Senior Analyst, Credit Risk Model Validation

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Seeking a skilled and experienced professional to join our Model Risk Management Team as a Senior Analyst Model Risk Credit Risk. As a senior analyst in our second line of defense risk management governance and control function you will play a pivotal role in the validation of credit risk models such as Allowance (IFRS 9 /CECL/loss forecasting) models Stress Testing (CCAR/EWST) operational risk climate risk models and other initiatives. Other activities related to the model lifecycle such as model performance monitoring annual reviews assessment of overlay quantification are also part of the validation responsibilities. Experience in other credit risk families such as credit adjudication and account management models is also relevant. This is an individual contributor role.

Key Role Responsibilities:

• Model Risk Review and Effective Challenge: You perform the validation of models other estimation approaches and critical tool calculators and assess the model risk to confirm model appropriateness and capability for a designated portfolio. You are responsible for providing effective challenge to the credit risk models during model development and communicating decisions regarding model use to the business to ensure transparency and understanding of models and model risks. You assess the models capabilities stress points and limitations; you assess the associated model risk and the controls in place to mitigate identified risks.
• Stakeholder Engagement: Effective communication is crucial in this role. You will manage relationships with model developers owners and users influencing and advising on model risk-related matters. Your ability to explain complex technical concepts in everyday language will set you apart.
• Change Management: BMO is at the forefront of innovation in model risk management. You will be part of the team that drives change by embracing new technology platforms tools and operating models.
• Regulatory Expertise: 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.
• Risk Understanding: You will need to connect the dots between technical issues and business considerations.

What we are looking for:

• A MSc or PhD in quantitative fields such as statistics applied mathematics financial mathematics data science actuarial sciences electrical engineering or related fields.
• Experience in model validation and/or development within a financial institution particularly in the credit risk area is a plus.
• Certifications: While qualifications like CFA are helpful they are not mandatory.
• Experience in credit risk models including Stress Testing & loss forecasting AIRB and Adjudication/Account Management is a plus.
• Proficiency in a programming language such as Python R and SAS (Python is preferred).
• Proficiency in working with relational databases SQL or Oracle.
• Working with Big data tools and Cloud platforms (AWS/Azure) is a plus.
• A can-do attitude and a research deep-dive mindset.

Our team values flexibility collaboration and in-person engagement. This position is located in Toronto and offers flexibility with a hybrid work arrangement where the successful candidate will spend at least 3 days per week on-site and the other days remote.

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 models capabilities stress points and limitations; assesses the associated model risk and the controls in place to mitigate identified risks.

• Shares technical knowledge of models and validation strategies with team members and stakeholders.
• Supports development and execution of strategic initiatives in collaboration with internal and external stakeholders.
• Breaks down strategic problems and analyses data and information to provide insights and recommendations.
• Troubleshoots model validation issues with team members and stakeholders.
• Leads or assists with the maintenance monitoring measurement & reporting on the status of the model validation portfolio / program to various internal & external stakeholder audiences.
• Supports the development and promotion of a business/group program for model validation.
• 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.
• Focus is primarily on business/group within BMO; may have broader enterprise-wide focus.
• Exercises judgment to identify diagnose and solve problems within given rules.
• Works independently on a range of complex tasks which may include unique situations.
• Broader work or accountabilities may be assigned as needed.

  Qualifications:

• Typically between 4 - 6 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• Knowledge and understanding of the model life cycle model risk management practices.
• In-depth knowledge & experience with risk policy frameworks; quality control / testing frameworks.
• Technical proficiency gained through education and/or business experience.
• Verbal & written communication skills - In-depth.
• Collaboration & team skills - In-depth.
• Analytical and problem solving skills - In-depth.
• Influence skills - In-depth.
• Data driven decision making - In-depth.

The above represents BMO Financial Groups pay range and type.

Salaries will vary based on factors such as location skills experience education and qualifications for the role and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles the salary listed above represents BMO Financial Groups expected target for the first year in this position.

BMO Financial Groups total compensation package will vary based on the pay type of the position and may include performance-based incentives discretionary bonuses as well as other perks and rewards. BMO also offers health insurance tuition reimbursement accident and life insurance and retirement savings plans. To view more details of our benefits please visit: Us

At BMO we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting positive change for our customers our communities and our people. By working together innovating and pushing boundaries we transform lives and businesses and power economic growth around the world.

As a member of the BMO team you are valued respected and heard and you have more ways to grow and make an impact. We strive to help you make an impact from day one for yourself and our customers. Well support you with the tools and resources you need to reach new milestones as you help our customers reach theirs. From in-depth training and coaching to manager support and network-building opportunities well help you gain valuable experience and broaden your skillset.

To find out more visit us at is committed to an inclusive equitable and accessible workplace. By learning from each others differences we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation please contact your recruiter.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO directly or indirectly will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid written and fully executed agency agreement contract for service to submit resumes.