Analyst / Senior Analyst - Model Validation Group - Toronto

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With our expertise, we are not only creating data and information, but also producing timely insights from every angle to influence decision making in this ever changing and highly competitive market. We have a relentless hunger to innovate and unlock the power of human insights and to drive value for our customers. There has never been a better time to make an impact and we invite you to join us on this journey.

Fitch Ratings is a leading provider of credit ratings, commentary and research. Dedicated to providing value beyond the rating through independent and prospective credit opinions, Fitch Ratings offers global perspectives shaped by strong local market experience and credit market expertise. The additional context, perspective and insights we provide have helped fund a century of growth and enables you to make important credit judgments with confidence.

The Model Validation Group (MVG) is currently seeking a model validation analyst at Analyst or Senior Analyst level based out of our Toronto office.

The MVG is part of the Criteria Review and Approval Group which reports to the Chief Risk Officer. The core objective of the department is to ensure the quality and consistency of Fitch's rating criteria and models. The MVG team focuses on reviewing and validating all models used in the credit rating analysis across Fitch Ratings and works closely with the Criteria Officers to review and approve criteria.

What We Offer:

• Gain valuable credit modeling and validation experience, along with a good understanding of related credit products, their rating methodology, and criteria.
• Develop a solid knowledge of model governance practices and the regulatory environment.

We'll Count on You To:

• Review and validate a wide range of credit rating models, such as default models, cashflow models, capital models, and regression models, covering asset classes including ABS, CMBS, Covered Bonds, RMBS, Structured Credit, Corporates, Financial Institutions, Insurance, and Sovereigns.
• Review model codes and documentation, build replica models, design and execute comprehensive testing (conceptual soundness, performance/back-testing, sensitivity analysis, benchmarking).
• Discuss review outcomes and observations with the model owners, developers, and Criteria Officers.
• Write high-quality validation reports and memos aligning with internal standards and applicable regulatory expectations.
• Contribute to enhancements in validation approaches, testing framework, and automation tools.

What You Need to Have:

• Master's degree in quantitative disciplines or finance.
• 0-3 years of experience in financial modelling/analysis.
• Capability to explain and communicate model review observations and model technical aspects clearly to technical and non-technical audiences.
• Self-motivation with an ability to manage timelines across multiple projects.
• Thorough attention to detail.
• Strong work ethic.

What Would Make You Stand Out:

• Demonstrated proficiency in programming in Python, R, VBA for quantitative statistical analysis. Familiarity with common libraries (e.g., pandas, NumPy/SciPy, scikit-learn) and Python object-oriented programming.
• Previous exposure to credit rating analysis or cash flow modelling
• Understanding of model risk management practices 
• A Certificate in Quantitative Finance (CQF)

Fitch is committed to providing global securities markets with objective, timely, independent and forward-looking credit opinions. To protect Fitch's credibility and reputation, our employees must take every precaution to avoid conflicts of interest or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.

Fitch is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.

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Fitch Group is a global leader in financial information services with operations in more than 30 countries. Wholly owned by the Hearst Corporation, we are comprised of three main businesses: Fitch Ratings | Fitch Solutions | Fitch Learning.

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Fitch is committed to providing global securities markets with objective, timely, independent and forward-looking credit opinions. To protect Fitch's credibility and reputation, our employees must take every precaution to avoid conflicts of interests or any appearance of a conflict of interest. Should you be successful in the recruitment process at Fitch Ratings you will be asked to declare any securities holdings and other potential conflicts prior to commencing employment. If you, or your immediate family, have any holdings that may conflict with your work responsibilities, you may be asked to divest yourself of them before beginning work.

Fitch is an equal opportunity employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, protected veteran status, sexual orientation, gender expression, gender identity or any other characteristic protected by law.

UNITED STATES ONLY:  As part of its continued efforts to maintain a safe workplace for employees, Fitch requires that all employees who receive a written offer of employment on or after October 4, 2021 be fully vaccinated (as defined by the CDC) against the coronavirus by the first day of employment as a condition of employment, to the extent permitted by applicable law.  Fitch will consider requests for reasonable accommodations due to medical and/or religious reasons on an individual basis in accordance with applicable legal requirements.

FOR NEW YORK ROLES ONLY:  The anticipated base salary range for this full-time position is $ [X] to $ [X], depending on factors such as experience, education, level, skills, and location. Additionally, this position is eligible for annual performance-based incentive plan as well a competitive benefits package that includes (but not limited to) medical, dental, vision, parental leave, paid time off, a 401(k) plan with employee & company contribution options, life/disability/accident insurance and tuition reimbursement.