The TMX group of companies includes leading global exchanges such as the Toronto Stock Exchange, Montreal Exchange, and numerous innovative organizations enhancing capital markets. United as a global team, we’re connecting cross-functionally, traversing industries and geographies, moving opportunity into action, advancing global economic growth, and propelling progress. Through a rich exchange of ideas, meaningful collaboration, and a nimble operating model, we're powering some of the nation's most critical systems, fueling capital formation and innovation, bringing increased opportunity to business visionaries, product ingenuity to consumers, and career exploration to our team.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 Manager, Model Validation is responsible for validating the soundness of TMX Group subsidiaries’ risk models. He or she provides expertise and advice regarding advanced modelling techniques and applications, and ensures that model methodology and implementation meet regulatory requirements and internal policies. As a Manager, he or she has the responsibility to manage and monitor the work performed by the senior analysts of the Group and guide them to meet the level of analysis and reporting standards required by the Model Validation Group
Job Posting TMX Group
Position Title : Manager, Model ValidationCompany : TMX Group LimitedDepartment : Model ValidationReports to : Head of Model ValidationEmployee Status : PermanentTravel Time : NoJob Grade / Level : 7
The Company :
TMX Group
operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, TSX Trust, Trayport and VettaFi which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across North America (Montréal, Calgary, Vancouver and New York), as well as in key international markets including London and Singapore.
Department Overview :
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.
Role Summary :
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 Manager, Model Validation is responsible for validating the soundness of TMX Group subsidiaries’ risk models. He or she provides expertise and advice regarding advanced modelling techniques and applications, and ensures that model methodology and implementation meet regulatory requirements and internal policies. As a Manager, he or she has the responsibility to manage and monitor the work performed by the senior analysts of the Group and guide them to meet the level of analysis and reporting standards required by the Model Validation Group
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.
Performs other assignments as directed by your manager.
Skills and Experience :
Master degree in Finance, Statistics, Mathematics, Economic or other quantitative fields.
5+ years of relevant experience, and 2+ years of a work / team managing role.
Experience and advanced skills in assessing the work of other experts.
Extensive hands-on experience in 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 Matlab, Python, and other standard database query tools and related applications.
Ability to identify issues, analyze problems, synthesize information and make recommendations.
In-depth ability to write reports to convey information that is subject to interpretation.
Knowledge of regulatory requirements such as PFMI, OSFI or EMIR Guidelines is a plus.
Behavioral
Capable of managing multiple projects and priorities concurrently.
Excellent English communication skills, both orally and written.
Highly motivated team player, demonstrating courage and integrity.
Commitment to meeting deadlines and ability to work in high pressure environment.
Ability to persuade, influence, and / or negotiate with colleagues and senior management.
Ability to manage and supervise the work of other members of the team.
Ability to work independently with minimal supervision.
Inquisitive and committed to learning / self-improvement.
Flexible and able to
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