Senior Specialist, Model Validation Expert

4 weeks ago

Calgary, Alberta, Canada CMHC Full time
About the Role

As a Senior Specialist, Model Validation, you will play a critical role in ensuring the accuracy and reliability of CMHC's financial models. You will work closely with the Model Risk Management division to monitor and support financial stability mandate.

Key Responsibilities
  • Validate various models, including credit risk, pricing, actuarial, IFRS17, economic capital, stress testing, and machine learning models, to assess their fitness for purpose and performance.
  • Design and implement statistical tests to evaluate model sensitivity, robustness, and ongoing performance.
  • Assess model soundness and risk in both approach and usage.
  • Monitor model performance to ensure ongoing quality and identify opportunities to improve existing models and analytical tools.
  • Draft comprehensive validation reports and discuss model issues with stakeholders.
  • Make sound and balanced decisions on complex issues and provide expertise to ensure the Corporation is not at undue risk.
  • Contribute to the improvement of model validation procedures and model risk governance to reflect industry best practices.
Requirements
  • A postgraduate degree in Quantitative Finance, Mathematics, Statistics, Data Science, Actuarial Science, Finance, Economics, or a related field.
  • A minimum of five years of relevant experience in modelling/validation or quantitative analytics at a bank, insurance company, asset manager, or other financial institution.
  • Demonstrated experience with actuarial, statistical, and econometric models.
  • Demonstrated knowledge and experience with various quantitative software, such as R, Python, VBA, Databricks, Clouds, etc.
  • Knowledge of OSFI capital rules and risk management standards and IAIS capital standards.
  • Demonstrated experience in writing technical modelling or validation reports.
  • Ability to persuade, influence, and/or negotiate with colleagues, clients, and senior management.
  • Ability to research issues, analyze problems, synthesize information, and make recommendations.
Preferred Qualifications
  • Professional designation (Actuarial, Chartered Financial Analyst, Professional Risk Manager, Financial Risk Manager, Certificate in Quantitative Finance, etc.).
  • Demonstrated experience with mortgage insurance, retail lending, scorecard development, economic capital, and stress testing.
  • Experience with Machine Learning algorithms and Probabilistic Modelling.
  • Bilingual (English & French).
About CMHC

CMHC is an inclusive workplace where diversity of thought – and of people – are recognized, valued, and considered essential to achieving our mission. We're committed to employment equity and encourage women, Indigenous Peoples, persons with disabilities, veterans, and persons of all races, ethnicities, religions, abilities, sexual orientations, and gender identities and expressions to apply.

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