The Opportunity The Model Risk Oversight function in Enterprise Risk Management (ERM) provides oversight for the Model Risk Management framework through which the AI/model risks across the organization are identified, measured, managed, monitored, and reported. The scope and depth of model oversight activities across the organization will be significantly increased to meet the requirements of the regulators (i.e., OSFI, AMF, and FSRA) and the Definity's Model Risk Management Policy (MRMP) standards.

Reporting to the Senior Manager, Model Risk Oversight, the incumbent is responsible for executing the model risk governance and oversight activities across the model lifecycle to ensure the model risk management initiatives comply with regulatory requirements and internal policies/standards/procedures. This position is a unique opportunity to learn how the AI/models are developed and validated and how the AI/model risks are controlled, mitigated, monitored and reported. As a member of Model Risk Oversight team and the Second Line of Defense, this role works closely with our business and control partners to manage the AI/model risk exposure within our stated risk appetite, while allowing the business to achieve its goals.

This role will support the management of AI/model risk across the enterprise.

What to Expect

- Provide active support to oversee the model risk governance programs through metrics and reporting, resolve outstanding audit and regulatory issues, and respond to ad-hoc management requests. Ensure risk objectives are accomplished within approved timeframes and comply with regulatory requirements, internal policies, and standards, where applicable.
- Independent challenge the business to ensure AI/model risks are appropriately evaluated and mitigation plans are progressing as planned. Apply Trustworthy AI principles to evaluate model/AI system for fairness, transparency, robustness, accountability, and regulatory compliance.
- Represent ERM interests, and act as AI/Model Risk Management subject matter expert, in the evaluation of new system or project initiatives. Perform the detailed quantitative and technical review (e.g., model validation, model performance monitoring, target review) as defined in the internal procedures or assigned by the management. Discuss, document, and effectively communicate reviews with the observations, conclusions, and findings to the management and key stakeholders.
- Develop and maintain positive and effective relationships with the key business stakeholders such that they view the Model Risk Oversight team as a valuable resource in effective risk mitigation.
- Drive the attestation process for the policy/standards compliance. Support the continued evolution of best practice model risk framework including standards, guidance,



process, and templates. Challenge the business to implement MRM best practices and effectively designed controls as relates to AI/model risks. Document and communicate compliance status to the management and key stakeholders.
- Contribute to design and execute AI/model risk reporting (i.e., KRI) that leverage risk analytics, analyze and interpret the AI/model information on the individual model/AI system and collectively from the AI/model inventory system, and provide commentary insights to management and risk partners.

What you Bring

- University Degree in quantitative disciplines, e.g., Mathematics, Statistics, Actuarial Science, Data Science, Computer Science, Financial Mathematics/Engineering.
- Excellent knowledge and understanding of the technical modelling theory and validation testing techniques. A minimum of 5 years of experience in insurance/financial industry and experience in modelling or validation, including pricing/reserving models, capital/CAT/risk models, underwriting/claims/fraud analytics, AI systems, etc.
- Industry certification or credentials will be an asset (e.g., FCAS/ACAS, FCIA/ACIA, CFA, FRM)
- Sound understanding of various modelling techniques, including but not limited to various regression models, decision trees, clustering/segmentation, GBM, random forest, and other AI and ML techniques. Comfortable conducting various tests. Proficient computing skills in Python, R, SQL, Excel (VBA), Use of AI Tools, etc.
- Demonstrates knowledge of Trustworthy AI and Responsible AI principles, including fairness, transparency, explainability, accountability, privacy, and governance considerations in AI/model risk management.
- Ability to manage multiple priorities efficiently. Thorough attention to detail. Ability to work independently or in teams. Excellent written and presentation skills to provide advice and explanation to various stakeholders.
- Working proficiency in French will be an asset

Salary Range: $73,500 - $123,500 High degree of proficiency with English required to service customers, both internal to the company and external, across Canada.

Actual salary for the role may vary depending on work location of the successful candidate and other factors including but not limited to, skills, education, experience, working conditions and the local labour market.

This position is being posted to fill an existing vacancy.





Interested in this role, but don’t meet every requirement? We encourage you to apply! We know from experience that a candidate doesn’t need 100% of the qualifications listed to bring incredible value to our team. We’re actively seeking diverse backgrounds and perspectives to help us make insurance better. At Definity, inclusion, diversity, and equity aren’t just “nice to have” — they’re essential to our success.

What’s in it for you?

- Hybrid work schedule for most roles
- Company share ownership program
- Incentive Program - Eligible employees may participate in various incentive plans which are paid out at the discretion of the company and subject to individual and company performance.
- Pension and savings programs, with company-matched RRSP contributions
- Paid volunteer days and company matching on charitable donations
- Educational resources, tuition assistance, and paid time off to study for exams
- Focus on inclusion with employee groups, support for gender affirmation surgery, access to BIPOC counsellors, access to programs for working parents
- Wellness and recognition programs
- Discounts on products and services

Go ahead and expect a lot — you deserve it. It’s better here — but don’t take our word for it. Definity was named by Great Place to Work® as one of the Best Workplaces™ in Canada for women, for youth, and for inclusion.

Our inclusive work environment welcomes diversity and supports accessibility. If you require accommodation at any time during the recruitment process, please let us know by contacting [email protected].

As part of Definity’s commitment to reconciliation, we acknowledge that our work, meetings, and travel take place on the lands now known as Canada, and recognize the enduring presence, wisdom, and stewardship of the First Nations, Métis, and Inuit peoples who have long cared for these lands.

Background checks

This role requires successful clearance of background checks (including criminal checks and leadership references).

Definity is the parent company to some of Canada’s most long-standing and innovative insurance brands, including Economical Insurance, Sonnet Insurance, Family Insurance Solutions, and Petline Insurance. Our ambition is to be one of Canada’s leading and most innovative property and casualty insurers. We can’t do that without our people, so we embrace and encourage a culture that’s team-oriented, ambitious, rewarding, and empowering.

We offer a flexible, hybrid work experience where employees work from the office and virtually depending on the type of work they are doing and who they are working with. Bring your true self and be a part of our journey. It’s better here.

📌 Specialist, Model Risk Oversight (Toronto)
🏢 Definity Insurance
📍 Toronto