Senior Manager, Model Risk Governance

SENIOR MANAGER, MODEL RISK GOVERNANCE

Location / Work Environment:

Toronto / Hybrid: A combination of on-site work at the Toronto office with the flexibility to work remotely.

Department:

Risk

Reports to:

Director, Model Risk Governance

Employment Type / Availability:

Full-Time / Immediate

OVERVIEW

The Risk Management team has overall responsibility for guiding the prudent growth and evolution of the mortgage insurance portfolio through the effective use of analytics, credit policy, and an Enterprise Risk framework. The newly created position of Senior Manager, Model Risk Governance offers a hybrid work structure, requiring some time working from the Toronto office and allowing the option to work remotely on other days.

The mandate of this position is to provide oversight, monitoring, and reporting on all models used at Canada Guaranty. The successful candidate will ensure all models comply with internal policies and external regulations, and that they function as intended. This is a business-critical position with high visibility and regular contact with senior and executive management across the organization.

The successful candidate will have a thorough understanding of personal lending. While experience in secured lending is beneficial, the Senior Manager will bring an appreciation for current and emerging trends and associated risks relating to consumer credit.

KEY RESPONSIBILITIES

• Model Validation, Vetting, and Testing: Oversee the validation and vetting of new and existing models; collaborate with model developers and users to understand and mitigate potential risks associated with model outputs; identify where corrective actions are required.
• Risk Assessment: Conduct regular assessments of models to identify potential vulnerabilities or issues; provide recommendations to mitigate identified risks.
• Documentation and Reporting: Maintain comprehensive documentation for all models including development evidence, validation reports, and performance monitoring.
• Work closely with the modelling teams across the organization to understand and continually evaluate risk from both a detailed and enterprise level.
• Management of Model Risk Policy and Compliance: Support the implementation, and maintenance of the model risk management policy and procedures to ensure compliance with regulatory guidelines.

More specifically, the Senior Manager will:

• Function as subject matter expert on model risk governance policy.
• Continuously learn and apply best practices to model development functions within the organization.
• Administer and evaluate model life cycle activities for adherence to all policies, procedures, and establishes processes.
• Manage and lead projects of ongoing model validation and the quantification of model risk.
• Provide oversight and guide stakeholders on adherence to the model governance policy.
• Effectively communicate findings and insights to executives and senior management in a concise and accessible way.
• Perform other duties and assist with special projects, as required.

FIRST-YEAR PRIORITIES

After the initial 6 months in the role, the successful candidate will have:

• Created a validation methodology and model risk reporting framework appropriate to Canada Guaranty for discussion with various stakeholders.
• Developed a thorough understanding of all internal and third-party models employed by Canada Guaranty.
• Established relationships with key individuals within Canada Guaranty and gained their support by demonstrating the benefit of a model risk governance framework.

EXPERIENCE, SKILLS, AND REQUIREMENTS

• In-depth knowledge of the model life cycle and model risk management practices.
• Familiarity with regulatory framework and requirements related to model risk.
• Experience with audit (third line of defense) related to model risk.
• Demonstrated ability to summarize key findings from model performance reviews and recommendations for improvement.
• Ability to develop reports that effectively communicate key metrics for senior management.
• Solid experience in credit risk model lifecycle, including model development, validation, and monitoring.
• Exceptional understanding of analytical, financial, competitive, regulatory, and legal environments in assessing credit and fraud risk.
• Awareness of current and emerging trends and quantitative methods in consumer mortgage and lending markets.
• Able to undergo and pass background testing (including but not limited to a criminal background check and credit check) as a condition of employment hire and every five (5) years as a condition of continued employment.

EDUCATION

• Master's degree in an Economics, Statistics, Finance, Actuarial or a related field.
• 5+ years of progressive relevant work experience in retail banking and/or insurance sectors, specifically related to development or assessment of risk models pertaining to consumer credit.

KEY COMPETENCIES

Leadership Skills

• Effectively manage all stakeholders in model risk governance.
• Strong interpersonal and critical thinking skills with attention to detail.
• Demonstrate ability to manage ambiguity, think creatively, and challenge the status quo.
• Strong presentation skills; comfortable presenting to an executive audience.
• Potential to assume additional responsibilities/more senior roles as the business evolves and grows.
• Previous experience working effectively with others in cross-functional teams.
• Apply strong analytic, interpersonal, and thought leadership skills to influence colleagues in quantitative communication and implementation.

Technical Proficiency

• Strong understanding of quantitative methods and statistical modelling.
• Technical proficiency in using, developing and effective oversight of models utilizing SAS and SQL Python, R, or other similar software.
• Practical statistical experience in academic or business settings.
• Strong analytical and data management skills, with experience extracting, preparing, and analyzing large data sets.
• Ability to summarize complex subjects and report effectively to a broad audience.

Analytic Skills

• Thorough understanding of residential mortgage lending, property markets, and consumer credit risk modelling.
• Solid grasp of credit risk management concepts (Probability of Default, Loss Given Default, Exposure at Default, Expected Loss, Economic Capital, etc.).
• Ability to synthesize large data sets and draw insights and recommendations.

Character

• Professional acumen and a passion for excellence.
• Demonstrated ability to work efficiently and accurately.
• Strong critical thinking skills.
• Effective communication skills, comfortable presenting to an executive audience.
• Effective time management, organization, and project management skills.
• A strong team spirit with a desire to help.
• Self-motivation, flexibility, and ability to comfortably manage ambiguity.

Canada Guaranty is committed to fostering an inclusive, accessible environment where all employees feel valued and supported. We are committed to building a workforce that is representative of the communities we operate in and serve. If you require accommodation for the recruitment/interview process due to a disability (which may be invisible or visible, temporary or permanent), please let us know and we will work with you to meet your needs.

Please Note: We appreciate your interest in this position; however, only candidates selected for an interview will be contacted.