Senior Specialist, Capital Markets Model Validation

About the role

Performs validation of models and assesses model risk to confirm model appropriateness and capability for a designated portfolio. Provides effective challenge during model development and communicates decisions regarding model use to the business to ensure transparency and understanding of models and model risks.

Assesses model’s capabilities, stress points, and limitations; evaluates the associated model risk and the controls in place to mitigate identified risks. Acts as a trusted advisor to assigned business or group, influencing and negotiating to achieve business objectives.

Responsibilities

• Recommends and implements solutions based on analysis of issues and implications for the business.
• Assists in the development of strategic plans and identifies emerging issues and trends to inform decision-making.
• Researches existing or emerging requirements and related best practices to develop recommendations for changes or enhancements.
• Helps determine business priorities and the best sequence for execution of business or group strategy.
• Conducts independent analysis and assessment to resolve strategic issues.
• Supports development and execution of strategic initiatives in collaboration with internal and external stakeholders.
• Represents the model validation program or portfolio for internal and external regulatory audits and examinations.
• Ensures alignment between stakeholders and builds change management plans of varying scope and type.
• Leads or participates in change management activities, including readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment of initiatives.
• Leads the research and development for validation of new types of models.
• Leads and integrates the monitoring, measurement, and reporting of the status of the model validation program or portfolio to internal and external stakeholders.
• Provides input into the planning and implementation of ongoing operational programs in support of the model vetting framework and portfolio.
• Leads or participates in the design, implementation, and management of core business or group processes.
• Develops validation strategies and plans to ensure appropriate type and level of vetting of models is carried out.
• Independently validates and tests models and their associated assumptions, benchmarks, and supporting documentation against model vetting process, standards, guidelines, and principles.
• Assesses the data for model development as well as inputs to the model; compares validation results with model developer results for replicability.
• Identifies deficiencies, conditions for model use, recommends changes, and escalates as required; quantifies model risks, documents outcomes, and communicates with stakeholders.
• Identifies where corrective actions are required and escalates per guidelines; monitors and ensures corrective action is taken.
• Provides technical advice and guidance to assigned business or group on implementation of the model vetting framework and resolution of model risk issues.
• Develops and maintains in-depth knowledge of business and related risk management requirements and legislative or regulatory directives and guidance.
• Builds effective relationships with internal and external stakeholders, monitors and tracks performance, and addresses any issues.
• Coordinates and monitors the review and sign-off of model validation reporting, including model inventory and model inventory attestations.
• Focus is primarily on business or group within BMO; may have broader, enterprise-wide focus.
• Provides specialized consulting, analytical, and technical support.
• Exercises judgment to identify, diagnose, and solve problems within given rules.
• Works independently and regularly handles non-routine situations.

Requirements

• Typically between 5 - 7 years of relevant experience and post-secondary degree in a related field of study or an equivalent combination of education and experience.
• In-depth knowledge and understanding of model validation and model risk management practices.
• In-depth knowledge of regulatory requirements.
• In-depth knowledge and experience with risk policy frameworks and quality control or testing frameworks.
• Advanced degree in Finance or Economics (e.g., MBA) preferred.

Skills

• Deep knowledge and technical proficiency gained through extensive education and business experience.
• Verbal and written communication skills – in-depth.
• Collaboration and team skills – in-depth.
• Analytical and problem-solving skills – in-depth.
• Influence skills – in-depth.
• Data-driven decision-making – in-depth.

Pay

Salary range: $66,600.00 - $124,200.00 (salaried). Salaries will vary based on factors such as location, skills, experience, education, and qualifications for the role. May include performance-based incentives, discretionary bonuses, and other perks and rewards.

Benefits

• Health insurance
• Tuition reimbursement
• Accident and life insurance
• Retirement savings plans

For more details, visit BMO Total Rewards.