Senior Advisor, Model Validation

Purpose

The Senior Advisor, Model Validation will be responsible to perform the independent review and challenge of models deemed significant for the organization. The position will be a key participant in the development, implementation and maintenance of a corporate model risk governance framework. The Senior Advisor reports to the Head of Risk Analytics and will be part of the Group Risk Management and Compliance.

Description

•  Review, verify and validate the conceptual soundness of the model, the design testing exercises and the model limitations.
• Ensure that the model meets business needs and is fit for purpose while meeting regulatory and internal requirements.
• Review the performance and uses of the model.
• Develop tools as needed to compare and replicate the results of the model to be validated.
• Produce a validation report including findings and recommendations for each validated model.
• Communicate Model Validation results to key stakeholders and senior management.
• Monitor remediation plans and ensure recommendations are closed according to established timelines.  
• Contribute to the periodic Model Validation planning.
• Participate in the development and maintenance of a model inventory and model risk assessment.
• Ensure that changes in markets, products, exposures, activities, customers or business practices do not create new or emerging model risks.
• Provide awareness and communicate model risk management standard practices within the company.
• Excellent English and French language skills, both oral and written, due to regular interaction with English and French speaking colleagues or internal partners across Canada and the United States.
• Develop and maintain validation procedures.

Requirements

•      Must have a minimum of 8 years of relevant experience in advanced modeling with a minimum of 3 years in Model Validation. 

•      Advanced degree (PhD or Masters) in Actuarial Science, Mathematics, Statistics, Computer Science, Financial Engineering or other quantitative field.

•      Strong knowledge of spreadsheet, database, mathematical and/or related financial/actuarial software applications and programming languages.

•      Must be able to learn new platforms and models quickly for the different models being validated, including the replication of complex model calculations from first principles.

•      Ability to research issues, analyze problems, synthesize technical information and communicate complex results to others through written Model Validation reports and interaction with model owners.

•      Self-motivation, discipline, task focus, the ability to structure and present work and a proven record of delivering high quality results to strict deadlines.

•      Actuarial designation is desired and CFA, FRM and CERA designations would be considered assets.

•      Good understanding of regulatory expectations with regard to model risk management within financial institutions.

•      Good understanding of products offered in the insurance industry.