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Director, Model Risk Governance

2 months ago

Toronto, Canada EQ Bank | Equitable Bank Full time
Join a Challenger

Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.

We are a big (and growing) family. Overall we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

The Work

Reporting to the Vice President, Model Risk Management, the incumbent will support model risk stakeholders in fulfilling their mandates for matters regarding all aspects of model risk governance within the Bank. The incumbent will maintain the Bank’s Model Risk Management Framework (MRMF), which may include Model Risk policies, standards, guidelines, procedures, and templates. The incumbent will be responsible to oversee end-to-end the model lifecycle activities, to maintain a comprehensive, accurate and evergreen bank-wide model inventory. The incumbent will be responsible to produce effective reporting on the status of model risk across the Bank. While fostering a culture of model risk management, the incumbent will act as a trusted advisor to internal stakeholders to ensure compliance with both the Bank’s MRMF and regulatory requirements and will act as a point of liaison with external stakeholders for matters related to model risk governance.

The Core Responsibilities Of The Job:

  • Maintain and provide strategic input and recommendations on the Model Risk Management Framework (MRMF).
  • Keep management apprised of relevant regulations and industry best practices related to model risk governance
  • Support relevant stakeholders in developing and enhancing model risk-related policies, standards, guidelines and procedures, covering the model life cycle and exceptions
  • Develop and maintain templates for model documentation, model reviews, model risk classification and rating (which may include the assessment of the inherent and residual model risk) to ensure consistency in execution of model risk requirements across the First Line and the Second Line of defense
  • Ensure stakeholders develop effective and risk-based model risk controls and processes throughout the model life cycle
  • Design effective model risk dashboards and reports on key risk indicators (KRIs) and key performance indicators (KPIs) to provide insight into model risk and governance status for adequate oversight, monitoring, and response/resolution across the Bank and throughout the model life cycle
  • Support stakeholders in maintaining and enhancing the enterprise-wide model risk management system (MRMS), to ensure that the bank wide model risk inventory is comprehensive, accurate and that it remains evergreen
  • Support the development of the communication strategy to promote the model risk management culture across the bank
  • Provide training, advice, and guidance on the model risk framework and related tools and templates for consistency and compliance
  • Collaborate with Compliance and Operational Risk management, MRM team, and relevant stakeholders to test and evaluate the effectiveness of model risk controls
  • Be a trusted advisor and foster professional relationships with internal and external stakeholders. Support stakeholders in improving the efficacy and efficiency of model governance processes at the bank

Let's Talk About You

  • A Master’s degree in Mathematics/Statistics, Business, or Finance, or equivalent experience
  • 10+ years of experience in model risk management within financial institutions
  • Excellent knowledge of model risk management principles and practices, regulatory requirements, and industry practices such as evaluation and aggregation methodologies, key risk and performance indicators (KRIs and KPIs), and reporting
  • Thorough understanding of model validation processes and regulatory requirements. Previous experience in model validation is an asset
  • Solid knowledge of related businesses such as funding risk, interest rate risk, liquidity risk, and/or credit risk management processes
  • Proficiency in using MS Office and other reporting tools such as Power BI
  • Strong communication skills in both written and verbal formats
  • Strong influencing and conflict-resolution skills
  • Advanced project management
  • Excellent time management skills
  • Experience in leading a team is preferred

What we offer [For full-time permanent roles]

💰 Competitive discretionary bonus

✨ Market leading RRSP match program

🩺 Medical, dental, vision, life, and disability benefits

📝 Employee Share Purchase Plan

👶🏽 Maternity/Parental top-up while you care for your little one

🏝 Generous vacation policy and personal days

🖥 Virtual events to connect with your fellow colleagues

🎓 Annual professional development allowance and a comprehensive Career Development program

💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience

The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.

Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.

We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.

We can’t wait to get to know you