contacts for insights.Identifies emerging issues and trends to inform decision‑making; develops roadmaps and allocates resources accordingly.Leads monitoring, reporting, and communications for the model validation program/portfolio to internal and external stakeholders.Designs and produces reports and dashboards; develops information management systems and analytics requirements to inform decision making.Supports ongoing operational programs and validation framework improvements; leads validation strategy development and ensures appropriate model vetting.Independently validates/tests models and compares validation results with developer results for replicability; identifies deficiencies and escalates as required.Ensures alignment between stakeholders and maintains stakeholder relationships; coordinates review and sign-off of model validation reporting.Operates at group/enterprise-wide level as a specialist resource for senior leaders and stakeholders.Applies expertise to address complex, non‑routine problems; implements changes in response to shifting trends.Compensation and BenefitsSalary: $94,600 – $176,000; Pay Type: Salaried. Salaries vary by location, skills, experience, and education. Total compensation may include incentives and other perks, with health insurance, tuition reimbursement, and retirement plans described in the Total Rewards information.Note: BMO is committed to an inclusive, equitable and accessible workplace. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.About Us: At BMO we are driven by a shared purpose to Boldly Grow the Good in business and life. For more information, visit https://jobs.bmo.com/ca/en. BMO does not accept unsolicited resumes from recruitment agencies. #J-18808-Ljbffr