Senior Model Risk Audit Consultant (8+ years of experience) to conduct audits and independent assessments of model development and validation processes using model risk management frameworks and credit risk models

Location Address: Hybrid - Toronto – 3 days/week (flexible)

Contract Duration: ~7 months (Possibility of extension)

Schedule Hours: 9am-5pm Monday-Friday; standard 37.5 hrs/week

Story Behind the Need

Business group: Model, Data and Artificial Intelligence Audit 2 – part of Audit team overall (450+ employees); within Audit there are specialty groups – this group focuses on audits focused on data risk, model risk and AI risk – this specific project is related to the model risk

Project: Independent Assessment of Model development and validation processes and controls. This is one-time additional to planned audit work so need to ensure this is done in a timely manner hence the need for the contractors.

Typical Day in Role

- Conduct audits as Team Participate or sometimes as Office in Charge (OIC) (for less complex projects) to assess the design and operating effectiveness of model risk management and controls, and ensure business strategies, plans and initiatives are executed / delivered in compliance with governing regulations, internal policies and procedures.
- Executes assigned audit activities independently as a team member under the direction of the OIC on assignments. This includes a thorough understanding of the business/unit/process and associated risks, completion of audit procedures and testing, discussions with management and documentation of work performed.
- Delivers end-to-end audit execution process within scheduled timeline and ensures nature and extent of testing is appropriate to support the objective, scope and overall opinion.




- Ensures audit findings and results are gathered and timely communicated with identified root cause, associated impact, audit recommendations and management actions that address the root cause. Ensures audit issues/reports are written with a consistent high standard, audit steps/results are clearly documented, and corrective action/progress against any reported issues are tracked and updated.

Candidate Requirements/Must Have Skills

- 8+ years of experience of developing, validating or auditing statistical / predictive models
- 3+ years of work experience in Credit and Fraud Risk management, specifically with experience in risk strategy and model development (knowledge of model risk management regulations including E-23 and SR26-2)
- 3+ years of experience in retail and Business Banking Credit Risk AIRB parameters (PD, LGD, EAD)

Nice-To-Have Skills:
- 3+ years of relevant experience in Data Analytics, Advanced Analytics, Predictive Modelling and Artificial Intelligence and Machine Learning.
- Strong knowledge of/experience with modelling techniques and statistical tests and tools (SQL, SAS, R, Python etc.)

Education

Degree in STEM area such as Math, Statistics, Economics, Business etc.

Best VS. Average Candidate:

Best is strong with Credit and Fraud Risk management and experienced with risk strategy and model development. Good would have strong audit experience and worked on credit risk audits. Robust communication skills are key. Incumbent will be dealing with a lot of details and has to be able to communicate those details in a clear and concise way to stakeholders, and have to be able to work with them if they push back and manage those expectations with minimal hand holding.

Candidate Review & Selection

1 panel MS Teams Video interview – HM with another Director – 45 minutes – assessing experience in areas mentioned, mix of behavioral and technical questions

Possible 2nd if needed as tie breaker

- Disclaimer:

📌 Audit Consultant - Model Risk (Toronto)
🏢 RONELLE EXPEDITING
📍 Toronto