About Minerva

Minerva Software Inc. is an early-stage startup developing model governance software for financial institutions. Our platform provides a centralized, independent record of model ownership, approvals, governance decisions and supporting evidence, with a particular focus on institutions that do not maintain large risk management teams.

About the Role

Minerva is seeking a Founding Chief Model Risk Officer to establish and lead the company's model risk function. Reporting to the Founder, the successful candidate will own the model risk methodology that underpins Minerva's platform, serve as the company's subject matter expert in model risk management, and represent Minerva in engagements with Chief Risk Officers, heads of model risk, validation teams and internal audit functions.

With OSFI Guideline E-23 on Model Risk Management taking effect on May 1, 2027, and the rapid adoption of AI and machine learning models across the industry, federally regulated financial institutions face heightened expectations to demonstrate effective model governance. This role is central to how Minerva helps institutions meet those expectations.

This is an equity-based founding role at an early-stage startup, well suited to a model risk skilled who wishes to shape a product and a company from the outset.

Key Responsibilities

Model Risk Framework and Methodology

- Define and maintain the model risk management methodology embedded in Minerva's platform, including model definition and identification, inventory standards, risk rating and tiering, and lifecycle governance requirements.
- Establish lifecycle controls covering model development, independent review, approval, deployment, ongoing monitoring, change management and decommissioning.
- Ensure alignment with OSFI Guideline E-23 and, where relevant, related frameworks, including the AMF's guideline on model risk management, SR 11-7 and the EU AI Act.

Validation and Ongoing Monitoring

- Set risk-based validation standards covering conceptual soundness, data quality, outcomes analysis, backtesting, benchmarking, sensitivity and stress testing, and fairness.
- Define monitoring metrics, thresholds and escalation protocols, and oversee the tracking of findings, exceptions and limitations through to remediation.
- Provide expert guidance on the selection, interpretation and documentation of validation testing within the platform.

AI and Third-Party Model Governance

- Lead Minerva's approach to the governance of machine learning and generative AI models, including explainability, human oversight, retraining triggers and failure modes.
- Establish standards for the inventory, assessment and periodic reassessment of vendor and third-party models.

Client and Regulatory Engagement

- Lead E-23 readiness engagements with financial institutions, including model inventory development, gap assessment and remediation planning.
- Serve as Minerva's senior representative to Chief Risk Officers, heads of model risk, model validation teams, internal audit functions and model risk committees.
- Oversee the design of senior management and board reporting produced through the platform.

Leadership and Company Building





- Partner with the Founder on product strategy and go-to-market priorities.
- Contribute to the recruitment and development of future model risk and client-facing team members.
- Represent Minerva at industry forums and contribute to thought leadership on model risk management.

Qualifications

Required

- 3–5 years of experience in model risk management, model validation, model development or model governance within a bank, insurer, credit union, regulator or advisory firm.
- A bachelor's degree in statistics, mathematics, economics, finance, engineering, computer science or a related quantitative discipline.
- Working knowledge of OSFI Guideline E-23 and of supervisory expectations for model risk management.
- Experience working within an enterprise model risk management framework, including model policy, inventory, risk tiering, approval authorities, and reporting to senior management and the board.
- Hands-on experience developing or validating models in one or more areas, such as credit risk (PD, LGD, EAD, scorecards, IFRS 9 expected credit loss), market risk (VaR, stress testing, scenario analysis), liquidity, AML or fraud.
- Strong working knowledge of statistical and machine learning validation techniques, including discrimination, calibration, stability, backtesting, sensitivity and fairness testing.
- Exposure to model risk committees, internal audit reviews or regulatory examinations, and the ability to support conclusions with clear, well-documented evidence.
- A sound understanding of the three lines of defence model and the ability to provide effective challenge while maintaining constructive stakeholder relationships.
- Excellent written and verbal communication skills, with the ability to present complex model risk matters to executive, board and technical audiences.

Preferred

- A master's degree or PhD in a quantitative discipline.
- Experience governing machine learning, generative AI or third-party models in a regulated environment.
- Familiarity with SR 11-7, the AMF's guideline on model risk management, ISO/IEC 42001 or the EU AI Act.
- Experience supporting small or mid-sized financial institutions.
- Proficiency in Python, R or SAS, and experience collaborating with software engineering teams.
- Professional working proficiency in French.

Professional Certifications

Candidates must hold, or be actively pursuing, at least one of the following designations:

- Financial Risk Manager (FRM), Global Association of Risk Professionals (GARP)
- Professional Risk Manager (PRM), Professional Risk Managers' International Association (PRMIA)
- Chartered Financial Analyst (CFA), CFA Institute
- Certificate in Quantitative Finance (CQF), CQF Institute
- Professional Statistician (P.Stat.), Statistical Society of Canada





The following certifications are considered an asset:
- Artificial Intelligence Governance Professional (AIGP), International Association of Privacy Professionals (IAPP)
- Certified Information Systems Auditor (CISA) or Certified in Risk and Information Systems Control (CRISC), ISACA
- Certified Anti-Money Laundering Specialist (CAMS), ACAMS, for candidates with AML model experience
- Fellow of the Canadian Institute of Actuaries (FCIA) or Fellow of the Society of Actuaries (FSA), for candidates with insurance model experience

What We Offer

- A defining leadership role at the intersection of artificial intelligence, model risk management and financial regulation, with founding equity in the company you help build.
- Direct engagement with senior industry experts across AI governance, model risk management, model validation, internal audit and financial regulation.
- Ownership of the model risk methodology behind an AI-era governance platform, from first principles through to client delivery.
- Executive-level exposure to Chief Risk Officers, heads of model risk and internal audit leaders across the Canadian financial sector.
- A visible platform for thought leadership, including industry forums, publications and speaking opportunities on OSFI Guideline E-23 and responsible AI.
- The flexibility of a remote-first working arrangement, with the autonomy to shape how the function is built.

Compensation and Engagement

- This is an equity-based founding role. Compensation consists of founding equity in Minerva Software Inc., subject to vesting under a founders' agreement. No salary is offered at this stage.
- The position is structured as a founding officer and shareholder role rather than an employment relationship.
- The role may begin on a part-time basis alongside current commitments, with its scope expected to expand as the company grows.

Work Arrangement

Remote, based in Canada, with occasional travel to client institutions.

Conflicts of Interest and Confidentiality

Candidates currently employed by a financial institution or advisory firm are responsible for obtaining any required approval for outside business activities prior to engagement, and Minerva will support candidates through this process. Minerva does not seek, and will not accept, confidential or proprietary information belonging to any current or former employer.

Equal Opportunity and Accommodation

Minerva Software Inc. is committed to equal opportunity and to building a diverse and inclusive team. We welcome applications from all qualified candidates, including women, Indigenous peoples, persons with disabilities, members of visible minorities and members of 2SLGBTQI+ communities. Accommodations are available on request for candidates taking part in all aspects of the selection process.

How to Apply

Please submit your résumé together with a brief cover note outlining your model risk experience and your interest in the role. Shortlisted candidates will be invited to an initial conversation with the Founder. We thank all applicants for their interest. Only those selected for further consideration will be contacted.

📌 Founding Chief Model Risk Officer (Canada)
🏢 MINERVA SOFTWARE
📍 Canada