Manager, Model Validation & Approval (9 month contract)

Requisition ID: 209524

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

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, Anti Money Laundering (AML) and other key risk/financial models.

The Manager provides support to Senior Manager in the validation of IFRS 9 expected credit loss forecasting models for provisioning of domestic and international retail/non-retail portfolios. 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, and collaboration/communication with the model development teams and business lines to ensure model development methodologies and validation processes are in compliance with internal framework and regulatory requirements.

Is this role right for you? In this role, you will:

• Validate IFRS9 provisioning models for retail and business banking portfolios including all parameters (PD, LGD, Lifetime, SIR, EAD) and ECL assessment.
• Conduct comprehensive review of the data processing, including the independent replication of data extraction and data manipulation steps, as well as assessing the suitability and sanity of the data sources.
• For the model being validated, review the methodology implemented for reasonableness and applicability, assess soundness of model methodology, 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.
• Raise and effectively communicate the validation results and findings to the model owners, prompting appropriate action to address the identified deficiencies in data or modelling processing, which may lead to model recalibration and methodology enhancement.
• Responsible for completing draft validation 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; maintain relationship with key contacts as identified for each validation.
• Support Senior Manager in keeping the inventory system updated.
• Comply with internal policies, procedures, and regulatory requirements where applicable.
• Provide support to resolve outstanding audit and regulatory issues, and to respond to ad hoc senior management and regulatory requests.
• Keep abreast of industry and regulatory developments and evolving expectations and recommend and enforce improvements to tests/methods to fulfill internal validation needs and to align (if applicable) with industry practices.

Do you have the skills that will enable you to succeed? We'd love to work with you if you have:

• 1+ year of experience in the development and/or validation of risk and/or financial models preferred.
• Exposure to retail/small business/non-retail credit risk management applications and practices preferred.
• Exposure to IFRS 9/ AIRB related credit risk management and quantification preferred.
• Advanced degree in Mathematics, Statistics, Actuarial Science, Physics, Computer Science, Financial Mathematics, Financial Engineering (Master and above), in combination with business education.
• Industry certification or credentials will be asset (e.g., FRM, CFA, CQF, MBA)
• Strong knowledge in statistics/probability/applied math and sound understanding of credit analytics, model development and model validation in financial services.
• Understanding of regulatory environment and regulatory guidelines is preferred.
• Proficiency in at least one of the statistical/numerical packages (Python/SAS/R/MATLAB). Ability to adapt to various programming languages and environments. Advanced Python proficiency is preferred.
• Proven ability in analyzing and manipulating large datasets and conducting complex data queries for efficient extraction and manipulation. Strong knowledge of data visualization tools to effectively communicate results and findings.
• Ability to independently deliver validation projects and manage efficiently multiple priorities in order to deliver work assignments within agreed timelines.
• Attention to details, independence, and consensus building ability to effectively collaborate in teamwork and with model owner/developer counterparts.
• Ability to identify issues, analyze problems, synthesise information and make recommendations.
• Effective presentation and strong spoken and written communication skill is essential.
• Flexibility and creativity in problem solving.

What's in it for you?

• The opportunity to join a forward-thinking company surrounded by a collaborative team of innovative thinkers.
• A great opportunity for a position in Global Risk Management at one of the leading Banks in the segment.
• A rewarding career path with diverse opportunities for professional development.
• Internal development to support your growth and enhance your skills.
• A competitive compensation and benefits package.
• An organization committed to making a difference in our communities- for you and our customers.

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.