Manager, Credit Risk Model Validation

Address:

• Serve as a trusted advisor to business partners, influencing stakeholders and supporting strategic planning and decision-making.
• Lead the development, execution, and enhancement of the model validation framework, methodologies, and validation strategies.
• Independently validate models, assumptions, data, methodologies, benchmarks, and supporting documentation to assess model effectiveness and compliance.
• Identify, quantify, document, and escalate model risks, deficiencies, and required corrective actions while monitoring remediation efforts.
• Research emerging trends, regulatory requirements, and industry best practices to strengthen model risk management and governance.
• Provide expert consulting and technical guidance on model validation, risk management, and framework implementation.
• Lead validation-related initiatives, change management activities, process improvements, and operational programs across the portfolio.
• Represent the model validation function during internal audits, regulatory examinations, and stakeholder reviews.
• Develop, monitor, and report on model validation portfolio performance, model inventory, attestations, and governance outcomes.
• Build and maintain strong stakeholder relationships, ensuring alignment, effective communication, and successful delivery of strategic objectives.

Qualifications:

• A MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields. 
• A minimum of 4 years of experience in model validation and/or development within a financial institution, particularly in the credit risk area. 
• Certifications: While qualifications like CFA are helpful, they are not mandatory. 
• 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 is 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. 

Our team values flexibility, collaboration and in-person engagement. This position is located in Toronto and offers flexibility with a hybrid work arrangement, where the successful candidate will spend at least 3 days per week on-site.

The above represents BMO Financial Group’s pay range and type.

Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role, and may include a commission structure. Salaries for part-time roles will be pro-rated based on number of hours regularly worked. For commission roles, the salary listed above represents BMO Financial Group’s expected target for the first year in this position.

BMO Financial Group’s total compensation package will vary based on the pay type of the position and may include performance-based incentives, discretionary bonuses, as well as other perks and rewards. BMO also offers health insurance, tuition reimbursement, accident and life insurance, and retirement savings plans. To view more details of our benefits, please visit: https://jobs.bmo.com/global/en/Total-Rewards

About Us

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.

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.

Note to Recruiters: BMO does not accept unsolicited resumes from any source other than directly from a candidate. Any unsolicited resumes sent to BMO, directly or indirectly, will be considered BMO property. BMO will not pay a fee for any placement resulting from the receipt of an unsolicited resume. A recruiting agency must first have a valid, written and fully executed agency agreement contract for service to submit resumes.