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Director, Model Risk Strategy

Company: Bank of Montreal
Location: Chicago
Posted on: February 25, 2021

Job Description:

Please note: We have opened this position to those interested whom are based in Toronto Canada, as well as Chicago and New York USA. The Director, Model Risk Strategy is mandated to drive high-quality communications and outcomes, with a focus on the intersection between model effectiveness and consistency with regulatory and internal governance expectations (e.g. CAR guidelines; Market Risk Rule). The incumbent is accountable for leading and coordinating all aspects of the enterprise interaction with Corporate Audit and bank regulators from a Model Risk perspective. This includes ensuring compliance with expectations around the regulatory approval and reporting of Model Risk and model-related activities; Coordinating activities among all key stakeholders on applications for new and modified regulatory models; Establishing and executing effective quality assurance processes for ensuring documentation, applications, and reports presented to regulators meet the highest standards for accuracy, completeness, and overall quality; Acting as the central point of contact for Model Risk for regulatory issues that have a model risk nexus; Maintaining a view into new and emerging trends in regulatory expectations for model risk management; and driving strategic direction and initiatives in managing model risk at the bank. This role requires the engagement of Model Owners, Model Developers, Model Users, Model Risk, Corporate Audit, and various other stakeholders across the bank. This role will also support the enterprise Basel Issue Completion Forum, Model Risk Management Committee and relationship management with external regulators and auditors as well as internal audit, senior management, LOBs, and Board of Directors from a model risk management perspective. While this is not explicitly a technical role, the incumbent is expected to have a sufficient depth of knowledge around modelling, quantitative methodologies, and the bank's operations to be able to effectively drive high quality conversations and provide effective challenge of the model narrative, suitability for its intended purpose, and compliance with regulations and expectations. Responsibilities Include: 1. Maintain a high level of awareness of developments in the financial industry and regulatory environments, particularly those that may affect the bank's models and model-related activities; 2. Develop and execute processes and procedures to ensure that BMO's model-related regulatory submissions are of consistently high quality and delivered in accordance with committed timelines; 3. Provide leadership on the independent review and challenge of model-related materials intended for submissions to regulators; 4. Identify and report to Head, Model Risk any specific issues that expose the bank to risks in delivery of our model commitments; 5. Represent the bank in discussion with regulators (e.g. OSFI, Federal Reserve, OCC, etc.), to ensure regulatory understanding of and comfort with BMO model oversight practices; 6. Establish relationships with stakeholders across the bank to ensure they are considering Model Risk in their regulatory interactions and commitments; 7. Ensure that objectives are aligned and prioritized with business and risk management goals, and regulatory requirements; 8. Act as a center of expertise relating to processes involved in regulatory expectations around models and risk quantification. Project Management and Development 1. Effectively lead, coordinate, and manage work around the submission of regulatory model applications;-- 2. Communicate expectations around both technical and non-technical content to contributors; 3. Coordinate and contribute to review and challenge activities for regulatory submissions; 4. Provide and enforce standards to ensure consistent appearance and quality across projects. Relationship Management 1. Manage relations with both internal stakeholders and regulators, and act as centre of expertise relating to processes involved in regulatory expectations around models and risk quantification; 2. Maintain effective communication with senior management, peers, regulators and stakeholders; 3. Consult with senior line of business and other stakeholders to understand objectives, translate business context and requirements, and model design into effective written communication, and align priorities. Qualifications: Knowledge: 10 years' experience in financial services industry in increasingly senior roles having broad business acumen; Project management and problem-solving skills to effectively coordinate stakeholders, manage change and competing priorities, and deliver results on time; Ability to operate effectively in senior level forums in both formal presentations and informal exchanges; Excellent interpersonal, verbal and written skills sufficient to articulate complex ideas clearly and in understandable terms to non-experts; Developed influencing skills to negotiate and obtain consensus with and among business units and the risk management units without sacrificing the importance of quality and consistency work; Good knowledge of financial markets and products is required; Broad understanding of risk management methodologies and measurement systems; Knowledge of risk capital regulations is an asset. Skills: Highly developed and proven leadership/management skills. Sound strategic, holistic and conceptual thinker. Broad knowledge of the banking products, procedures and processes. Capacity to cope with a high degree of ambiguity and change. Ability to work both independently and as part of cross-functional teams. Strong logical/deductive reasoning skills with a keen eye for reading regulations and tying together information from a variety of sources; Dedication to evidence-based argumentation and the ability to craft a convincing and well-supported narrative; Capacity to blend quantitative/theoretical thinking to resolve most technical and conceptually ambiguous issues/situations with sound business judgement. Highly developed oral and written communication skills; Ability to manage to tight deadlines; Strong attention to detail. We're here to help At BMO Harris Bank we are driven by a shared Purpose: Boldly Grow the Good in business and life. It calls on us to create lasting, positive change for our customers, our communities and our people. By working together, innovating and pushing boundaries, we transform lives and businesses, and power economic growth around the world. As a member of the BMO Harris Bank 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. BMO Harris Bank 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. BMO Harris Bank N.A. is an equal opportunity/affirmative action employer. All qualified applicants will receive consideration for employment without regard to sex, gender identity, sexual orientation, race, color, religion, national origin, disability, protected Veteran status, age, or any other characteristic protected by law. Accommodations are available on request for candidates taking part in all aspects of the selection process. To request accommodation, please contact your recruiter. Posted 2 Days Ago Full time R210001424 About Us BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $728 billion as of October 31, 2018, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

We serve Canadian clients through BMO Bank of Montreal--, our personal and commercial banking business, BMO Nesbitt Burns--*, one of Canada's leading wealth management firms, and BMO Capital Markets---, our North American investment and corporate banking division.

In the United States, clients are served through BMO Harris Bank, a major U.S. Midwest personal and commercial bank, and BMO Private Bank, with wealth management offices across the United States, as well as BMO Capital Markets---, our North American investment and corporate banking division.

We help our customers make money make sense by delivering the broadest range of financial services through a single point of contact. Our financial service professionals provide access to any services our customers require across the entire enterprise.

Keywords: Bank of Montreal, Chicago , Director, Model Risk Strategy, Accounting, Auditing , Chicago, Illinois

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