Acting as a First Line function within Enterprise Risk and Portfolio Management (ERPM), Risk Capital and Model Development's (RCMD) mandate is to develop and implement models and methodologies to measure, manage and monitor Credit Risk, Market Risk, Operational Risk, AML, Capital at Risk and Allowances under benign and stress conditions.
Within RCMD, the Compliance, Project Management and Process Improvement (CPMPI) team is accountable for the following:
Full Compliance with regulatory, corporate and group policies, procedures and guidelines
Designing and maintaining the operating procedures for Credit, Market and Operational Risk models
Oversight of Project Management Portfolio within ERPM and outside
Creating an environment that fosters ideas to be heard, captured and implemented to drive continuous improvement
Oversight of the Offshore engagements and relationship
Reporting to Senior Manager, Compliance and Process Improvement, the Manager is responsible for providing compliance and monitoring function to the modelling groups. The role's mandate includes, but is not limited to, ensuring internal processes and methodologies are compliant with the enterprise-wide Model Risk Management Framework (MRMF) and regulatory requirements; designing and maintaining the operating procedures for Credit, Market and Operational Risk models, acting as leading liaison in ongoing interaction with the bank's internal and external group - Model Validation (MV), Model Governance (MG), Corporate Audit Division (CAD), Independent Review (IR), OSFI, Fed & OCC; and regarding any process, policy, procedure, guidelines related topics or any other relevant ad-hoc topic.
The Manager will assist the Senior Manager in fulfilling the group's mandate and in tracking all deliverables and timelines. The Manager will also work closely with MV/MG/IR/IA to resolve any cross group issues or any regulatory issues involving Canadian or US regulators.
The Manager will also assist the Senior Manager in streamlining internal processes by playing a key role in identifying opportunities for simplifications and improvements to efficiency through automation, simplification and offshoring projects' tracking.
The Manager will ensure that the modelling groups are in full compliance with the regulatory, corporate and group policy, procedures and guidelines. The Manager will also ensure that the periodic regulatory reports will be generated on time and will review them with key stakeholders.
High quality Control Management, Project planning, resource allocation, progress tracking and issue resolution
Assist the Senior Manager in the design and documentation of the group's operating procedures / processes fully in compliance with regulatory requirements and bank's corporate policies / standards / guidelines.
Assist the Senior Manager in representing RCMD in the corporate policy / standard / guideline review and refinement process.
Actively help to resolve any issue with exception approvals, model issues between RCMD / MV / MG / IR / CAD, or model issues involving regulators.
Tracking regulatory and internal findings and remediation items, and tracking of model-related items or issues including the tripped triggers from model ongoing monitoring.
Ensure that models and related processes are in compliance with external regulatory and internal standards.
Provide independent review and effective challenge on RCMD material to key stakeholders (e.g. MV, IR, CAD).
Compliance with Basel/Regulatory Risk Based Capital, Stress testing and ALLL Requirements
Ensure model development, validation, monitoring/reporting and model risk inventory management processes are compliant with regulatory requirements. Requirements include OSFI/OCC/Fed recommendation or conditions, model modifications, capital disclosure etc.
Keep abreast and ensure compliance with new and evolving Basel/Regulatory requirements.
Participate in industry forums on regulatory developments.
Provide the OSFI CAR Compliance Annual Self-Assessment for advanced-approach internal models.
Assist the model development team with the OSFI CAR Compliance assessment.
Provide the qualitative analysis for model annual validation submissions plus any additional support, where required.
Where required, provide materials for ongoing regulatory exams - OSFI, FED and OCC.
Complete the quarterly updates/presentations to regulators - OSFI and OCC.
Support the bank's regulatory submissions to OSFI/FED/OCC resulting from potential acquisitions or material model modifications.
Effective User Engagement
Facilitate user engagement with proactive interaction with LoB and Risk to ensure their understanding of model/methodology weaknesses and related limitations.
Ensure key users are informed of model changes and impact on their portfolios; lead regular presentations and meetings with key users on ongoing performance and override monitoring results.
Ensure training/ongoing guidance/support are provided to facilitate understanding of models and methodologies to all primary model users, i.e. Credit and Account Managers, and secondary stakeholders in the bank including, Finance, Capital Strategy, Corporate Policy, and other risk groups.
Build collaborative relationship with internal governance functions that have oversight responsibilities over models and methodologies including MV, MG, IR and IA.
Build a strong relationship with External Audit and Regulators both in US and Canada.
Liase well with Model Owners (MO) to collaboratively establish roles and responsibilities and ensure adherence, and provide adhoc support for MO inquiries.
Liase well with LoBs and User groups to provide quarterly/timely updates on the modelling project status.
Assist the Model Development and/or actively participate in Risk Models mandates and initiatives including:
Harmonization of the operating process / procedures across multiple risk analytics group.
Provide input into Corporate Policy, Standards and Guidelines update (e.g. Model Risk; as required for Credit Risk Rating System or for Market Risk).
Provide guidance in respect of model risk governance from Corporate MV / MG, internal audit, external audit and regulators' expectations and training for RCMD.
Provide additional subject matter expertise input or model development support as required.
Expert knowledge of model risk governance processes including BMO internal model risk governance, regulatory requirements such as US SR 11-7 and Canada OSFI E23 on model risk governance.
Working knowledge of models and methodologies used in Risk Analytics (Credit Risk, Operational Risk, Counterparty Credit Risk and Market Risk) from both an industry and BMO perspective.
Working knowledge of regulatory capital requirements, including but not limited to Basel III and FRTB
Post graduate degree in Finance, Mathematical, Science, Engineering or quantitative discipline; Masters preferred including professional designations such as CFA, CA or equivalent.
At least 5 years of relevant experience in the financial industry in regulatory, compliance, audit, risk management areas; model development, or risk analytics.
Expert in communication, project planning, tracking, issue resolution or Six Sigma process improvements would be an asset.
Strong oral and written communication skills. Strong influence and negotiation skills.
Strong ability to lead and manage multiple group deliverables while ensuring high quality standards are maintained.
Sound decision making considering all relevant information.
Excellent interpersonal and effective communication skills.
We're here to help At BMO we have a shared purpose; we put the customer at the centre of everything we do - helping people is in our DNA. For 200 years we have thought about the future-the future of our customers, our communities and our people. We help our customers and our communities by working together, innovating and pushing boundaries to bring them our very best every day. Together we're changing the way people think about a bank.
As a member of the BMO team you are valued, respected and heard, and you have more ways to grow and make an impact. We strive to help you make an impact from day one - for yourself and our customers. We'll support you with the tools and resources you need to reach new milestones, as you help our customers reach theirs. From in-depth training and coaching, to manager support and network-building opportunities, we'll help you gain valuable experience, and broaden your skillset.
To find out more visit us at https://bmocareers.com .
BMO is committed to an inclusive, equitable and accessible workplace. By learning from each other's differences, we gain strength through our people and our perspectives. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter.
Internal Number: 6481313
About Bank of Montreal
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