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.

Acts as a trusted advisor to assigned business/group, influencing and negotiating to achieve business objectives. 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.

Leads the research and development for validation of new types of models. Independently validates and tests models, their associated assumptions, benchmarks, and supporting documentation against model vetting processes, standards, guidelines, and principles. Assesses data for model development and inputs, compares validation results with model developer results for replicability, and identifies deficiencies or conditions for model use.

Provides technical advice and guidance 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, legislative, and regulatory directives. Builds effective relationships with internal and external stakeholders, ensuring alignment and addressing performance issues.

Coordinates and monitors the review and sign-off of model validation reporting, including model inventory and attestations. Focus is primarily on business/group within BMO but may have broader, enterprise-wide scope. Exercises judgment to identify, diagnose, and solve problems within given rules and works independently on non-routine situations.

Responsibilities

• Assess model capabilities, stress points, and limitations; evaluate associated model risk and controls to mitigate identified risks.
• Research existing or emerging requirements and related best practices; develop recommendations for changes or enhancements.
• Determine business priorities and best sequence for execution of business/group strategy.
• Conduct independent analysis and assessment to resolve strategic issues.
• Support development and execution of strategic initiatives in collaboration with internal and external stakeholders.
• Represent the model validation program/portfolio for internal/external regulatory audits and examinations.
• Build change management plans; lead or participate in readiness assessments, planning, stakeholder management, execution, evaluation, and sustainment of initiatives.
• Lead and integrate monitoring, measurement, and reporting of the model validation program/portfolio status to stakeholders.
• Provide input into planning and implementation of ongoing operational programs supporting the model vetting framework.
• Lead or participate in the design, implementation, and management of core business/group processes.
• Develop validation strategies and plans to ensure appropriate vetting of models.
• Quantify model risks, document outcomes, and communicate with stakeholders; escalate deficiencies or required corrective actions per guidelines.
• Monitor and ensure corrective actions are taken where required.
• Provide specialized consulting, analytical, and technical support.

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 and risk policy frameworks.
• Deep knowledge and technical proficiency gained through extensive education and business experience, preferably in Finance/Economics (e.g., MBA).

Skills

• 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 vary based on factors such as location, skills, experience, education, and qualifications. For part-time roles, salaries are pro-rated based on hours worked. For commission roles, the listed salary represents the expected target for the first year.

Benefits

• Performance-based incentives and discretionary bonuses.
• Health insurance.
• Tuition reimbursement.
• Accident and life insurance.
• Retirement savings plans.

For more details, visit BMO Total Rewards.