Senior Analyst, Quantitative Model Validation (Model Vetting)

Venture outside the ordinary - TMX Careers

The TMX group of companies includes leading global exchanges such as the Toronto Stock Exchange, Montreal Exchange, and numerous innovative organizations enhancing capital markets.  United as a global team, we’re connecting cross-functionally, traversing industries and geographies, moving opportunity into action, advancing global economic growth, and propelling progress. Through a rich exchange of ideas, meaningful collaboration, and a nimble operating model, we're powering some of the nation's most critical systems, fueling capital formation and innovation, bringing increased opportunity to business visionaries, product ingenuity to consumers, and career exploration to our team.

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TMX Group Model Validation Department provides independent, objective validation and an effective challenge of risk models and non-models—primarily for Post Trade (CDS and CDCC) subsidiaries of TMX Group. Model Validation is a core element of the Model Risk Management framework and an essential piece to ensure compliance with Regulatory Requirements around independent validation of risk models and non-models.

This function is guided by a philosophy of adding value to improve the operations of the organization. It assists the organization to accomplish its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the organization’s governance and risk management.

Role Summary

The Senior Analyst, Model Validation performs quantitative and qualitative validation of models and non-models developed to assess and analyze market, credit, liquidity, and financial risks. As a member of the independent Model Validation team, you are responsible for validating the soundness of TMX Group subsidiaries’ risk models. You will provide expertise and advice regarding advanced modelling techniques and applications, ensuring that model methodology and implementation meet regulatory requirements and internal policies.

Role Reports to: Head of Model Validation 

Work Location: Hybrid (2-3 days/week in the office) - We are open to candidates being located in one of our Canadian office locations: Toronto or Montreal.

Key Accountabilities

• Model Assessment: Assess model and non-model soundness and risk from technical and functional perspectives, evaluating conceptual soundness, performance, and ongoing monitoring.
• Benchmarking: Build financial, risk, pricing, econometric, and forecasting models to benchmark or replicate the results of models being validated.
• Risk Mitigation: Make rigorous and balanced decisions on complex issues and provide expertise to ensure TMX Group’s entities are not at undue risk.
• Project Leadership: Participate in projects to identify key model risks and controls and assess the soundness of the modelling environment.
• Post-Trade Validation: Carry out the validation of Post Trade’s new risk system-related models and non-models.
• Policy Development: Participate in the development and update of the Models and Non-Model Risk Policy and methodology.
• Reporting: Prepare validation reports and presentations for regulators and executive risk committees.
• Collaboration: Coordinate work plans and collaborate with internal stakeholders to ensure reviews and monitoring are completed as planned.
• Continuous Improvement: Ensure programs are consistent with worldwide best practices and contribute to the legal and risk department's efficiency. 

Skills & Experience

Must Haves:

• Education: Master’s degree in Finance, Statistics, Mathematics, Economics, or other quantitative fields.
• Experience: 2+ years of relevant experience in researching, developing, and implementing quantitative models.
• Technical Proficiency: Advanced knowledge of programming tools such as Python and/or Matlab. 
• Analytical Rigor: Ability to identify issues, analyze problems, and provide in-depth written reports and recommendations.
• High-Performance Execution: Proven ability to manage multiple projects and priorities concurrently in a fast-paced environment.
• Professionalism: Demonstrates a high degree of integrity and ethical conduct.

Nice to Haves:

• Knowledge of SQL, VBA, Power BI, or Tableau. 
• Knowledge of regulatory requirements such as PFMI, OSFI, or EMIR Guidelines.
• Experience in the technology and financial services industry.

Salary Range: 100,000/year -130,000/year CAD

Please note that the salary range included is a guideline only. The salary offered may vary based on factors, including, but not limited to, the successful candidate’s relevant knowledge, skills, and experience. 

The recruiting efforts for this role are intended to fill a vacant position.

In the market for…

Excitement - Explore emerging technology and innovation, as well as ventures and digital finance that shape the future of global markets! Experience the movement of the market while grounded in the stability of close to 200 years of success.

Connection - With site hubs in some of the world’s most multicultural cities, we leverage our size and structure to create rich connections and belonging while experiencing powerful global impact through our work.

Impact - More than a platform, we use our talents to power mission-critical systems that drive global economic advancement, innovation, and growth. As well, our employee-led Team Impact spreads social good via our giving strategy.

Wellness - From empathetic leadership to a culture of flexibility and balance, we believe wellness at work creates the maximum yield and a stronger “we”. Plus, with a cloud-first and hybrid workstyle, as well as generous time-off and leaves, we support a life well lived! 

Growth - From a growth mindset in our work, to expansion in our business, TMX is home to action-takers energized by the achievement of ambitious growth.

Ready to enrich your career with impactful work, leaders who truly care, and the flexibility and programs to help you thrive as part of #TeamTMX ? Apply now.

Please note that our company is not currently sponsoring work permit applications and the applicant must be authorized to work in the country where this position is located. 

TMX is committed to creating and sustaining a collegial work environment in which all individuals are treated with dignity and respect and one which reflects the diversity of the community in which we operate. We provide accommodations for applicants and employees who require it.