Director, Model Risk Strategy
Company: Bank of Montreal
Location: Chicago
Posted on: February 25, 2021
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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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