Senior Specialist, Capital Markets Model Validation

Role Description

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.
• Acts as a trusted advisor to assigned business/group.
• Influences and negotiates to achieve business objectives.
• Recommends and implements solutions based on analysis of issues and implications for the business.
• Assists in the development of strategic plans.
• Identifies emerging issues and trends to inform decision-making.
• Researches existing or emerging requirements & related best practices to assist and develops recommendations for changes/enhancements.
• Helps determine business priorities and best sequence for execution of business/group strategy.
• Conducts independent analysis and assessment to resolve strategic issues.
• Supports development and execution of strategic initiatives in collaboration with internal and external stakeholders.
• Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations.
• Ensures alignment between stakeholders.
• Builds change management plans of varying scope and type; leads or participates in a variety of change management activities including readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment of initiatives.
• 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/participates 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.
• 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.
• Provides specialized consulting, analytical, and technical support.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Works independently and regularly handles non-routine situations.
• Broader work or accountabilities may be assigned as needed.

Qualifications

• Typically between 5 - 7 years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• In-depth knowledge and understanding of model validation, model risk management practices.
• In-depth knowledge of regulatory requirements.
• In-depth knowledge & experience with risk policy frameworks; quality control/testing frameworks in Finance/Economics areas (i.e., MBA).
• Deep knowledge and technical proficiency gained through extensive education and 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.

Requirements

• Salary: $66,600.00 - $124,200.00
• Pay Type: Salaried

Benefits

• Health insurance
• Tuition reimbursement
• Accident and life insurance
• Retirement savings plans