Director, Model Risk, Credit Risk and Stress Testing

Full Time
  • Full Time
  • Toronto
  • 150 - 200
  • Salary: 150 - 200

Bank of Montreal



Director, Model Risk, Credit Risk and Stress Testing page is loaded

Director, Model Risk, Credit Risk and Stress Testing

Apply locations Toronto, ON, CAN time type Full time posted on Posted 2 Days Ago job requisition id R230017652

Application Deadline:


03/28/2024


Address:

100 King Street West

Job Family Group:

Audit, Risk & Compliance


Are you ready to lead the way in the dynamic world of financial risk management? BMO is seeking a talented and experienced professional to join our Model Risk Management Team as a Director, Model Risk, Credit Risk and Stress Testing. As a Director in our second-line governance and control function, you will play a pivotal role in overseeing the execution pillar of model risk management across a large range of models supporting critical business and risk management mandates. You will lead the execution of the model risk framework activities through the model lifecycle, ensuring that it aligns with regulatory expectations and BMO’s commitment to excellence in risk management.

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 2 days per week on-site and the other days remote.


If you’re looking for your next dream job, consider this one in BMO’s ERPM Risk group where every colleague helps protect and grow the bank by providing independent review and oversight of enterprise-wide risks, working together to maintain a risk management framework and fostering a strong risk culture.#ERPMDreamJobs

Key Responsibilities:


  • Model Risk Review and Effective Challenge: You will be responsible for reviewing, and providing effective challenge to, credit risk models and providing approvals, recommendations, and findings. Your guidance will be essential in ensuring that our credit risk models are not only conceptually and technically sound but also compliant with our robust governance framework.

  • 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.

  • Transformation Leader: 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: You will operate within a regulatory and governance environment, engaging with regulators when necessary.


  • Risk Understanding: You will need to connect the dots between technical issues and risk contexts. Your role will require a deep understanding of the risk landscape and the ability to effectively manage conflicts while providing valuable insights.

  • Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.

  • Ensures alignment between values and behaviour that fosters diversity and inclusion.


  • Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.


  • Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.

  • Attracts, retains, and enables the career development of top talent.

  • Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.

  • Acts as a trusted advisor to senior leaders for making business decisions and implementing strategic initiatives.


  • Develops an expert understanding of business/group challenges.

  • Networks with industry contacts to gather competitive insights and best practices.

  • Recommends measures to improve organizational effectiveness.

  • May consult to or serve on various committees and task forces.


  • Influences and negotiates to achieve business objectives.

  • Identifies emerging issues and trends to inform decision-making.

  • Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.

  • Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.


  • Measures the effectiveness of validation and monitoring framework; recommends changes as required.

  • Conducts independent analysis and assessment to resolve strategic issues.

  • Acts as the prime contact for internal/external stakeholder relationships, which may include regulators.

  • Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations.


  • Ensures alignment between stakeholders.

  • Designs and produces regular and ad-hoc reports, and dashboards.

  • Develops and manages comprehensive information management systems; designs and/or leads initiatives to improve processes, analysis and reporting.

  • Defines business requirements for analytics & reporting to ensure data insights inform business decision making.


  • Assesses and adapts existing operational programs; develops new capabilities to ensure ongoing success.

  • 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 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.


  • 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.

  • Operates at a group/enterprise-wide level and serves as a senior specialist resource across BMO.


  • Influences how teams/groups work together.

  • Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to multiple, interdependent, complex problems.

  • Communicates abstract concepts in simple terms.

  • Fosters strong internal and external networks and works with and across multiple teams to achieve business objectives.


  • Anticipates trends and responds by implementing appropriate changes.

  • Broader work or accountabilities may be assigned as needed.



Qualifications:

  • Typically 9+ years of relevant experience and a postgraduate degree in quantitative fields such as Statistics, Mathematics, Financial mathematics, Physics, Engineering, Computer Science, Economics, Data Science, Actuarial Science or an equivalent combination of education and experience.


  • A minimum of 9 years of experience in model development, validation, or governance within a financial institution.

  • Certifications: While qualifications like CFA are helpful, they are not mandatory.

  • Strong communication skills, including the ability to explain complex technical concepts in a non-technical manner.

  • Ability to handle pressure and complex situations effectively.



  • Expert knowledge and understanding of the model validation, model risk management practices.

  • Expert knowledge of regulatory requirements.

  • Expert knowledge & experience with risk policy frameworks; quality control / testing frameworks.

  • Seasoned expert with extensive industry knowledge.


  • Technical leader viewed as a thought leader for innovation.

  • Analytical and problem-solving skills – Expert.

  • Influence skills – Expert.

  • Collaboration & team skills; with a focus on cross-group collaboration – Expert.


  • Able to manage ambiguity.

  • Data driven decision making – Expert.


Compensation and Benefits:



$113,900.00 – $211,800.00


Pay Type:


Salaried

The above represents BMO Financial Group’s 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 Group’s expected target for the first year in this position.



BMO Financial Group’s 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:  https://jobs.bmo.com/global/en/Total-Rewards

We’re here to help

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. We’ll 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, we’ll help you gain valuable experience, and broaden your skillset.



To find out more visit us at https://jobs.bmo.com/ca/en .

BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other’s 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.

About Us

BMO is a leading bank driven by a single purpose: to Boldly Grow the Good in business and life. Everywhere we do business, we’re focused on building, investing and transforming how we work to drive performance and continue growing the good.



Who we are

We’re proud to be fueling growth and expanding possibilities for individuals, families and businesses. More than 12 million customers count on us for personal and commercial banking, wealth management and investment services. As the 8th largest bank in North America by assets, we provide personal and commercial banking, wealth management and investment services to more than 12 million customers. In Canada, the United States and across the globe, we’ll continue to build, invest and transform to drive performance that serves the good that grows.


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