The Model Risk Management team is responsible for assessing and mitigating 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 Analyst, Model Risk Management (MRM) role reports into Model Risk Governance team within MRM. The Analyst has accountability and responsibility for maintaining the accuracy and integrity of 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 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 Governance. The position is based in the Toronto Head Office (currently working from home).
- 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.
- 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.).
- Quarterly data quality review of model inventory.
- Weekly review of status of model validation projects to ensure records contain most recent information. Includes regular interaction with model validators.
- Become familiar with RSA Archer Model Risk Management tool.
- Provide support to users of the model inventory.
- Adequately document new processes developed for model inventory or for any improvements made to the model inventory.
- Communicate effectively in the form discussions and presentations to model inventory stakeholders regarding the improvement of the model inventory.
- 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, RSA Archer (nice to know).
- 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.
Other Information - we will be working remotely due to COVID-19. Applicants must be located in Canada.
- Setting up process for new Model Inventory in Archer system
- Enhancement of user experience and improvement of application functionality
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.