Application Deadline:

Address:

100 King Street West

Job Family Group:

Audit, Risk & Compliance

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; assesses the associated model risk and the controls in place to mitigate identified risks.

Teams and Culture:

• Fosters a culture aligned to BMO purpose, values and strategy and role models BMO values and behaviours in all that they do.
• Ensures alignment between values and behaviour that fosters diversity and inclusion.
• Regularly connects work to BMO’s purpose, sets inspirational goals, defines clear expected outcomes, and ensures clear accountability for follow through.
• Builds interdependent teams that collaborate across functional and operating groups to create the highest value for all stakeholders.
• Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.

Key Responsibilities:

• Develops validation strategies and plans to ensure appropriate type and level of validation of models is carried out.

• Independently validates / tests models and their associated assumptions, benchmarks, and supporting documentation against model vesting 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.

• Coordinates and monitors the review and sign-off of model validation reporting including model inventory and model inventory attestations.

• Measures the effectiveness of validation and monitoring framework; recommends changes as required.

• Provides technical advice and guidance to assigned business/group on implementation of the model vetting framework, and resolution of model risk issues.

• Provides strategic input into business decisions as a trusted advisor.

• Makes recommendations to senior leaders on strategy and new initiatives, based on an in-depth understanding of the business/group.

• Acts as a subject matter expert on relevant regulations and policies.

• Influences and negotiates to achieve business objectives.

• May network with industry contacts to gain competitive insights and best practices.

• Identifies emerging issues and trends to inform decision-making.

• Recommends business priorities, advises on resource requirements and develops roadmap for strategic execution.

• Manages resources and leads the execution of strategic initiatives to deliver on business and financial goals.

• Conducts independent analysis and assessment to resolve strategic issues.

• Acts as the prime subject matter expert for internal/external stakeholders.

• Represents the model validation program / portfolio for internal/external regulatory audits and/or examinations.

• Ensures alignment between stakeholders.

• Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.

• Leads the research and development for validation of new types of models.

• Monitors and tracks team performance; addresses any issues.

• Applies expertise and thinks creatively to address unique or ambiguous situations and to find solutions to problems that can be complex and non-routine.

• Broader work or accountabilities may be assigned as needed.

Qualifications:

• Typically 7+ years of relevant experience and post-secondary degree in related field of study or an equivalent combination of education and experience.
• In-depth / expert knowledge and understanding of model validation, model risk management practices.
• In-depth / expert knowledge & experience with risk policy frameworks; quality control / testing frameworks.
• In-depth / expert knowledge in derivative/financial products, particularly in interest rate/fixed income including MBS, commodity, and foreign exchange asset classes
• Verbal & written communication skills - In-depth / Expert.
• Analytical and problem solving skills - In-depth / Expert.
• Influence skills - In-depth / Expert.
• Collaboration & team skills; with a focus on cross-group collaboration - In-depth / Expert.
• Able to manage ambiguity.
• Data driven decision making - In-depth / Expert.