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Manager, Model Risk Oversight
2 months ago
Position Overview
Role Summary
WHAT IS THE OPPORTUNITY?
Join the Royal Bank of Canada's Model Risk Oversight team as a manager. This position provides an excellent opportunity to oversee model risk, ensuring the reliability and effectiveness of various quantitative models utilized within the organization. Your role will be pivotal in protecting the bank from regulatory, financial, and reputational risks associated with model risks. Your expertise will be essential in mitigating potential losses and ensuring adherence to RBC's rigorous risk management standards.
WHAT WILL YOU BE RESPONSIBLE FOR?
- Model Validation: Conduct thorough validations of models, including regression models, pricing models used in front office operations, and models related to market and counterparty credit risk.
- Stakeholder Engagement: Collaborate closely with teams across risk management, finance, and front office functions to proactively identify, assess, monitor, and manage model risk.
- Oversight Duties: Ensure compliance with RBC's model risk policy by confirming that models are:
- Properly registered and rated for risk by the Model Risk Oversight team.
- Validated prior to implementation.
- Adjusted in accordance with established protocols when changes are made to a model or its inputs/outputs.
- Where appropriate, provide insights on model design or usage that could enhance model risk management, ensuring independence of oversight is maintained.
WHAT QUALIFICATIONS ARE REQUIRED?
Essential Qualifications:
- A Master's degree in a quantitative field such as mathematics, physics, econometrics, statistics, or financial engineering.
- Strong quantitative knowledge of financial products, industry best practices, and regulatory requirements related to model risk management.
- A minimum of one year of experience as a quantitative analyst or in mathematical/statistical modeling.
- Proficiency in programming languages (Python, C++/C#, or VBA) or statistical analysis tools (SAS, MATLAB, or R).
- Excellent verbal and written communication skills.
- A collaborative mindset with strong interpersonal abilities.
Preferred Qualifications:
- Familiarity with regulatory requirements applicable to financial institutions.
- Understanding of enterprise risk management frameworks.
What We Offer:
At RBC, we are committed to fostering an environment that encourages growth, collaboration, and innovation. We value each other, strive to reach our potential, and aim to make a positive impact on our communities.
- A comprehensive Total Rewards Program, including bonuses, flexible benefits, competitive compensation, and stock options where applicable.
- Supportive leadership focused on your development through coaching and management opportunities.
- The chance to make a meaningful difference and a lasting impact.
- A dynamic, collaborative, and high-performing team environment.
- Access to a world-class training program in financial services.
- Flexible work/life balance options.
- Opportunities to engage in challenging work.
Inclusion and Equal Opportunity Employment
At RBC, we embrace diversity and inclusion as a means of driving innovation and growth. We are dedicated to building inclusive teams and creating an equitable workplace where employees can be their authentic selves. We actively address issues of inequity and systemic bias to support our diverse talent, clients, and communities.
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