Model Validation Advisor, Model Risk Management

at  EDC

Posting Date: Nov 13, 2024, 5:51:02 PM
Primary Location: Ontario-Ottawa
Job Type: Contract
Schedule: Full-time
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC offers financial products and knowledge to help Canadian businesses confidently enter new markets, reduce financial risk, and grow their business.
When you join our team, you’ll be helping Canadian businesses learn the endless possibilities that open to them through export and help bring their vision, passion, and innovation to the world. Your knowledge and expertise will support more than 25,000 Canadian businesses and their customers in as many as 200 markets worldwide. You’ll work amongst the best and brightest in an inclusive, collaborative environment that fosters professional development and success. And you’ll know that you’re making an impact every day – for businesses, for Canada and for the people you work with.
Are you ready to make an impact? Join EDC, recognized as a Top 100 and Top Family-Friendly Employer, as we take on the risk so Canadian businesses can take on the world. #LI-Hybrid
EDC is Canada’s export credit agency, offering information, knowledge, and innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC’s knowledge and partnerships are used by more than 7,400 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is a recognized Top 100 Employer and a Top Family-Friendly Employer.
EDC is financially self-sustaining and is a recognized leader in financial reporting and economic analysis.

TEAM & JOB OVERVIEW

EDC is seeking a Model Validation Advisor to join the Model Risk Management team. The team is accountable for developing, maintaining, and improving the model risk management program at EDC.
Reporting to the Manager, Model Risk Management, the Model Validation Advisor will primarily be focused on conducting independent end-to-end validation of a variety of Models used across the company. End-to-end Model Validation involves identifying key risks associated with a Model, planning a risk-based validation approach and scope, designing, implementing, and conducting validation tests, identifying gaps in Model governance, and drafting a Model Validation report. The Model Validation Advisor will also contribute as a subject matter expert on model risk practices and will assist in implementing the Model Risk Governance Framework at EDC.
The incumbent is expected to bring credible technical and business experience. This role also requires communication and interpersonal skills to engage and consult with business areas to find solutions adapted to EDC’s size, complexity, and specific mandate.

DISCIPLINE SUMMARY

The role focuses on:

• Overseeing, conducting or advising on independent Model Validation;
• Developing Model Validation plans and carrying out the requisite activities;
• Preparing Model Validation reports.
• Researches and reviews external best practices and regulatory requirements to provide guidance on EDC’s Model Risk.
• Responsible for maintaining and implementing principles, practices, processes, and standards pertaining to EDC’s Model Governance Framework.

Key Responsibilities

• Develops understanding of the business, the business area and function that uses the Model, and the impact of the Model output on the business decisions.
• Manages stakeholder relationships to ensure Model Validation findings and recommendations are appropriately informed by business purpose and context following a risk-based approach.
• Ensures Model Validation activities are in compliance with the Model Risk Policy, standards, and guidelines.
• Oversees, conducts, or advises on Model Validation activities as required.
• Ensures that Model stakeholders are aware of Model Risk Issues and Limitations identified during Model Validation.
• Prepares Model Validation reports that details the validation scope, testing approach, test results, findings and conclusions.
• Ensures that Model stakeholders are compliant with the Model Controls.
• Engages Model Owners and Users to pro-actively identify, assess, monitor and manage Model Risk.
• Acts as a corporate resource in the interpretation and classification of quantitative and qualitative factors in assessing Model Risk.

Screening Criteria

• Undergraduate degree in Statistics, Actuarial Sciences, Mathematics, Computer Science, Finance within a quantitative discipline or related;
• Knowledge of, and/or experience in at least one of the domains:
• Insurance pricing and reserving;
• PD, LGD and scoring models;
• Expected Credit Losses models;
• Econometrics and economic forecasting;
• Asset and portfolio management modeling;
• Reserving, profitability, capital, forecasting, and stress testing.
• Strong foundation in applied probabilistic modeling, time series analysis and statistical inference.
• Proficiency with SAS and/or other data software like R or C/C++/C#, Python, MATLAB, Database (Oracle, SQL etc.)
• Model validation experience.

For Level 17 Advisor role:

• Minimum of 5 years of experience in model risk management or related experience
• Working knowledge of model risk management principles and practices

The role focuses on:

• Overseeing, conducting or advising on independent Model Validation;
• Developing Model Validation plans and carrying out the requisite activities;
• Preparing Model Validation reports.
• Researches and reviews external best practices and regulatory requirements to provide guidance on EDC’s Model Risk.
• Responsible for maintaining and implementing principles, practices, processes, and standards pertaining to EDC’s Model Governance Framework

Key Responsibilities

• Develops understanding of the business, the business area and function that uses the Model, and the impact of the Model output on the business decisions.
• Manages stakeholder relationships to ensure Model Validation findings and recommendations are appropriately informed by business purpose and context following a risk-based approach.
• Ensures Model Validation activities are in compliance with the Model Risk Policy, standards, and guidelines.
• Oversees, conducts, or advises on Model Validation activities as required.
• Ensures that Model stakeholders are aware of Model Risk Issues and Limitations identified during Model Validation.
• Prepares Model Validation reports that details the validation scope, testing approach, test results, findings and conclusions.
• Ensures that Model stakeholders are compliant with the Model Controls.
• Engages Model Owners and Users to pro-actively identify, assess, monitor and manage Model Risk.
• Acts as a corporate resource in the interpretation and classification of quantitative and qualitative factors in assessing Model Risk

For Level 17 Advisor role:

• Minimum of 5 years of experience in model risk management or related experience
• Working knowledge of model risk management principles and practice