The Model Risk Management team is responsible for assessing and mitigating the risk associated with models used at Manulife. The team acts in an oversight role to ensure that risks associated with model implementation/application have been outlined and mitigated, and that the model itself is properly designed and is in accordance with the Model Risk Management Policy and overall risk management strategy.
The Model Inventory Database Analyst (Co-op), Model Risk Management (MRM) role has accountability and responsibility for maintaining/improving MRM’s Model Inventory. The Model Inventory (or simply Inventory) is the book of record for models that have been validated by MRM and is a crucial tool in managing overall model risk. The Inventory is used by Model Developers as a gateway to submit their models for validation. It serves as a project tracking tool for MRM model validators and ultimately tracks key statistics and risk metrics regarding usage and validation of Companywide asset models. The back end of the inventory is maintained in a SQL database and the front end is an internet GUI developed/maintained with Microsoft Webmatrix.
The Analyst will help with the maintenance of the Inventory in its current configuration. A larger part of the role will be to review and assess the viability of moving the Model Inventory to the RSA Archer platform, a third-party vendor tool.
The Analyst will be able to interact with various stakeholders (including model developers and the validation team in Model Risk Management) and will report to the Director, Model Risk Management. The position is based in the Toronto Head Office
1. Have a clear understanding of the lifecycle of model validation and how it relates to records kept in the Model Inventory and how validation projects are tracked. This includes a model being submitted for validation, various stages of model validation, issuing model validation report, capturing relevant information on model validation within the model inventory record, and tracking status of model post validation.
2. Work with various Directors to ensure current information in model inventory is relevant and up-to-date. This can include ensuring there are no duplicate records, ensure model statistics/characteristics are accurately captured in the Model Inventory (e.g. next validation date is correct, only one version of the model is marked as “In Production” etc.).
3. Become familiar with RSA Archer Model Risk Management tool. This includes completing RSA Archer 6 Administration I training (offered online, to be fulfilled onsite with other members of MRM). Explore the feasibility of migrating the current model inventory to the RSA Archer platform, upgrading the user experience and developing dashboard reporting capabilities.
4. Provide support to users of the model inventory.
5. Adequately document all processes developed for new model inventory and or for any improvements made to the current model inventory.
6. Communicate effectively in the form discussions and presentations to model inventory stakeholders regarding the development/improvement of the model inventory.
7. Participate in ad-hoc projects
Education and Experience Requirements
• Degree or pursuing degree in Computer Science or any discipline related to database management and coding.
• Interest/experience in database management, querying databases, and development of tools related to querying databases.
• Programming experience in VBA,SQL, Webmatrix (or other webtools).
• Exposure to modelling and or risk management a plus.
Management and Personal Effectiveness
• Excellent analytic and problem-solving skills.
• Excellent communication and documentation skills
Ability to build strong working relationships with various stakeholders across Manulife.
• The current model inventory needs to be updated/improved. We are exploring the possibility of moving to 3rd party software, namely RSA Archer. It is not assured that RSA Archer will fully meet our needs. It may require some extensive programming and innovative thinking to meet the requirements of MRM’s model inventory needs.
Position Dimensions (Organizational Impact):
• Model risk for complex financial models need to be appropriately managed. The lifecycle of the models must be accurately monitored. Otherwise, financial loss can arise due to incorrect usage of the models.
• The role is critical in ensuring that potential risks associated with the various models from the clients are thoroughly tracked. Failure to do so can result in significant exposure to financial loss.
ABOUT MANULIFE FINANCIAL:
Manulife Financial Corporation is a leading international financial services group that helps people achieve their dreams and aspirations by putting customers' needs first and providing the right advice and solutions. We operate primarily as John Hancock in the United States and Manulife elsewhere. We provide financial advice, insurance, as well as wealth and asset management solutions for individuals, groups and institutions. At the end of 2016, we had approximately 35,000 employees, 70,000 agents, and thousands of distribution partners, serving more than 22 million customers. As of September 30, 2017, we had over $1 trillion (US$806 billion) in assets under management and administration, and in the previous 12 months we made $27.1 billion in payments to our customers.
Our principal operations are in Asia, Canada and the United States where we have served customers for more than 100 years. With our global headquarters in Toronto, Canada, we trade as ‘MFC’ on the Toronto, New York, and the Philippine stock exchanges and under ‘945’ in Hong Kong.
Manulife is committed to supporting a culture of diversity and accessibility across the organization. It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will consult with applicant contacted to participate at any stage of the recruitment process who request an accommodation. Information received regarding the accommodation needs of applicants will be addressed confidentially