Senior Manager, Model Validation
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Job Summary
Join a Challenger
At EQ were 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.
Weve been at this since 1970 challenging the conventions of traditional banking with smarter faster and more connected financial experiences.
Whats 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 youre driven to help reshape how banking works for Canadians and the businesses that power our economy this could be your next big opportunity.
We cant wait to get to know you!
The Senior Manager Model Validation reports to the Director Model Risk Management and supports the Director and the VP Model Risk Management with respect to all aspects of model validation activities within the Bank. The incumbent is responsible for assisting in the development of strategies to validate models through effective challenge and for executing the related validation procedures. The incumbent will also be responsible for ensuring model risk is appropriately managed in accordance with the Banks Model Risk Management Framework and applicable regulatory requirements. This includes models for credit and treasury risk management (such as AIRB and IFRS 9 ECL models interest) interest rate risk liquidity and stress testing approaches used to support ICAAP.
The incumbent will be instrumental in fostering relationships with model risk stakeholders. The scope of work includes validating model methodology evaluating the reasonableness of assumptions identifying the model effective range of use limitations assessing the quality of model inputs developing benchmark analysis articulating and communicating identified issues and recommendations drawing conclusions and creating model validation reports in accordance to the Banks Model Risk Management Framework (MRMF). The incumbents primary focus will be on conducting model validation activities. The incumbent may also support model governance activities such as self-assessments against regulatory guidance and requirements as well as risk reporting.
- Develop model Elaborate model validation strategies and maintain model validation plans.
- Assess the appropriateness of the model framework with respect to current or planned use its assumptions mathematical implementation underlying data and system implementation.
- Assess the modeling data from extraction to preparation cleansing and treatment for model development suitability. Review and conduct model testing including outcome analysis through sensitivity scenario and stress testing; conduct benchmark analysis; review implementation and user acceptance testing.
- Produce validation reports in accordance with the MRMF including the identification of model limitations weaknesses effective range of model use and assess the level of model risk according to the MRMF principles.
- Ensure effective communication with model risk stakeholders by setting expectations obtaining and providing model-related information and communicating model risk issues and independent recommendations during the validation process.
- Support model governance by ensuring that model metadata is captured and tracked accurately in the model risk management system and support other model governance related activities such as annual model attestation or model risk reporting.
- Stay current with industry trends and practices in model risk management and act as a sounding board for model risk stakeholders.
- Educate influence and hold accountable key stakeholders accountable for managing model risk in accordance with the Banks MRMF and relevant regulatory guidelines.
- Provide independent feedback to model developers and/or risk management groups during model development to proactively identify and remediate model risk issues. Such input should be managed effectively to ensure that Model Validation independence is not compromised.
- Promote knowledge their capacity the incumbent may provide supervision to more junior validators.
- Develop and maintain effective relationships with model risk stakeholders across the Bank and act as a trusted advisor regarding model risk management.
- Escalate difficult or complex project-related issues as appropriate.
- A Masters degree or higher in Mathematics Mathematical Finance Statistics Physics Engineering Economics or an equivalent quantitative discipline.
- Minimum of 5 years of experience (7 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.
Equity Diversity & Inclusion
EQ is committed to building an inclusive accessible environment where every employee feels valued respected and supported. We believe our organization is stronger and our people thrive when we honour and celebrate diverse experiences identities and perspectives. Were equally committed to supporting your growth both professionally and personally.
We provide a barrierfree recruitment process and work environment. If you require accommodations at any stage we will work with you to ensure you can bring your best self to the process and beyond.
As part of our recruitment process EQ uses AI to help screen assess and/or select applicants for this position. All AI-enabled outputs are reviewed and validated by our talent team. All candidates considered for hire must successfully complete a criminal background check and credit check. While we appreciate every application an EQ recruiter will contact only those whose skills and experience most closely match the requirements of the role.
EQB Inc. (TSX: EQB) is the parent company of Equitable Bank the countrys seventh-largest Schedule I bank by assets which operates EQ Bank Canadas Challenger Bank. EQB Inc. serves nearly 4 million Canadians and manages approximately $150 billion in combined assets under management and administration.
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Required Experience:
Senior Manager
About Company
At Equitable Bank, we specialize in providing branchless financial services that meet the unique needs of all Canadians. Our range of mortgages, savings accounts and investment options are designed to offer the right solutions to match any unique circumstance.
