Manager – Model Validation & Approval (8 Month Contract)
City : Toronto, ON, CA, M5C2V9
Category : Business and Financial Operations
Industry : Finance
Employer : Scotiabank
Requisition ID: 177836
Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.
Purpose of Job:
The Global Model Risk Management area provides independent and consistent model validation and approval across various risk types, including market risk, retail/non-retail credit risk, operational risk, capital models and other key risk/financial models.
The manager provides support to senior manager in the validation of domestic and international retail/non-retail credit adjudication and behavior models, as well as credit loss forecasting models for provisioning purposes. This position entitles activities related to model validation work to establish overall soundness of the credit risk measurement, delivery of various ad-hoc validation assignments, collaboration with the model development teams and business lines, and communicating results to model owners ensuring compliance with internal framework and regulatory requirements. He/she may also communicate and negotiate with the different counterparties regarding issues identified during the validation.
- Validate retail scoring (adjudication/ behaviour) models and non-retail adjudication Models.
- Validate IFRS-9 provisioning models for retail and non-retail credit portfolios.
- Validate retail strategy models.
- For the model being validated, review the methodology implemented for reasonableness and applicability, analyze the quality of the model's input data, review the architecture of the software application implementing the model, perform quantitative tests and qualitative assessments of the model, execute independent calculations, and analyze/interpret model output.
- Based on the results of model validation, recommend improvements to the model or the model development process and identify material improvement opportunities in the models being validated.
- Responsible for completing draft reports and submission of all necessary documentation related to validation assignments to Senior Manager; ensure accuracy and completeness of archived information and related documentation to allow independent third party review of the validation work performed.
- Establish communication with model owner/developers to understand model rationale and issues; mantain relationship with key contacts as identified for each validation.
- Communicate findings from validation work to stakeholders.
- Maintain collaborative relationship with clients
- Provide support to Senior manager to respond to ad hoc, regulatory and audit requests.
- Recommend and enforce improvements to tests/methods in order to fulfill internal validation needs and to align (if applicable) with industry practices
- Support Senior Manager in keeping the inventory system updated
- Comply with internal policies, procedures and regulatory requirements where applicable.
- Keep abreast of industry and regulatory developments and evolving expectations
- 1+ year of experience in the development and/or validation of risk and/or financial models is desirable.
- Exposure or experience in other risk functions such as credit risk, market risk, or operational risk management also desirable.
- Sound understanding of various modelling techniques and comfortable to conduct various testing
- Strong knowledge of statistical techniques and proven ability to employ these to analyze large sets of data; ability to effectively utilize relational database and SQL queries for data analysis.
- Hands on programming skills, particularly statistical and database modeling tools (Python, SAS, R, or similar). Ability to adapt to various programming languages and environments.
- Knowledge of financial risk management, especially issues and techniques pertaining to credit risk management – including their practical implications and limitations is desirable.
- Ability to manage efficiently multiple priorities in order to deliver work assignments within agreed timelines
- Effective presentation and communication skills; strong written communication skill is essential.
Location(s): Canada : Ontario : Toronto
Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.