We’re Vancity, a member-owned credit union built on the principles of inclusion and social justice. Since 1946, our relentless commitment to these values has helped us challenge the status quo and break down barriers. We’ve made bold commitments to become net-zero by 2040 across all mortgages and loans, and we’re advancing meaningful strategies in Indigenous banking and financial resilience for our members.

As the largest private-sector Living Wage Employer in Canada, we’re proud to be consistently recognized as one of the country’s Top Employers. As the Director, Model Risk Management (MRM), you will lead the establishment and ongoing development of Vancity’s enterprise Model Risk Management function. You will be responsible for designing and implementing the frameworks, governance standards, and operating practices that enable effective second-line oversight of model risk across the organization, while providing independent review and challenge to ensure models are used responsibly and in line with Vancity’s risk appetite and regulatory expectations.

This is a full-time, permanent role reporting directly to the Vice President, Risk Management - Finance & Treasury (RMFT) and is foundational to the development of Vancity’s newly established Finance & Treasury Risk function. You will work closely with Treasury, Finance, Risk, and senior leadership to embed model risk governance into decision-making, strengthen oversight of model use, and support Vancity’s financial sustainability, regulatory compliance, and long-term resilience. Our head office is based in Vancouver, with a hybrid working model and flexibility for candidates based in British Columbia or Ontario.

Lead the enterprise-wide design and implementation of Vancity’s Model Risk Management capability, including policies, governance structures, operating principles, reporting standards, and escalation pathways

Establish and oversee a comprehensive enterprise model inventory, covering all internal and third-party models, with clear classification criteria, materiality tiers, lifecycle governance, and ownership accountability

Design and apply a proportionate,



risk-based model governance and validation approach, ensuring governance intensity is aligned to model materiality, complexity, and risk impact

Design and oversee a risk-based model validation framework and validation schedule, including prioritization of validation activities based on model materiality, complexity, and risk, and oversight of validation outcomes and remediation actions

Ensure appropriately rigorous challenge across high-impact models spanning IRRBB, liquidity, capital, credit, and other risk domains, aligned with regulatory and industry-leading practices

Act as Vancity’s senior authority on model governance, providing independent oversight of conceptual soundness, data lineage, performance monitoring, and model change activities

Oversee governance and risk management of advanced analytics, AI/ML, and third-party/vendor models, including explainability, bias considerations, performance monitoring, and change controls

Identify systemic model-risk issues, elevate governance maturity, and influence senior leadership decisions related to model reliance, limitations, and risk acceptance

Serve as the primary liaison for model risk matters with regulators, Internal Audit, and senior executives

Build enterprise-wide awareness of model risk through education, guidance, and proactive communication on emerging regulatory expectations and best practices

Bachelor’s degree in Finance, Economics, Mathematics, Engineering, Data Science, or a related quantitative discipline

Master’s degree (e.g., Finance, Financial Engineering, Economics, Data Analytics, or MBA with a quantitative focus) strongly preferred

10-15 years of progressive experience in Model Risk Management, quantitative risk, model governance, or model development within a financial institution or regulatory environment





Professional designation such as FRM, PRM, CFA, or equivalent

Deep expertise in model lifecycle governance, regulatory expectations (OSFI, BCFSA), and data governance principles

Proven strategic leadership capability to design, build, and operationalize a recent or evolving model-risk function

Exceptional communication and influencing skills, including the ability to provide constructive challenge and shape senior-level decision-making

Demonstrated ability to align cross-functional stakeholders and drive adoption of governance standards across Risk, Treasury, Finance, and business teams

High levels of judgment, discretion, and accountability when navigating regulatory expectations and model-risk escalations

Comfortable with ambiguity - You are able to define the “right” level of rigor while balancing regulatory expectations, business needs, and practical execution

Naturally systems-oriented - You see how models, data, controls, and decisions connect across Treasury, Finance, Risk, and the broader enterprise

Fluent in technical depth and executive dialogue - You are able to translate complex quantitative concepts into clear, decision-ready insights The base pay offered may vary depending on factors such as relevant qualifications, skills, previous experience, and internal equity. Vancity supports an inclusive hiring process for candidates who self-identify as Indigenous, Black, or Trans. With special permission from the BC Human Rights Commissioner, this initiative provides access to career development opportunities, prioritized job screening, and feedback.

Any information you choose to share will be stored securely and used only for recruitment and career development connected to this initiative, in line with the BC Personal Information Protection Act (PIPA). This role is an open vacancy, and our hiring process is grounded in fairness, transparency, and inclusion. If you require any accommodations or support at any stage of the recruitment process (including the application stage), we encourage you to let us know by contacting our Talent Acquisition team at recruitment@vancity.

📌 Director, Model Risk Management (Toronto)
🏢 Vancity
📍 Toronto