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About the Role

The Model Risk Oversight function provides oversight for the Model Risk Management framework, identifying, measuring, managing, monitoring, and reporting AI/model risks across the organization. This role supports the management of AI/model risk enterprise-wide, working closely with business and control partners to manage risk exposure within the stated risk appetite.

Responsibilities

Provide active support to oversee model risk governance programs through metrics and reporting.
Resolve outstanding audit and regulatory issues, and respond to ad-hoc management requests.
Ensure risk objectives are accomplished within approved timeframes and comply with regulatory requirements, internal policies, and standards.
Independently challenge the business to ensure AI/model risks are appropriately evaluated and mitigation plans are progressing as planned.
Apply Trustworthy AI principles to evaluate model/AI systems for fairness, transparency, robustness, accountability, and regulatory compliance.
Represent ERM interests and act as an AI/Model Risk Management subject matter expert in the evaluation of new system or project initiatives.
Perform detailed quantitative and technical reviews, including model validation, model performance monitoring, and target review.
Discuss, document, and effectively communicate reviews with observations, conclusions, and findings to management and key stakeholders.
Develop and maintain positive and effective relationships with key business stakeholders.
Drive the attestation process for policy/standards compliance.
Support the continued evolution of best practice model risk framework, including standards, guidance, process, and templates.
Challenge the business to implement MRM best practices and effectively designed controls related to AI/model risks.
Document and communicate compliance status to management and key stakeholders.
Contribute to the design and execution of AI/model risk reporting, including Key Risk Indicators (KRIs).
Analyze and interpret AI/model information from individual models/AI systems and the AI/model inventory system.
Provide commentary and insights to management and risk partners.

Requirements

University Degree in quantitative disciplines such as Mathematics, Statistics, Actuarial Science, Data Science, Computer Science, or Financial Mathematics/Engineering.
Excellent knowledge and understanding of technical modelling theory and validation testing techniques.
A minimum of 5 years of experience in the insurance/financial industry.
Experience in modelling or validation, including pricing/reserving models, capital/CAT/risk models, underwriting/claims/fraud analytics, or AI systems.
Sound understanding of various modelling techniques, including regression models, decision trees, clustering/segmentation, GBM, random forest, and other AI and ML techniques.
Comfortable conducting various tests.
Proficient computing skills in Python, R, SQL, Excel (VBA), and use of AI Tools.
Demonstrates knowledge of Trustworthy AI and Responsible AI principles, including fairness, transparency, explainability, accountability, privacy, and governance considerations in AI/model risk management.
Ability to manage multiple priorities efficiently.
Thorough attention to detail.
Ability to work independently or in teams.
Excellent written and presentation skills to provide advice and explanation to various stakeholders.
High degree of proficiency with English required to service customers, both internal and external, across Canada.
Successful clearance of background checks, including criminal checks and leadership references.

Skills

Model Risk Management
AI/model risk
Quantitative analysis
Data Science
Computer Science
Financial Mathematics
Financial Engineering
Modelling theory
Validation testing
Insurance industry
Financial industry
Pricing models
Reserving models
Capital models
CAT models
Risk models
Underwriting analytics
Claims analytics
Fraud analytics
AI systems
Regression models
Decision trees
Clustering
Segmentation
GBM
Random forest
AI techniques
ML techniques
Python
R
SQL
Excel (VBA)
AI Tools
Trustworthy AI
Responsible AI
Fairness
Transparency
Explainability
Accountability
Privacy
Governance
Risk management
Written communication
Presentation skills

Location

Canada

Work Type

Hybrid

Experience Level

Minimum of 5 years of experience

Education Level

University Degree in quantitative disciplines

Salary/Compensations

$73,500 - $123,500

Benefits

Hybrid work schedule
Company share ownership program
Incentive Program
Pension and savings programs
Company-matched RRSP contributions
Paid volunteer days
Company matching on charitable donations
Educational resources
Tuition assistance
Paid time off to study for exams
Focus on inclusion with employee groups
Support for gender affirmation surgery
Access to BIPOC counsellors
Access to programs for working parents
Wellness and recognition programs
Discounts on products and services

About the Company

Definity is the parent company to some of Canada's most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance.
Our ambition is to be one of Canada's leading and most innovative property and casualty insurers.
We embrace and encourage a culture that’s collaborative, ambitious, rewarding, and empowering.
We offer a flexible, hybrid work experience where employees work from the office and virtually depending on the type of work they are doing and who they are working with.
Definity was named by Great Place to Work® as one of the Best Workplaces™ in Canada for women, for youth, and for inclusion.

Equal Opportunity

Our inclusive work environment welcomes diversity and supports accessibility. If you require accommodation at any time during the recruitment process, please let us know by contacting accessibility@economical.com.
As part of Definity’s commitment to reconciliation, we acknowledge that our work, meetings, and travel take place on the lands now known as Canada, and recognize the enduring presence, wisdom, and stewardship of the First Nations, Métis, and Inuit peoples who have long cared for these lands.