Senior Actuarial Consultant, Model Validation

Actuary / Quebec City / Montreal / Toronto

The Senior Actuarial Consultant, Model Validation will be responsible for independently reviewing and challenging the suitability of models deemed critical to the organization. He/She will be a key participant in the development, implementation and maintenance of the company's model risk governance framework. The Senior Actuarial Consultant will report to the Director, Risk Analytics and Model Validation and will be part of the Risk Management and Compliance Group.

Main responsibilities:

• Review, verify and validate model conceptual soundness, design testing exercises and model limits.
• Ensure that the model meets business needs and is fit for purpose, while complying with regulatory and internal requirements.
• Examine the performance and optimal use of the model.
• Develop tools to compare and reproduce model results for validation purposes.
• Ensure that changes in markets, products, exposures, activities, customers or business practices do not create new or emerging model risks.
• Produce a validation report including results and recommendations for each model validated.
• Communicate model validation results to key stakeholders and senior management.
• Follow-up on remediation plans and ensure that recommendations are closed according to established deadlines.
• Contribute to the planning of periodic model validation.
• Participate in the development and maintenance of a model inventory and model risk assessment.
• Communicate standardized model risk management practices within the company.
• Develop and maintain validation procedures.
• Participate in the independent review of ESCAP and TCM reports from the various Group entities.

Profile required:

• Minimum of 8 years' relevant experience in advanced modeling, including a minimum of 3 years in model validation.
• Advanced degree (PhD or Master's) in actuarial science, mathematics, statistics, computer science, financial engineering or other quantitative field.
• Actuarial designation is preferred and CFA, FRM and CERA designations would be considered assets.
• Solid knowledge of spreadsheets, databases, mathematical software and/or related financial/actuarial applications and programming languages.
• Ability to learn new platforms quickly, including new and different models undergoing validation, including reproducing complex calculations from first principles.
• Ability to research and analyze problems, synthesize technical information and communicate complex results through written reports and interactions with model owners.
• Self-motivation, discipline, focus on tasks at hand; ability to structure and present high quality work within short deadlines.
• Good understanding of products offered in the life and general insurance sector.
• Good understanding of regulatory expectations for model risk management within financial institutions.
• Advanced level of English language skills as the person will be required to attend and lead meetings, write reports, make analyses and presentations with English-speaking internal partners, on a weekly basis.