Senior Manager - Credit Risk Model Validation

Address:

100 King Street West

Audit, Risk & Compliance

BMO is seeking an experienced professional to join the Model Risk Management Team as Senior Manager, Credit Risk Model Validation. This role is part of the second-line governance and control function, with a primary focus on validating AIRB Capital models. The successful candidate may also support validation of other credit risk models, such as those used for adjudication and account management.

The position combines leadership and technical expertise. You will lead validation projects, provide effective challenge to model developers, and communicate model risk findings to stakeholders. You will also manage and mentor team members, helping to build a strong and inclusive team culture.

Key responsibilities include:

• Leading validation of AIRB and other credit risk models
• Providing subject matter expertise on model risk and regulatory expectations
• Managing a team and supporting their development
• Collaborating with stakeholders and supporting regulatory reviews

This role is ideal for a seasoned professional with deep Quantitative background who thrives in a collaborative environment and is committed to advancing model risk governance.

Additional Qualification:

Proficiency in Python and SAS is required; experience with other statistical software such as R is considered beneficial.

Leads independent validation activities across the entire model lifecycle, ensuring models are conceptually sound, statistically robust, and fit for their intended purpose within the credit portfolio. Provides critical oversight and constructive challenge during model development and clearly communicates validation outcomes and model risk considerations to business stakeholders to promote transparency and informed decision-making.

• 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.
• Attracts, retains, and enables the career development of top talent.
• Improves team performance, recognizes and rewards performance, coaches employees, supports their development, and manages poor performance.
• Provides strategic input into business decisions as a trusted advisor.
• Acts as a subject matter expert on relevant regulations and policies.
• Interprets new regulations and assesses impacts to the governance framework.
• Represents the risk program / governance structure during internal/external regulatory audits and/or examinations.
• Leads change management programs of varying scope and type, including readiness assessments, planning, stakeholder management, execution, evaluation and sustainment of initiatives.
• Manages the review and sign-off process for relevant regulatory reporting.
• Provides input into the planning and implementation of ongoing operational programs in support of the model validation / risk framework.
• Provides advice and guidance to assigned business/group on implementation of the risk framework, including effective challenge.
• Coordinates and participates in the execution of oversight/governance activities including reporting; assessment of education and training needs, development/delivery of training; development and execution of regulatory administration processes and procedures.
• Develops and maintains in-depth knowledge of business and related risk management requirements and legislative / regulatory directives and guidance.
• Broader work or accountabilities may be assigned as needed.

Qualifications:

• A minimum of 7 years of experience in model validation or development within a financial institution, particularly in the credit risk area.
• A MSc or PhD degree in related field of study such as statistics, mathematics, data science, actuarial sciences, engineering.
• Proficiency in Python and SAS is required; experience with other statistical software such as R is considered beneficial.
• In-depth / expert knowledge and understanding of the model life cycle, model risk management practices.
• In-depth / expert knowledge of regulatory requirements.
• 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.

$94,600.00 - $176,000.00

Salaried

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.