Manager, Model Validation

Equitable Bank - Toronto, ON (5 months ago)

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Canada's Challenger Bank™
If you're looking for a workplace where employees are passionate about their work environment, then read on. What sets Equitable Bank apart from other companies is its culture. We celebrate and embrace the fabric of diversity, the employee engagement process and collectively take pride in our business successes. Our commitment to our customers, our partners and our employees creates a stimulating and exciting atmosphere that generates innovative products and outstanding service quality.

Equitable Bank is Canada's ninth largest independent Schedule I bank, serving Canadians coast to coast. It offers a diverse suite of residential lending, commercial lending and savings solutions, including high-interest savings products and GICs. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $33 billion in assets under management. In 2016, Equitable Bank launched a digital banking operation, EQ Bank, and introduced the EQ Bank Savings Plus Account. Equitable Bank currently employs over 750 employees across the country.

Within Equitable Bank's Core Lending business, Single Family Lending Services funds mortgages for owner-occupied and investment properties across Canada, while Commercial Lending Services provides mortgages on a variety of commercial properties on a national basis.Equitable's Securitization Financing business originates and securitizes insured residential mortgages under the Canada Mortgage and Housing ("CMHC") administered National Housing Act.Equitable Bank also offers a range of deposit products including short-term, long-term and Cashable GICs, available in non-registered or Tax Free Savings Account ("TFSA") across Canada. And it offers a High Interest Savings Account, available from authorized investment advisors through the FundServ network.

Equitable Bank is a growing Canadian financial services business and a wholly owned subsidiary of Equitable Group. It was founded in 1970 as The Equitable Trust Company.

Job Title: Manager, Model Validation
Department: Credit Risk
Reports To: Senior Director, Model Validation
Duration: 6-9 month contract

Purpose of Job

The Manager, Model Validation (“MMV”) reports to the Senior Director, Model Validation (“SDMV”) and supports the SDMV and other Senior Management with respect to all aspects of Model Validation activities within the Bank. The MMV is responsible for assisting in the development of strategies to validate all models applied in production on an enterprise-wide basis, and in executing on the required validation procedures. The MMV will also be responsible to ensuring model risk be appropriately managed according to the Bank’s Model Risk Policy and Framework and comply with regulatory requirements. This includes (not limited) the models for credit risk management (such as AIRB and IFRS 9), ICAAP and asset liability management.

The incumbent will be instrumental in fostering the relationship with Model Development teams, including validation of model framework, assumptions, data; benchmarking; providing analysis, findings, recommendation and conclusion; documentation of the items above in the Model Validation report.

Main Activities:
Model Validation Projects (90%)
  • Propose vetting/validation strategy and plan with SDMV for each vetting/validation project
  • Assess the appropriateness and construction of models with respect to their current or planned use and determine the level of model risk associated with the model, its assumptions, mathematical implementation, the underlying data and its system implementation.
  • Draw upon your experience and knowledge to provide appropriate model risk assessments consistent with the model’s risk content and intended usage.
  • Produce the validation report according to the policy and format including identification of model limitations, weaknesses, conditions for model use and level of model risk.
  • Ensure effective two-way communication with the Model Owners/Developers/Users set expectations, obtain and provide information on models, and communicate model risk issues and suggestions during the validation process.
  • Ensure key information such as model review dates, conditions and triggers are captured accurately in the model risk management system.
  • Provide regular project status updates to SDMV for tracking and monitoring validation projects.
Technical Input (5%)
  • Provide technical input to model developers and/or risk management groups in the development of models to proactively assist the business resolve model risk issues. The input provided should be managed effectively to ensure that Model Validation independence will not be compromised.
  • Share knowledge of models and validation projects with other validators to ensure transfer of knowledge across Model Validation.
Client Relationship Management (5%)
  • Develop and maintain effective relationships with the business client, risk management and technology to understand and complete the model validation request.
  • Escalate difficult or complex project-related client issues to SDMV or the Project Manager for resolution.
Knowledge/Skill Requirements:
  • Master degree or Ph.D degree in Math, Math Finance, Statistics, Engineering, Finance, Economics or equivalent quantitative background.
  • Three years or more experience of quantitative modeling in the financial industry.
  • Experience in Retail, Commercial and Corporate Credit Risk modeling, Asset-Liability Management modeling, ICAAP, AIRB or IFRS 9 is an asset.
  • Solid understanding of model risk management and governance.
  • General knowledge of banking industry.
  • Experience in at least two of programming languages/tools preferred. This may include Python, R, SAS, C++, C#, Java and Matlab.
  • Developed project management and time management skills.
  • Strong technical documentation and report writing skills.
  • Solid and proven communication skills.
Equitable Bank is an equal opportunity employer and encourages applications from all qualified candidates. Accommodations are available on request for candidates taking part in all aspects of the selection process. 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.