Model Validation Advisor (Level 2/3) - Model Risk Management
Export Development Canada (EDC) is Canada's export credit agency, offering information, knowledge and innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 10,000 Canadian companies and their global customers in up to 200 markets worldwide each year. In 2017, EDC has been recognized as a Top 100 Employer and a Top Family-Friendly Employer.
EDC is financially self-sustaining, and is a recognized leader in financial reporting and economic analysis.
Team & Job Overview
EDC is currently building out its Model Risk Management practice and developing the corresponding team. The team fulfills the responsibilities of the Second Line of Defense in respect of Model Risk. It is mandated to develop and implement Model Risk Governance and conduct Model Validation.
The Model Validation Advisor (level 2/3) will be responsible for conducting independent end-to-end validation of a variety of Models employed across the company. End-to-end Model Validation involves identifying key risks associated with a Model, planning a risk-based validation approach and scope, designing, implementing and conducting validation tests, identifying gaps in Model governance, and drafting a Model Validation report.
The role focuses on:
- Overseeing, conducting or advising on independent Model Validation;
- Researching and reviewing external best practices, regulatory requirements, and the organization's risk appetite;
- Developing the Model Validation plan and carrying out the requisite activities;
- Preparing a Model Validation report.
- Develops understanding of the business area and function that uses the Model, and the impact of the Model output on the business decisions;
- Manages stakeholder relationships to ensure Model Validation findings and recommendations are appropriately informed by business purpose and context;
- Ensures Model Validation activities are in compliance with the Model Risk Policy, standards and guidelines;
- Oversees, conducts or advises on Model Validation activities as required;
- Ensures that Model stakeholders are aware of Model Risk issues and limitations identified during Model Validation;
- Prepares a Model Validation report that details the validation scope, testing approach, test results, findings and conclusions;
- Ensures that Model stakeholders are compliant with the Model Controls;
- Engages Model owners and users to pro-actively identify, assess, monitor and manage Model Risk.
- Undergraduate degree in a quantitative discipline, such as, Applied Science, Actuarial
- Science, Mathematics, Statistics, Finance or related
- Minimum 2 years (level 2) or 5 years (level 3) of experience in quantitative risk management and model validation
- Strong foundation in probability, time series modeling and statistical analysis
- Knowledge of, and/or broad experience in at least one of the domains:
- Insurance pricing and reserving
- Econometrics and economic forecasting
- Asset and portfolio management modeling
- Knowledge of risk management principles and practices
- Proficiency with SAS and/or other data software like R or C/C++/C#, Python, Matlab, Database (Oracle, SQL etc.)
*Please note that this position will be based in our head office in Ottawa. We may consider candidates to work in our Toronto office however, all Toronto candidates must be willing to attend training for approximately 1-2 months at head office, as required*.
- Bilingual in both official languages (French and English)
- Working towards Professional designations such as Fellow of the Actuarial Society, Financial/Professional Risk Manager
- A graduate degree in a quantitative discipline (e.g. Applied Science, Actuarial
- Science, Mathematics, Statistics or Finance)
- Level 2: $62,000 – $92,000 + performance bonus
- Level 3: $73,000 – $109,000 + performance bonus
How to apply
Only candidates selected for an interview will be contacted.
Application deadline: October 12, 2018, 11:59 p.m. EST on www.edc.ca/careers
EDC is committed to employment equity and actively encourages applications from women, Aboriginal people, persons with disabilities and visible minorities. If selected for an interview, please advise us if you require special accommodation.
Candidates must meet the requisite government security screening requirements.