Specialist, Model Risk Oversight

Definity is the parent company to some of Canada’s most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. Our ambition is to be one of Canada’s leading and most innovative property and casualty insurers. We can’t do that without our people, so we embrace and encourage a culture that’s collaborative, ambitious, rewarding, and empowering.

We offer
a flexible, hybrid work experience where employees work from the office and virtually depending on the type of work they are doing and who they are working with. Bring your true self and be a part of our journey. It’s better here.

TheOpportunity

The Model Risk Oversight function in Enterprise Risk Management (ERM) provides oversight for the Model Risk Management framework through which the AI/model risks across the organization are identified, measured, managed, monitored, and reported. The scope and depth of model oversight activities across the organization will be significantly increased to meet the requirements of the regulators (i.e., OSFI, AMF, and FSRA) and the Definity's Model Risk Management Policy (MRMP) standards.

Reporting to the Senior Manager, Model Risk Oversight, the incumbent is responsible for executing the model risk governance and oversight activities across the model lifecycle to ensure the model risk management initiatives comply with regulatory requirements and internal policies/standards/procedures. This position is a unique opportunity to learn how the AI/models are developed and validated and how the AI/model risks are controlled, mitigated, monitored and reported. As a member of Model Risk Oversight team and the Second Line of Defense, this role works closely with our business and control partners to manage the AI/model risk exposure within our stated risk appetite, while allowing the business to achieve its goals. This role will support the management of AI/model risk across the enterprise.

WhattoExpect

• Provide active support to oversee the model risk governance programs through metrics and reporting, resolve outstanding audit and regulatory issues, and respond to ad-hoc management requests. Ensure risk objectives are accomplished within approved timeframes and comply with regulatory requirements, internal policies, and standards, where applicable.
• Independent challenge the business to ensure AI/model risks are appropriately evaluated and mitigation plans are progressing as planned.
  Apply Trustworthy AI principles to evaluate model/AI system for fairness, transparency, robustness, accountability, and regulatory compliance.
• Represent ERM interests, and act as AI/Model Risk Management subject matter expert, in the evaluation of new system or project initiatives. Perform the detailed quantitative and technical review (e.g., model validation, model performance monitoring, target review) as defined in the internal procedures or assigned by the management. Discuss, document, and effectively communicate reviews with the observations, conclusions, and findings to the management and key stakeholders.
• Develop and maintain positive and effective relationships with the key business stakeholders such that they view the Model Risk Oversight team as a valuable resource in effective risk mitigation.
• Drive the attestation process for the policy/standards compliance. Support the continued evolution of best practice model risk framework including standards, guidance, process, and templates. Challenge the business to implement MRM best practices and effectively designed controls as relates to AI/model risks. Document and communicate compliance status to the management and key stakeholders.

Contribute to design and execute AI/model risk reporting (i.e., KRI) that leverage risk analytics, analyze and interpret the AI/model information on the individual model/AI system and collectively from the AI/model inventory system, and provide commentary insights to management and risk partners.

What youBring

• Excellent knowledge and understanding of the technical modelling theory and validation testing techniques. A minimum of 5 years of experience in insurance/financial industry and experience in modelling or validation, including pricing/reserving models, capital/CAT/risk models, underwriting/claims/fraud analytics, AI systems, etc.
• Industry certification or credentials will be an asset (e.g., FCAS/ACAS, FCIA/ACIA, CFA, FRM)
• Sound understanding of various modelling techniques, including but not limited to various regression models, decision trees, clustering/segmentation, GBM, random forest, and other AI and ML techniques. Comfortable conducting various tests. Proficient computing skills in Python, R, SQL, Excel (VBA), Use of AI Tools, etc.
• Demonstrates knowledge of Trustworthy AI and Responsible AI principles, including fairness, transp