Manager, Model Validation
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The Manager, Model Validation performs quantitative and qualitative validation of models and non-models developed to assess and analyze market, credit, liquidity and financial risks. As a member of the independent Model Validation Group, the role is responsible for validating the soundness of TMX Group subsidiaries' risk models. They will provide expertise and advice regarding advanced modelling techniques and applications, and ensure that model methodology and implementation meet regulatory requirements and internal policies.
Managing and monitoring the work performed by the senior analysts of the group and guide them to meet the level of analysis and reporting standards required.
Reports to: Head of Model Validation
TMX Group Model Validation Department provides independent, objective validation and an effective challenge of risk models and non-models - primarily, for Post Trade (CDS and CDCC) - subsidiaries of TMX Group. Model Validation is a core element of the Model Risk Management framework and an essential piece to ensure compliance with Regulatory Requirements around independent validation of risk models and non-models.
This function is guided by a philosophy of adding value to improve the operations of the organization. It assists the organization to accomplish its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the organization's governance and risk management.
Key Accountabilities:
Validate the detailed plans prepared by the Model Validation senior analysts.
Monitor and guide the Model Validation senior analysts in their day to day validation process and ensure they are in the right direction to achieve the objective of each validation assignment.
Review the final validation work completed by the senior analysts and ensure the resulting validation reports meet the expectations required by the TMX Model Validation Group.
Collaborate and coordinate with the Post-Trade Risk Management Group and be a key contact for their requirements, and responsible to follow-up on the gaps mitigations.
Ensures that the Board and other committees' materials are completed and distributed on time.
Assist your manager and be a representative of the Model Validation department when needed.
Assesses models and non-models soundness and risk from both a technical and a functional perspective, including evaluating conceptual soundness, performance, and ongoing monitoring.
Builds models (financial, risk, pricing, econometric, forecasting) to benchmark or replicate the results of the models to be validated.
Makes rigorous and balanced decisions on complex issues, and provides expertise to ensure the TMX Group's entities are not at undue risk.
Challenges the classification of all risk processes utilized by Risk Management in their appropriate inventory - models and non-models - in accordance with the entity's risk policy.
Participates in the development and the update of the Models and Non-Model Validation methodology/procedure.
Participates in setting up the model/non-model Validation report and presentations for the regulators and executives risk committees.
Coordinates work plans to ensure model/non-model reviews and monitoring are completed as planned.
Provides written and verbal recommendations and in-depth analytical reports on Model Validation.
Ensures that the Model Validation programs are consistent with Model Validation methodology standards and worldwide best practices.
Ensures that independent Model Validations are consistent with appropriate standards, regulatory requirements and best practices, and with changes in the operating environment.
Must haves:
Master degree in Finance, Statistics, Mathematics, Economic or other quantitative fields.
5+ years of proven experience, and 2+ years of a work/team managing role.
Researching, developing and implementing quantitative models for measuring, analyzing and managing financial risks.
Advanced theoretical and knowledge of a broad range of quantitative models and risk systems used in the financial world
Knowledge of programming tools such as VBA, Matlab, Python, SQL and other standard database query tools and related applications.
Ability to identify issues, analyze problems, synthesize information and make recommendations while supervising the work of other members on the team.
In-depth ability to write reports to convey information that is subject to interpretation.
Managing multiple projects and priorities concurrently.
Excellent interpersonal skills, ability to persuade, influence, and/or negotiate with colleagues and senior management.
Highly motivated team player, demonstrating courage and integrity.
Dedication to meeting deadlines and ability to work in a fast paced environment.
Inquisitive and committed to learning/self-improvement.
Flexible and able to adapt to change.
Nice to haves:
Knowledge of regulatory requirements such as PFMI, OSFI or EMIR Guidelines is a plus.
Note: The position is hybrid (2 days in office) open to either location - Montreal or Toronto
In the market for…
Excitement - Explore emerging technology and innovation, as well as ventures and digital finance that shape the future of global markets! Experience the movement of the market while grounded in the stability of close to 200 years of success.
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Impact - More than a platform, we use our talents to power mission-critical systems that drive global economic advancement, innovation, and growth. As well, our employee-led Team Impact spreads social good via our giving strategy.
Wellness - From empathetic leadership to a culture of flexibility and balance, we believe wellness at work creates the maximum yield and a stronger "we". Plus, with a cloud-first and hybrid workstyle, as well as generous time-off and leaves, we support a life well lived!
Growth - From a growth mindset in our work, to expansion in our business, TMX is home to action-takers energized by the achievement of ambitious growth.
Ready to enrich your career with impactful work, leaders who truly care, and the flexibility and programs to help you thrive as part of #TeamTMX ? Apply now.
TMX is committed to creating and sustaining a collegial work environment in which all individuals are treated with dignity and respect and one which reflects the diversity of the community in which we operate. We provide accommodations for applicants and employees who require it.