Summer Intern Model Risk Management MRM

Join a ChallengerBeing a traditional bank just isn't our thing.
We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what's possible in banking.
Our team is made up of inquisitive and agile minds that find smarter ways of doing things.
If you're not afraid of taking on big challenges and redefining the future, you belong with us.
You'll get to work with people who will encourage you to reach new heights.
We like to keep things fun, ask questions and learn together.We are a big (and growing!) family.
Overall we serve more than 670,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years.
Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than six million members.
Together we have over $125 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives.
Our customers have named our EQ Bank digital platform (eqbank.ca) one of the top banks in Canada on the Forbes World's Best Banks list since 2021.The WorkThe MRM team is responsible for ensuring that model risk is adequately managed ,in accordance with the Bank's Model Risk Management Policy, and in compliance with regulatory requirements.Reporting to the Senior Director, Model Risk Management (SDMRM), the incumbent will be exposed to projects in the areas of model validation and model risk governance.With respect to model validation projects, the incumbent will support MRM mandate by independently assessing the models developed and used by the Bank for different purposes.
This entails the validation of the model methodology, assessing the reasonableness of assumptions, the identification of model issues, weaknesses and limitations, conducting quantitative and qualitative analysis, by articulating findings, recommendations, and conclusions, and generating validation reports.
With respect to model risk governance projects, the incumbent will help maintain the model risk management policies, standards, procedures and templates, as well as the model risk management system.In their capacity, the incumbent will be instrumental in supporting the working relationship with relevant model risk stakeholders.The Core Responsibilities!Model Validation Projects Assess the appropriateness and construction of models to their current or planned use with respect to their framework, data, logic, assumptions, and implementation.
Create, as appropriate and based on the level of risk, independent benchmarks to test validated model outputs.
Identify and assess model-related issues, limitations, weaknesses and communicate those findings to key model risk stakeholdersAssist the lead validator to generate validation reports according to the Bank's policy and templates, and document validation conclusions and recommendations.
Model Risk Governance ProjectsMaintain the model risk-related policies, standards, guidelines and procedures, covering the model life cycle and exceptions.
Maintain the model validation templates to ensure consistency in execution of model validation requirements.
Generate the model risk report to provide insight into the level of model risk undertaken by the Bank.
Let's Talk About You!A Masters degree in Math, Applied Mathematics, Computer Science, Math Finance, Engineering, Economics, or equivalent quantitative background.
Good understanding of model risk management principles and practices.
Good knowledge of typical financial products (such as Bond, IR swap, loans, deposits).
Adequate knowledge of mathematical finance.
Strong project management and time management skills.
Strong technical communication and writing skills.
Past work experience in a corporate environment is an asset.
Experience with software development in Python, R, VBA, MATLAB, or C++/C#, and working knowledge of SQL.
How To Submit Your Application!Your application must include your resume, cover letter and unofficial transcript.
Applications submitted incorrectly will not be considered.
You MUST be a student currently enrolled in school to be eligible to apply.
The application deadline date to Apply is Jan 13th 2025.
After this date, the posting will be closed!What we offer (For full-time permanent roles) Competitive discretionary bonus✨ Market leading RRSP match program