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About the Role

As a senior analyst in our second line of defense risk management, governance, and control function, you will play a pivotal role in the validation of credit risk models, such as Allowance (IFRS 9 /CECL/loss forecasting) models, Stress Testing (CCAR/EWST), operational risk, climate risk models and other initiatives. Other activities related to the model lifecycle such as model performance monitoring, annual reviews, assessment of overlay quantification are also part of the validation responsibilities. Experience in other credit risk families, such as credit adjudication and account management models, is also relevant. This is an individual contributor role.

Responsibilities

Perform model validation and assess model risk to confirm model appropriateness and capability for a designated portfolio.
Provide effective challenge during model development and communicate decisions regarding model use to the business.
Assess model capabilities, stress points, and limitations, along with associated model risk and mitigation controls.
Share technical knowledge of models and validation strategies with team members and stakeholders.
Support development and execution of strategic initiatives in collaboration with internal and external stakeholders.
Analyze data and information to provide insights and recommendations.
Troubleshoot model validation issues with team members and stakeholders.
Lead or assist with the maintenance, monitoring, measurement & reporting on the status of the model validation portfolio/program.
Support the development and promotion of a business/group program for model validation.
Develop validation strategies and plans to ensure appropriate vetting of models.
Independently validate/test models, their assumptions, benchmarks, and supporting documentation against process standards.
Assess data for model development and inputs, comparing validation results with developer results for replicability.
Identify deficiencies, conditions for model use, recommend changes, and escalate as required.
Quantify model risks, document outcomes, and communicate with stakeholders.
Identify where corrective actions are required, escalate per guidelines, and monitor for completion.
Provide technical advice and guidance on implementing the model vetting framework and resolving model risk issues.
Develop and maintain in-depth knowledge of business and related risk management requirements and legislative/regulatory directives.
Build effective relationships with internal/external stakeholders.
Ensure alignment between stakeholders.
Monitor and track performance, addressing any issues.
Coordinate and monitor the review and sign-off of model validation reporting.
Exercise judgment to identify, diagnose, and solve problems within given rules.
Work independently on a range of complex tasks, including unique situations.
Undertake broader work or accountabilities as needed.

Requirements

MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields.
Experience in model validation and/or development within a financial institution, particularly in the credit risk area.
Experience in credit risk models, including Stress Testing & loss forecasting, AIRB and Adjudication/Account Management.
Proficiency in a programming language such as Python, R, and SAS (Python preferred).
Proficiency in working with relational databases – SQL or Oracle.
Working with Big data tools and Cloud platforms (AWS/Azure) is a plus.
A can-do attitude and a research, deep-dive mindset.
Knowledge and understanding of the model life cycle and model risk management practices.
In-depth knowledge & experience with risk policy frameworks and quality control/testing frameworks.
Technical proficiency gained through education and/or business experience.
In-depth 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.

Skills

Model validation
Credit risk models
Allowance models (IFRS 9 /CECL/loss forecasting)
Stress Testing (CCAR/EWST)
Operational risk models
Climate risk models
Model performance monitoring
Annual reviews
Overlay quantification
Credit adjudication models
Account management models
Python
R
SAS
SQL
Oracle
Big data tools
Cloud platforms (AWS/Azure)
Risk management
Governance
Control functions
Stakeholder engagement
Change management
Regulatory expertise
Risk understanding
Quantitative analysis

Location

100 King Street West
Toronto

Work Type

Hybrid
Salaried

Experience Level

Senior Analyst
4 - 6 years of relevant experience

Education Level

MSc or PhD in quantitative fields
Post-secondary degree in related field of study

Salary/Compensations

$55,500.00 - $120,000.00

Benefits

Health insurance
Tuition reimbursement
Accident and life insurance
Retirement savings plans

About the Company

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.

Equal Opportunity

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.