Director, Model Risk Management

We are a leading financial services provider committed to making decisions easier and lives better for our customers and colleagues around the world.

From our environmental initiatives to our community investments, we lead with values throughout our business. To help us stand out, we help you step up, because when colleagues are healthy, respected and meaningfully challenged, we all thrive.

Discover how you can grow your career, make impact and drive real change with our Winning Team today.

Working Arrangement

Hybrid

Job Description

The Opportunity

The Director, Model Risk Management is a people leader position in the Group Model Risk Management area of the business, responsible for validation of models in economic capital, ALM, and Global Variable Annuity Hedging.

Reporting to the AVP, Model Risk Management, this position is based in the Toronto Head Office.

The incumbent is accountable for determining and assessing model acceptability, identifying potential model risks, testing model implementation, and for providing general consulting advice to business units as appropriate.

How will you create impact?

These models are developed by the business units across Manulife and are essential in supporting risk measurement, investment strategy development, asset liability management, product pricing, actuarial valuation, and regulatory capital processes.

Responsibilities

• Provide leadership and mentoring to junior staff.
• Collaborate with leadership to develop an effective model risk governance framework and infrastructure.
• Act as project manager of a validation team to oversee all deliverables from the team.
• Prioritize business needs with resources and negotiate timelines with stakeholders when needed. Exercise judgment to modify plans and develop recommendations to the stakeholders.
• Ensure business units comply with Model Risk Policy, maintain model inventory, and submit models for review before production.
• Assess potential model risks by reviewing specifications and intended usage to ensure sound mathematical theory and fit-for-purpose.
• Develop benchmark models for validation, including implementation checks and model use assessments.
• Communicate validation findings through reports, memos, and presentations, identifying limitations, risks, and controls.
• Ensure proper model documentation and risk mitigation processes are in place to assess and mitigate model risk.
• Participate in ad-hoc projects, provide quantitative support to senior management and other business units when needed.

What motivates you?

• You obsess about customers, listen, engage, and act for their benefit.
• You think big, with curiosity to discover ways to use your agile approach and enable business outcomes.
• You thrive in teams and enjoy getting things done together.
• You take ownership and build solutions, focusing on what matters.
• You do what is right, work with integrity and speak up.
• You share your humanity, helping us build a diverse and inclusive work environment for everyone.

What we are looking for

• Master's or PhD degree in a quantitative discipline (Math, Finance, Economics, Physics, Engineering, etc.)
• 5+ years of experience in financial mathematics modeling with expertise in stochastic and other numerical techniques.
• Proficiency in quantitative modeling of interest rates, inflation, foreign exchange rates, equities, and commodities for derivative pricing and risk computation.
• Programming skills in VBA, C++, SQL, Excel, MATLAB, or Python.
• Strong analytic, problem-solving, communication, and documentation skills.
• Proven organizational, team building, and relationship-building abilities across business function.
• Previous leadership experience is a plus.

What can we offer you?

• A competitive salary and benefits packages.
• A growth trajectory that extends upward and outward, encouraging you to follow your passions and learn new skills.
• A focus on growing your career path with us.
• Flexible work policies and strong work-life balance.
• Professional development and leadership opportunities.

Our commitment to you

• Values-first culture : We lead with our Values every day and bring them to life together.
• Boundless opportunity : We create opportunities to learn and grow at every stage of your career.
• Continuous innovation : We invite you to help redefine the future of financial services.
• Delivering the promise of Diversity, Equity, and Inclusion : We foster an inclusive workplace where everyone thrives.
• Championing Corporate Citizenship : We build a business that benefits all stakeholders and has a positive social and environmental impact.

LI-Hybrid

About Manulife and John Hancock

Manulife Financial Corporation is a leading international financial services group that helps people make their decisions easier and lives better.

With our global headquarters in Toronto, Canada, we operate as Manulife across our offices in Asia, Canada, and Europe, and primarily as John Hancock in the United States.

We provide financial advice, insurance, and wealth and asset management solutions for individuals, groups and institutions.

At the end of 2022, we had more than 40,000 employees, over 116,000 agents, and thousands of distribution partners, serving over 34 million customers.

At the end of 2022, we had $1.3 trillion (US$1.0 trillion) in assets under management and administration, including total invested assets of $0.

4 trillion (US $0.3 trillion), and segregated funds net assets of $0.3 trillion (US$0.3 trillion). We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges, and under '945' in Hong Kong.

Manulife is an Equal Opportunity Employer

At Manulife / John Hancock, we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals.

We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process.

All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife / John Hancock policies.

To request a reasonable accommodation in the application process, contact redacted .

Salary & Benefits

The annual base salary for this role is listed below.

Primary Location

CAN, Ontario, Toronto, 200 Bloor Street East

Salary range is expected to be between

$103,050.00 CAD - $185,490.00 CAD

If you are applying for this role outside of the primary location, please contact redacted for the salary range for your location.

The actual salary will vary depending on local market conditions, geography and relevant job-related factors such as knowledge, skills, qualifications, experience, and education / training.

Employees also have the opportunity to participate in incentive programs and earn incentive compensation tied to business and individual performance.

Manulife offers eligible employees a wide array of customizable benefits, including health, dental, mental health, vision, short- and long-term disability, life and AD&D insurance coverage, adoption / surrogacy and wellness benefits, and employee / family assistance plans.

We also offer eligible employees various retirement savings plans (including pension and a global share ownership plan with employer matching contributions) and financial education and counseling resources.

Our generous paid time off program in Canada includes holidays, vacation, personal, and sick days, and we offer the full range of statutory leaves of absence.

If you are applying for this role in the U.S., please contact redacted for more information about U.S.-specific paid time off provisions.