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Senior Manager, Model Risk Validation Retail (6 months Contract)

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BMO

2mo ago

  • Job
    Full-time
    Senior Level
  • Data
    Banking & Finance
  • Toronto
  • Quick Apply

AI generated summary

  • You need 7+ years in model validation, strong regulatory knowledge, expertise in risk frameworks, excellent communication, analytical, and collaboration skills, and data-driven decision-making ability.
  • You will validate models, assess risks, ensure compliance, lead team performance, communicate findings, and manage stakeholder relationships while driving strategic initiatives and improvement processes.

Requirements

  • Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
  • In-depth / expert knowledge and understanding of model validation, model risk management practices.
  • In-depth / expert knowledge of regulatory requirements.
  • In-depth / expert knowledge & experience with risk policy frameworks; quality control / testing frameworks.
  • Seasoned professional with a combination of education, experience and industry knowledge.
  • Verbal & written communication skills - In-depth / Expert.
  • Analytical and problem solving skills - In-depth / Expert.
  • Influence skills - In-depth / Expert.
  • Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
  • Able to manage ambiguity.
  • Data driven decision making - In-depth / Expert.

Responsibilities

  • Performs validation of models and assesses model risk to confirm model appropriateness and capability for a designated portfolio. Provides effective challenge during model development and communicates decisions regarding model use to the business to ensure transparency and understanding of models and model risks. Assesses model’s capabilities, stress points and limitations; assesses the associated model risk and the controls in place to mitigate identified risks.
  • Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do. Ensures alignment between values and behaviour that fosters diversity and inclusion. Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through. Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders. Attracts, retains, and enables the career development of top talent. Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance. Provides strategic input into business decisions as a trusted advisor. Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group. Acts as a subject matter expert on relevant regulations and policies. May network with industry contacts to gain competitive insights and best practices. Interprets new regulations and assesses impacts to the program / portfolio validation framework. Influences and negotiates to achieve business objectives. Identifies emerging issues and trends to inform decision-making. Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution. Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals. Measures the effectiveness of validation and monitoring framework; recommends changes as required. Conducts independent analysis and assessment to resolve strategic issues. Acts as the prime subject matter expert for internal/external stakeholders. Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations. Ensures alignment between stakeholders. Designs and produces regular and ad-hoc reports, and dashboards. Develops and manages comprehensive information management systems; designs and/or leads initiatives to improve processes, analysis and reporting. Defines business requirements for analytics & reporting to ensure data insights inform business decision making. Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives. Leads the development of the communication strategy focusing on positively influencing or changing behaviour. Leads the execution of operational programs; assesses and adapts as needed to ensure quality of execution. Leads the research and development for validation of new types of models. Leads and integrates the monitoring, measurement & reporting of the status of the model validation program / portfolio to internal & external stakeholders. Provides input into the planning and implementation of ongoing operational programs in support of the model vetting framework and portfolio. Leads in the design, implementation and management of core business/group processes. Develops validation strategies and plans to ensure appropriate type and level of vetting of models is carried out. Independently validates / tests models and their associated assumptions, benchmarks, and supporting documentation against model vesting process, standards, guidelines and principles; assesses the data for model development as well as inputs to the model; compares validation results with model developer results for replicability. Identifies deficiencies, conditions for model use, recommends changes, and escalates as required; quantifies model risks, documents outcomes and communicates with stakeholders. Identifies where corrective actions are required and escalates per guidelines; monitors and ensures corrective action is taken. Provides technical advice and guidance to assigned business/group on implementation of the model vetting framework, and resolution of model risk issues. Develops and maintains in-depth knowledge of business and related risk management requirements and legislative/ regulatory directives and guidance. Builds effective relationships with internal/external stakeholders. Ensures alignment between stakeholders. Monitors and tracks performance; addresses any issues. Coordinates and monitors the review and sign-off of model validation reporting including model inventory and model inventory attestations. Operates at a group/enterprise-wide level and serves as a specialist resource to senior leaders and stakeholders. Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine. Implements changes in response to shifting trends. Broader work or accountabilities may be assigned as needed.

FAQs

What is the job title for this position?

The job title is Senior Manager, Model Risk Validation Retail (6 months Contract).

Where is the job located?

The job is located at 100 King Street West, Toronto, Ontario, M5X 1A1.

What is the duration of the contract for this role?

The contract duration for this role is 6 months.

What qualifications are required for this position?

Typically, 7+ years of relevant experience and a post-secondary degree in a related field of study or an equivalent combination of education and experience is required.

What is the salary range for this position?

The salary range for this position is $92,400.00 - $171,600.00.

What are the main responsibilities of this role?

The main responsibilities include performing validation of models, assessing model risk, providing effective challenge during model development, managing strategic initiatives, and acting as a subject matter expert on relevant regulations and policies.

Is experience in model validation required?

Yes, in-depth/expert knowledge and understanding of model validation and model risk management practices is required.

Are there opportunities for career development in this role?

Yes, the role involves attracting, retaining, and enabling the career development of top talent and recognizes and rewards performance.

What types of skills are emphasized for this position?

Verbal and written communication skills, analytical and problem-solving skills, influence skills, collaboration, team skills, and data-driven decision-making are emphasized.

Does BMO offer any benefits with this position?

Yes, BMO offers a total compensation package that may include performance-based incentives, discretionary bonuses, health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans.

What does BMO stand for?

BMO stands for Bank of Montreal.

Is there a focus on diversity and inclusion in BMO’s work culture?

Yes, BMO fosters a culture aligned with its purpose, values, and strategy, ensuring diversity and inclusion is a priority.

How does BMO support employees in their professional growth?

BMO provides tools and resources, in-depth training, coaching, and networking opportunities to help employees gain valuable experience and broaden their skill set.

Can accommodations be requested during the application process?

Yes, accommodations are available on request for candidates taking part in all aspects of the selection process.

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BMO

Finance
Industry
10,001+
Employees
1817
Founded Year

Mission & Purpose

At BMO, banking is our personal commitment to helping people at every stage of their financial lives. The truth is, people’s needs change: so we change too. But we never change who we are. Which means we’ll never waiver from providing our customers the best possible banking experience in the industry. Our incredible team of over 46,000 people is just the tip of the iceberg. You should get to know us. We’re here to help.

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