Specialist Model Risk Oversight - Definity, Toronto

About this opportunity

The Model Risk Oversight function in Enterprise Risk Management (ERM) provides oversight for the Model Risk Management framework through which the AI and model risks across the organization are identified, measured, managed, monitored, and reported. The scope and depth of model oversight activities will significantly increase to meet the requirements of regulators including OSFI, AMF, and FSRA, as well as Definity's Model Risk Management Policy standards.

Reporting to the Senior Manager, Model Risk Oversight, the incumbent executes model risk governance and oversight activities across the model lifecycle. As a member of the Second Line of Defense, this role works closely with business and control partners to manage model risk exposure within our stated risk appetite.

Day-to-day

• Provide active support to oversee the model risk governance programs through metrics and reporting, resolve outstanding audit and regulatory issues, and respond to ad-hoc management requests.
• Independently challenge the business to ensure AI and model risks are appropriately evaluated and mitigation plans are progressing as planned.
• Apply Trustworthy AI principles to evaluate model and AI systems for fairness, transparency, robustness, accountability, and regulatory compliance.
• Represent ERM interests, and act as AI and Model Risk Management subject matter expert, in the evaluation of new system or project initiatives.
• Perform detailed quantitative and technical reviews including model validation, model performance monitoring, and target reviews as defined in internal procedures.
• Develop and maintain positive and effective relationships with key business stakeholders.
• Drive the attestation process for policy and standards compliance and support the continued evolution of best practice model risk frameworks.
• Contribute to the design and execution of AI and model risk reporting leveraging risk analytics and inventory systems.

Skills and experience

• University Degree in quantitative disciplines, e.g., Mathematics, Statistics, Actuarial Science, Data Science, Computer Science, Financial Mathematics/Engineering.
• 3+ years of relevant professional experience with demonstrated success in the insurance or financial services industry.
• Excellent knowledge and understanding of technical modelling theory and validation testing techniques, including pricing and reserving models, capital, CAT and risk models, underwriting, claims and fraud analytics, and AI systems.
• Industry certification or credentials will be an asset such as FCAS/ACAS, FCIA/ACIA, CFA, or FRM.
• Sound understanding of various modelling techniques including regression models, decision trees, clustering/segmentation, GBM, random forest, and other AI and machine learning techniques.
• Proficient computing skills in Python, R, SQL, Excel (VBA), and the use of AI tools.
• Demonstrates knowledge of Trustworthy AI and Responsible AI principles, including fairness, transparency, explainability, accountability, privacy, and governance considerations.
• Ability to manage multiple priorities efficiently with thorough attention to detail, working independently or in teams, backed by excellent written and presentation skills.
• Working proficiency in French will be an asset.

What's on offer

• Hybrid work schedule for most roles
• Company share ownership program
• Incentive Program subject to company and individual performance
• Pension and savings programs with company-matched RRSP contributions
• Paid volunteer days and company matching on charitable donations
• Educational resources, tuition assistance, and paid time off to study for exams
• Focus on inclusion with employee groups, support for gender affirmation surgery, access to BIPOC counsellors, and programs for working parents
• Wellness and recognition programs
• Discounts on products and services