Manager, Model Validation

Job description

**Join a Challenger**At EQ, we're remaking banking so every Canadian gets ahead, every day. Serving nearly 4 million Canadians from coast to coast, we offer a wide variety of financial services from banking and lending, to trust and credit union solutions. We've been at this since 1970, challenging the conventions of traditional banking with smarter, faster, and more connected financial experiences. **What's kept us moving?** The people behind it all: challengers who ask better questions, push back on old assumptions, and look for a better way forward. If you're driven to help reshape how banking works for Canadians and the businesses that power our economy, this could be your next big opportunity. We can’t wait to get to know you! ## The Work The Manager, Model Validation reports to the Director, Model Risk Management and supports the delivery of model validation activities across the Bank. The role executes validation procedures, contributes to validation strategies, and supports the effective management of model risk in accordance with the Bank's Model Risk Management Framework and applicable regulatory requirements. The scope includes models used for credit and treasury risk management, including AIRB and IFRS 9 ECL, interest rate risk, liquidity risk, and stress testing approaches used to support ICAAP. The role works closely with model risk stakeholders and conducts detailed reviews of model methodologies, assumptions, intended use, limitations, inputs, implementation, and performance. Responsibilities include completing benchmark and outcome analyses, documenting issues and recommendations, drawing evidence-based conclusions, and preparing model validation reports in accordance with the Bank's Model Risk Management Framework (MRMF). The primary focus is the execution of model validation activities, with additional support provided for model governance activities such as regulatory self-assessments, annual attestations, and risk reporting. ### Model Validation Projects (85%) - Contribute to model validation strategies and maintain model validation plans for assigned reviews. - Assess whether model frameworks are appropriate for their current or planned use, including the underlying assumptions, mathematical methodology, data, and system implementation. - Assess modeling data from extraction through preparation, cleansing, and treatment to determine its suitability for model development. Conduct and document model testing, including outcome analysis, sensitivity analysis, scenario analysis, stress testing, benchmark analysis, implementation review, and user acceptance testing. - Prepare clear, well-supported validation reports in accordance with the MRMF. Identify model limitations and weaknesses, define the effective range of model use, and assess model risk in line with MRMF principles. - Maintain effective communication with model risk stakeholders by setting clear expectations, gathering and sharing required information, and communicating model risk issues and independent recommendations throughout the validation process. - Support model governance by ensuring model metadata is accurately captured and tracked in the model risk management system. Contribute to annual model attestations, model risk reporting, and other governance activities as required. ### Model Risk Management Culture Enablement and Stakeholder Relationship (15%) - Maintain current knowledge of industry trends, regulatory expectations, and leading practices in model risk management, and share relevant insights with model risk stakeholders. - Support stakeholders in understanding and meeting their model risk management responsibilities in accordance with the Bank's MRMF and relevant regulatory guidance. - Provide independent, constructive feedback to model developers and risk management groups during model development to help identify and remediate model risk issues, while maintaining Model Validation independence. - Contribute to knowledge sharing across the Model Risk Management team and with relevant stakeholders. - Develop and maintain productive working relationships with model risk stakeholders across the Bank and provide practical guidance on model risk management matters. - Escalate difficult, material, or complex project issues to the Director, as appropriate. - Escalate difficult or complex project-related issues, as appropriate. ### Let's Talk About You! - A Master’s degree or higher in Mathematics, Mathematical Finance, Statistics, Physics, Engineering, Economics, or an equivalent quantitative discipline. - Minimum of 3 years of experience (5 years preferred) in quantitative modeling and/or model validation within the financial industry. - Experience within financial services or another highly regulated environment strongly preferred. - Strong understanding of model risk management and governance. - Strong understanding of risk management principles and practices. - Strong experience with programming languages, which may include Python, R, SAS, C++, C#, Java, and MATLAB. - Excellent analytical and problem-solving capabilities. - Excellent project management, time management, and organizational skills. - Excellent technical documentation and report-writing skills. - Excellent communication skills.