08/30/2026
Address:
100 King Street West
Audit, Risk & Compliance
Seekinga skilled and experienced professional to join our Model Risk Management Team as a Manager, Model Risk, Credit Risk. As amanagerin oursecond lineof defenserisk management,governance,and controlfunction, you will play a pivotal role in the validation of credit risk models,such asAllowance (IFRS 9 /CECL/loss forecasting) models,Stress Testing (CCAR/EWST), Climate Riskmodelsand other initiatives.Other activities related to the model lifecycle such as model performance monitoring, annual reviews, assessment of overlay quantification are also part of the validation responsibilities.Experience in other credit risk families, such as credit adjudication and account management models, is also relevant.Thisis anindividual contributorrole.
Note- We welcome applications from Senior Analyst candidates with fewer years of experience, provided they have a strong technical background and experience that is closely aligned with the role
Key RoleResponsibilities:
- Model Risk Review and Effective Challenge: You perform the validation of models, other estimation approachesand critical tool calculatorsand assess the model risk to confirm model appropriateness and capability for a designated portfolio. Youare responsible forproviding effective challenge to the credit risk models during model development and communicating decisionsregardingmodel use to the business to ensure transparency and understanding of models and model risks. You assess the models92 capabilities, stresspointsand limitations; you assess the associated model risk and the controls in place to mitigateidentifiedrisks.
- Stakeholder Engagement: Effective communication is crucial in this role. You will manage relationships with model developers, owners, and users, influencing and advising on model risk-related matters. Your ability to explain complex technical concepts in everyday language will set you apart.
- Change Management: BMO is at the forefront of innovation in model risk management. You will be part of the team that drives change by embracingnew technologyplatforms, tools, and operating models.
- Regulatory Expertise: Acts as a subject matter expert on relevant regulations and policies. May network with industry contacts to gain competitive insights and best practices. Interprets new regulations and assesses impacts to the program / portfolio validation framework.
- Risk Understanding: You will need to connect the dots between technical issues and business considerations.
- Serve as a trusted advisor to business partners, influencing stakeholders and supporting strategic planning and decision-making.
- Lead the development, execution, and enhancement of the model validation framework, methodologies, and validation strategies.
- Independently validate models, assumptions, data, methodologies, benchmarks, and supporting documentation to assess model effectiveness and compliance.
- Identify, quantify, document, and escalate model risks, deficiencies, and required corrective actions while monitoring remediation efforts.
- Research emerging trends, regulatory requirements, and industry best practices to strengthen model risk management and governance.
- Provide expert consulting and technical guidance on model validation, risk management, and framework implementation.
- Lead validation-related initiatives, change management activities, process improvements, and operational programs across the portfolio.
- Represent the model validation function during internal audits, regulatory examinations, and stakeholder reviews.
- Develop, monitor, and report on model validation portfolio performance, model inventory, attestations, and governance outcomes.
- Build and maintain strong stakeholder relationships, ensuring alignment, effective communication, and successful delivery of strategic objectives.
Qualifications:
- A MSc or PhD in quantitative fields such as statistics, applied mathematics, financial mathematics, data science, actuarial sciences, electrical engineering, or related fields.
- A minimum of4years of experience in modelvalidationand/ordevelopmentwithin a financial institution, particularly in the credit risk area.
- Certifications: While qualifications like CFA are helpful, they are not mandatory.
- Experience in credit risk models, including Stress Testing & loss forecasting, AIRB and Adjudication/Account Management.
- Proficiencyin a programming language such as Python, R, and SAS (Python is preferred).
- Proficiencyin working with relational databases 6 SQL or Oracle.
- Working with Big data tools and Cloud platforms (AWS/Azure) is a plus.
- A can-do attitude and a research, deep-dive mindset.
Our team values flexibility, collaboration and in-person engagement. This positionis located inToronto and offers flexibility with a hybrid work arrangement, where the successful candidate will spend at least3days per week on-site.
$75,900.00 - $141,900.00
Salaried
The above represents BMO Financial Group92s 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 Group92s expected target for the first year in this position.
BMO Financial Group92s 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:
