Title:  Director & Head, Model Validation, Global Risk Management

Requisition ID: 220296

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

The Director & Head, Model Validation, provides strategic direction, leadership and oversight for the Bank’s model validation and approval process in accordance with the Model Risk Management Policy.

The Director & Head, Model Validation, leads a team of Directors responsible for managing the validation work for different types of models, including coordination of models’ intake across the global footprint. Validation responsibilities cover a wide variety of specific models including regulatory and traditional risk models, as well as capital loan-loss provisioning models used in the Bank's retail and non-retail business lines as well as non-financial risk models.

Is this role right for you? In this role, you will:

• Proactively oversee the model validation function for all models in scope of Model Risk Management Policy, ensuring that independent validations are conducted consistently with appropriate standards and methodologies and are executed within established timelines.
• Provide direct leadership and oversight for initial and ongoing model validations to ensure model risk management initiatives are in compliance with regulatory requirements and internal policies/procedures.
• Provide insights and thought leadership to the team with respect to the technical, quantitative, and subject-matter aspects of the work.
• Work collaboratively with key multi-disciplinary stakeholders (including model developers, users, internal audit, senior management and regulatory bodies) to facilitate the validation process and resolve discussions / escalations of validation results in a timely manner.
• Maintain effective internal communication across the Model Risk Management team as well as effective lines of communication with stakeholders and senior management, including appropriate handling of conflicts and issue resolution.
• Proactively identify and lead the execution of opportunities for efficiencies, automation, and improvements of Model Validation processes and overall improvements of model risk management oversight; actively supports the integration initiatives with respect to people, processes, and policies across the various work streams.
• Lead and/or support regulatory requests and reviews as well as large-scale projects.
• Execute the model approval function for specific models.
• Participate in industry forums; maintains relationships with counterparts at other financial institutions to keep abreast of industry and regulatory developments and evolving expectations.

Do you have the skills that will enable you to succeed? We’d love to work with you if you have:

• An advanced degree (preferably Masters or PhD) in quantitative disciplines such as Mathematics, Statistics, Economics or other fields that provides excellent exposure to quantitative/statistical methods.
• 10+ years of experience in credit risk modelling or other financial and non-financial risk models at a major financial institution.
• 10+ years of experience in addressing regulatory issues and developments related to f risk financial modelling.
• 10+ years of people management experience.
• Firm understanding and exposure to regulatory standards (E-23, SR11/7, and other model risk guidelines).
• Excellent interpersonal and communication skills with an ability to convey complex technical issues effectively and constructively to stakeholders across business lines, and regularly to senior management
• Forward and independent thinking to identify emerging regulatory/market requirements on credit risk analytics.
• Team leadership skills to promote excellence in review and validation work, as well as general acceptance of and confidence in the outputs produced by the area.
• Flexibility and creativity in problem solving, including strong abilities of innovation and path-finding.
• Strong ability to devise and implement operational frameworks, processes, controls and documentation approaches for a team comprising of specialized quantitative staff.
• Awareness of, and involvement in, regulatory and best practice developments from a wide variety of regulatory and industry bodies worldwide.

What’s in it for you?

• An inclusive & collaborative working environment that encourages creativity, curiosity, and celebrates success!
• We offer a competitive rewards package: Performance bonus, Employee Share Ownership Program, and Pension Plan Matching, Health Benefits from day one!
• Your career matters! You will have access to career development and progression opportunities.

Location(s):  Canada : Ontario : Toronto 

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.  

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.