Senior Manager Credit Risk Model Validation
2 hours ago
BMO Financial Group is seeking a highly skilled and experienced professional to join our Model Risk Management Team as a Senior Manager, Model Risk, Credit Risk. As a Senior Manager in our second-line governance and control, you will play a pivotal role in overseeing the validation of credit risk models, such as credit adjudication and account management models, Capital, Stress Testing and Allowance models.
Key Responsibilities:- Model Risk Review and Effective Challenge: You will be responsible for performing the validation of models and assessing the model risk to confirm model appropriateness and capability for a designated portfolio. You will provide effective challenge to the credit risk models during model development and communicate decisions regarding model use to the business to ensure transparency and understanding of models and model risks.
- Stakeholder Engagement: Effective communication is crucial in this role. You will manage relationships with model developers, owners, and users, influencing and advising on model risk-related matters. Your ability to explain complex technical concepts in everyday language will set you apart.
- Project Management: You will recommend business priorities, advise on resource requirements, and develop a roadmap for strategic execution. You will manage resources and lead the execution of strategic initiatives to deliver on business and financial goals.
- Change Management: BMO is at the forefront of innovation in model risk management. You will be part of the team that drives change by embracing new technology platforms, tools, and operating models. You will lead change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment of initiatives.
- Regulatory Expertise: You will act as a subject matter expert on relevant regulations and policies. You may network with industry contacts to gain competitive insights and best practices. You will interpret new regulations and assess impacts to the program/portfolio validation framework.
- Risk Understanding: You will need to connect the dots between technical issues and business considerations.
- A postgraduate degree in quantitative fields such as statistics, mathematics, financial mathematics, data science, actuarial sciences, or related fields.
- A minimum of 7 years of experience in model development, validation, or governance within a financial institution, particularly in the credit risk area.
- Certifications: While qualifications like CFA are helpful, they are not mandatory.
- Experience in credit risk models, including AIRB, Stress Testing & loss forecasting, and Adjudication.
- Proficiency in a programming language such as Python, R, and SAS.
- Proficiency in working with relational databases - SQL or Oracle.
- Working with Big data tools and Cloud platforms (AWS/Azure) is a plus.
BMO Financial Group values flexibility, collaboration, and in-person engagement. This position is located in Toronto and offers flexibility with a hybrid work arrangement where the successful candidate will spend at least 2 days per week on-site and the other days remote.
Salary: $92, $171,600.00
Type of remuneration: Salary
This represents the range and type of remuneration of BMO Financial Group.
Salary will vary based on factors such as location, skills, experience, education, and qualifications for the position and may include a commission structure. Salaries for part-time positions will be calculated pro-rata based on the number of regularly worked hours. For commission roles, the aforementioned salary represents BMO Financial Group's target for the first year in the position.
The total compensation offered by BMO will vary according to the type of remuneration associated with the position and may include performance bonuses, discretionary bonuses as well as other benefits and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, as well as retirement savings plans. For more information on our benefits, visit:
BMO is committed to providing an inclusive, equitable, and accessible workplace. We learn from our differences and draw strength from people and their diverse perspectives. Accommodations are available upon request for candidates participating in all aspects of the selection process. To request accommodations, please contact your recruiter.
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