Senior Specialist, Model Validation

Job Requisition ID : 10473

Position Status : Permanent Full Time

Position Type : Hybrid

Office Location : Toronto (ON); Calgary (AB); Halifax (NS); Montreal (QC); Ottawa (ON); Vancouver (BC)

Travel Requirement : Limited

Language Designation : English Essential

Language Skill Levels (Read / Write / Speak) : ZZZ

Salary : Our salaries generally range from $ 99646.37 to $ 124557.97 and are based on qualifications and experience.

About CMHC

The work you do and the work we do together matters. We come to work every day with a common purpose : to contribute to a well-functioning housing system.

At CMHC, we hold ourselves accountable for our results and support our colleagues in their achievements. We thrive on collaboration , connecting across CMHC and involving the right people to get our work done.

We have flexibility , in how, when, and where we work, within the boundaries of the business needs and the nature of your role.

Our leadership style is guided by trust , where our leaders favour an adaptive approach based on the needs of their teams.

Join us and be part of a team that's committed to making a real difference and be part of something meaningful.

What’s in it for you

We’ve got the purpose, the people and the perks you need for a fulfilling career. Here’s the comprehensive and generous benefits you get when you’re a permanent employee :

• Annual Paid vacation.
• Annual individual performance incentive.
• Defined benefit pension plan.
• Comprehensive group insurance plan to support your well-being from day one.
• Support towards your personal and professional growth with training, mentorship and more.
• An inclusive workplace culture and environment.
• While positions at CMHC require some in-office presence, alternative work arrangements may be considered for Indigenous candidates.

About the role

Join the Model Risk Management division, Model Validation group where we use financial risk oversight to monitor and support financial stability mandate.

In the role of Senior Specialist, Model Validation, you will apply your advanced analytical skills and knowledge of Canada’s financial and mortgage sectors to modelling initiatives at CMHC, including model development, model validation and the interpretation of model results with the ultimate purposes of informing decision making, enhancing risk management and building automated systems.

What you’ll do :

• Perform validation of different models including credit risk, pricing, actuarial, IFRS17, economic capital, stress testing, and machine learning models to assess model fitness for purpose and performance.
• Design and implement statistical tests to assess model sensitivity, robustness, and (ongoing) performance.
• Assess model soundness and risk in both approach and usage.
• Monitor model performance to ensure ongoing quality, and proactively identify opportunities to improve existing models and analytical tools.
• Draft comprehensive validation report and discussing model issues with different stakeholders (model owners, developers, users, etc.).
• Make sound and balanced decisions on complex issues and providing expertise to ensure the Corporation is not at undue risk.
• Help improve model validation procedures and model risk governance to reflect industry best practices.

What you should have :

A postgraduate degree (Master or PhD) in Quantitative Finance, Mathematics, Statistics, Data Science, Actuarial Science, Finance, Economics or other quantitative field.

An equivalent combination of education and experience can be considered.

• A minimum of five (5) years of relevant experience in modelling / validation or quantitative analytics at a bank, insurance company, asset manager or other types of financial institution.
• Demonstrated experience with actuarial, statistical and econometric models.
• Demonstrated knowledge and experience with various quantitative software such as R, Python, VBA, Databricks, Clouds, etc.
• Knowledge of OSFI capital rules and risk management standards and IAIS capital standards.
• Demonstrated experience in writing technical modelling or validation reports.
• Ability to persuade, influence, and / or negotiate with colleagues, clients and senior management.
• Ability to research issues, analyse problems, synthesize information and make recommendations.

It would be great if you also had :

• Professional designation (Actuarial, Chartered Financial Analyst, Professional Risk Manager, Financial Risk Manager, Certificate in Quantitative Finance, etc.).
• Demonstrated experience with mortgage insurance, retail lending, scorecard development, economic capital, and stress testing.
• Experience with Machine Learning algorithms and Probabilistic Modelling.
• Bilingual (English & French).

Posting closing date : Note, the competition will remain active until filled.

Our commitment to diversity, equity, and inclusion

We’re committed to employment equity and encourage women, Indigenous Peoples, persons with disabilities, veterans and persons of all races, ethnicities, religions, abilities, sexual orientations, and gender identities and expressions to apply.

We also welcome applications from non-Canadians who are eligible to work in Canada.

CMHC is an inclusive workplace where diversity of thought and of people are recognized, valued, and considered essential to achieving our mission.

What happens after you apply

We know that applying for a new job can be both exciting and daunting, and we appreciate your effort. . If you are selected for an interview or testing, please advise us if you require an accommodation.

If you applied before and you were not successful don’t worry we're always posting new positions, so don’t hesitate to give it another shot.

We’re excited to see what you bring to the table this time around!