Model Risk Specialist

  • 33699
  • Life - Actuarial
  • |
  • Ontario, Canada
  • |
  • May 23, 2018
Insurance
RESPONSIBILITIES
  • Develop proposed validation strategy and plan for approval by Director or Project Manager to ensure appropriate type and level of validation of risk models is carried out.
  • Conduct assigned model risk validation activities, individually for less complex projects or under guidance of Project Manager or Director, according to the Model validation process, standards, guidelines and principles.
  • Produce the validation report according to standards and format including identification of model deficiencies/weaknesses, conditions for model use, recommendations for model use, and Level of Model Error Potential and Model Risk Impact.
  • Ensure effective two-way communication with the Model Owners/Developers/Users set expectations, obtain and provide information on models, and communicate model risk issues and suggestions during the validation process.
  • Ensure key information such as model review dates, conditions, and triggers is entered into the validation database for follow-up and the database is kept up to date to reflect changing circumstances.
  • Provide regular project status updates to Project Manager or Director, Model Validation for tracking and monitoring validation projects.
  • Provide technical input to model developers and/or risk management groups in the development of models to proactively assist the Business resolve model risk issues.
  • Share knowledge of models and validation projects with other to ensure transfer of knowledge.
  • Develop and maintain effective relationships with the LoB client, LoB Risk Management group, to understand and complete the validation request.
  • Escalate difficult or complex project-related client issues and conflicts to Director or Project Manager, MV to ensure resolution.
QUALIFICATIONS
  • University degree in a quantitative field such as Actuarial Science, Math, Statistics, Computational Finance or Engineering. The FSA, FCIA designations are considered an asset.
  • 1 or more years’ quantitative insurance risk management, model development or validation within the financial services industry.
  • Expert knowledge of risk management in specific areas will be an asset.
  • General knowledge of banking/insurance industry.
  • Must be able to learn new platforms and models quickly for the different models being validated, including the replication of complex model calculations from first principles.
  • Must be able to clearly communicate complex results to others through written model validation reports and interaction with model owners.
  • Hands-on experience on tools used in the company: AXIS, Access, Excel and Python are considered an asset.