Senior Manager, Model Risk Governance

at  Canada Guaranty

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.

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.

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.

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.

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.