Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members. Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives.
Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.
The Work
The Model Risk Management (MRM) team is the Model Reviewer at the Bank and provides independent effective challenges to ensure models are fit-for-use for the intended purposes, and model risks are managed according to the Bank’s Model Risk Policy and Standards, and compliant with regulatory requirements.
Reporting to Director, Model Validation, the incumbent will be responsible for ensuring model risk is appropriately managed according to the Bank’s Model Risk Policy and Framework and regulatory requirements. Specifically, the incumbent will provide adequate effective challenges for credit risk models, such as credit rating/scoring models, AIRB parameter models, IFRS 9 ECL models and related ICAAP models, as well as support MRM in enhancing model validation and review processes and procedures.
The incumbent will be instrumental in fostering the relationship with Model Development teams. The work scope includes validating model methodology, evaluating the reasonability of assumptions, identifying model use restrictions and limitations, examining the quality of model inputs; establishing benchmarks; conducting additional quantitative and qualitative analysis, articulating findings, recommendations, and conclusions, and completing the model validation report that complies with the bank’s model risk management requirements.
The Core Responsibilities Of The Job:
- Plan, execute and report model reviews and model validations independently or with teams, assess the quality of model data and monitor the model performance.
- Develop validation strategies and testing procedures, and support the use of Agile/POD in MRM
- Communicate in both verbal and written format (report, email, PowerPoint) clearly and concisely.
- Manage the project timeline diligently.
- Exercise reasonable judgment in decision-making and keep VP MRM and project lead well informed.
- Draw upon your experience and knowledge to lead and/or support appropriate model risk assessments consistent with the model’s risk content and intended usage.
- Educate, influence and hold accountable key stakeholders to manage model risk for in-scope models according to the Bank’s Model Risk Policy and relevant OSFI guidelines (for example, E-23 Model Risk Management Guidance, OSFI CAR Chapter 5 and credit-risk related implementation notes, and IFRS 9 Financial instruments and disclosures, E-19 ICAAP for DTIs, etc.).
- Model Risk Governance: Support the Model Risk Governance function on model risk policy development and review, compliance to model risk management policies, processes and regulatory requirements, maintenance of model inventory, model issue tracking and reporting.
- Teamwork and Leadership: Support VP MRM to develop MRM teams and improve the efficacy and efficiency of model risk management processes at the bank.
Let's Talk About You!
- A Master’s degree or higher in a quantitative field, such as Computer Science, Mathematics, Mathematical Finance, Statistics, Engineering, Finance, Economics, or equivalent.
- 4+ years of credit risk model validation or model development experience. Previous experience with AIRB, IFRS 9, or credit economic capital and stress testing models is preferred. Experience in validating or developing other models such as Anti Money Laundering (AML), Fraud or Climate Risk is an asset.
- Good understanding of model risk management principles and practices, with a general understanding of related business and credit risk management processes.
- Advanced in Python, SQL, and R programming is required.
- Strong mathematical, statistical and analytical skills.
- Strong communication skills in both written and verbal formats.
- Self-driven, well organized, team player with an independent opinion
What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy and personal days
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!
