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Enterprise Risk Management or Model Risk Validation - Senior Analyst

Sector: Risk 

Language Designation: English Essential 

Language Skill Levels (Read/Write/Speak): ZZZ 

Salary Range: $89823.44 to $112279.30

Position Status: Permanent Full Time 

We’re not your typical government agency
Canada Mortgage and Housing Corporation (CMHC) exists for a single reason: to make housing affordable for everyone in Canada. We’re mobilizing the expertise and energy of governments, non-profits, lenders, developers, social entrepreneurs and co-ops to create the future of housing. At CMHC, we believe that everyone in Canada should have a place to call home.
Experience a Results-Only Work Environment™ (ROWE™)
At CMHC, we trust you to get the job done. We’ve shifted from managing people to managing work. Each employee is 100% autonomous and 100% accountable. You can choose where you need to be and when you need to be there to meet your objectives. You’re in control of your time and are trusted to make the right decisions.

About the role
Bring your financial, mathematical, statistical and econometric expertise to the Senior Specialist, Modelling, positions for one of the Risk Management divisions at CMHC. In these positions, you will be required to build and maintain relationships with internal and external partners to ensure the bidirectional knowledge transfer required to implement models.
The intent of this advertisement is to identify and assess qualified candidates to staff both current and future permanent and contract positions in various divisions of our Risk Sector, as defined below.  We invite all suitable candidates to apply. This is a great opportunity to obtain exposure to a wide range of models and business segments.

Model Risk Validation Team

  • Providing  independent research, develops, tests, and operationalize quantitative models in any of (but not limited to) the following areas: Macro-economic; Derivatives; Credit risk; Market risk; Capital management; Investment portfolio.
  • Affinity in computer programming, data science or machine learning.
  • Validation of models through effective challenge.

Enterprise Risk Management Team 

  • Developing new and innovative property valuation models with the use of spatial/non-spatial data and spatial analysis techniques.
  • Affinity with Geographical Information System.
  • Affinity with hedonic and regression models.

What you will need

  • A commitment to demonstrating CMHC values.
  • Postgraduate degree (Masters or PhD) in Quantitative Finance, Mathematics, Statistics, Computer Science, Actuarial Science, Finance, Economics or other quantitative field OR an equivalent combination of education and experience.
  • Minimum of five years of relevant experience in modeling/validation or quantitative analytics at a bank, insurance company, asset manager or other types of financial institution.
  • Extensive hands-on experience developing/validating and implementing quantitative models for measuring, analyzing and managing financial and insurance risks.
  • Demonstrated experience with actuarial, statistical and econometric models.
  • Demonstrated knowledge and experience with various quantitative software such as SAS, R, Python, Igloo, VBA, etc.
  • Advanced theoretical and specialized knowledge of a broad range of quantitative models used within a financial institution.
  • Knowledge of mortgage loan insurance and securitization activities.
  • Knowledge of OSFI capital rules and risk management standards and IAIS capital standards.
  • Knowledge of risk approaches to capital models and experience in their applications.
  • Demonstrated experience in writing technical modeling or validation reports.
  • In-depth ability to write reports to convey information that is subject to interpretation.
  • Ability to persuade, influence, and/or negotiate with colleagues, clients and senior management.
  • Ability to research issues, analyze problems, synthesize information and make recommendations.

What you will be doing

  • Performing validation of different models including pricing, actuarial, credit risk, economic capital and stress testing models to assess model fitness for purpose and performance.
  • Designing and implementing statistical tests to assess model sensitivity, robustness, and (ongoing) performance.
  • Assessing model soundness and risk in both approach and usage.
  • Monitoring model performance to ensure ongoing quality, and proactively identify opportunities to improve existing models and analytical tools.
  • Drafting comprehensive validation report and discussing model issues with different stakeholders (model owners, developers, users, etc.).
  • Developing solutions using substantial creativity, resourcefulness, innovation, negotiation, and diplomacy.
  • Making sound and balanced decisions on complex issues and providing expertise to ensure the Corporation is not at undue risk.
  • Leading some validation projects involving internal validators or external consultants.
  • Leading and coordinating multi-disciplinary project teams whose members may include model users, internal modeling experts, external modeling experts and other stakeholders.
  • Helping improve model validation procedures and model risk governance to reflect industry best practices.
  • Planning and coordinating work plans to ensure model reviews are completed as planned.
  • Providing support to the model governance team to comply with model risk policy guidelines and internal policies.

You can work from home, or from another CMHC office location in Canada. The position also requires some travel to Ottawa (on average, once a quarter).


Posting: English Essential (bilingual an asset)

**Candidates who do not meet the minimum requirements may be eligible of other positions, as assessed through the recruitment process.

**Candidates may be offered a position other than their preferred position, as we will take into considering business priority as well as candidates’ strengths and preferences.


Does this sound like you?
Click the “apply now” button and create an account (it should take about 30 seconds). We’re excited to hear from you! 


Posting closing date: September 11, 2019 @ 11:59 pm EST (Note, the competition may remain active until filled)



Job Requisition ID: 4020  

Primary Location: OttawaOntario  

Other Location(s): Across Canada 

Security Requirement: Reliability Status 

Travel Requirement: Occasional 


We sincerely thank all candidates for their interest, however, please note that only those applicants selected for further consideration will be contacted.
CMHC is an employer that values diversity and encourages the learning and use of both Canada's official languages. CMHC is committed to employment equity and actively encourages application from women, Indigenous people, persons with disabilities and visible minorities
*If selected for an interview or testing, please advise us if you require an accommodation.

Learn more below about CMHC and how we help Canadians meet their housing needs.