Manager, Model Validation

Requisition ID: 271737 

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

The Manager, Model Validation provides independent, objective assessment and effective challenge of quantitative models used across Treasury (ALM, liquidity and cashflow management, funds transfer pricing), Interest Rate Risk, and enterprise stress testing. This role executes validations in line with the Bank’s Model Risk Management Policy and regulatory expectations, working closely with model developers and stakeholders across Treasury, Risk, Economics, and technology teams to ensure models are conceptually sound, appropriately implemented, and fit for use.

Key Accountabilities

• Assist Senior Manager to execute independent validations of quantitative models (e.g., asset and liability management, liquidity risk, interest rate risk in the banking book, funds transfer pricing components, non-maturity deposits, and stress testing models) in accordance with internal policy and regulatory expectations.
• Perform in-depth technical reviews of model methodology, assumptions, data inputs, limitations, governance, and outcomes; design and execute quantitative tests such as replication, sensitivity analysis, benchmarking, and back-testing/performance monitoring (as applicable).
• Contribute to the ongoing enhancement of validation templates, testing approaches, and documentation standards by sharing lessons learned and proposing practical improvements.
• Ensure validation activities and evidence are completed in accordance with internal policies/standards and relevant regulatory expectations; maintain organized workpapers and traceability from requirements to testing to conclusions.
• Engage with model owners and stakeholders to clarify model purpose, use, and limitations; communicate validation questions, findings, and remediation expectations in a timely and constructive manner.
• Document work in clear, well-structured validation reports that articulate findings, model risks, and practical recommendations for both technical and senior stakeholders; assess issue materiality/impact and support remediation planning and ongoing monitoring.
• Partner with model owners, developers, technology teams, and risk stakeholders to understand model design and usage, while providing independent and constructive challenge; communicate validation issues and track them through resolution.
• Support governance forums, internal audit, and regulatory reviews by providing analysis, documentation, and responses; ensure validation evidence and archived documentation are complete and suitable for independent third-party review.
• Contribute to continuous improvement of validation standards, templates, and techniques; conduct targeted research on emerging best practices and, where applicable, provide guidance to junior team members.

• Assess stress testing model governance and controls (data lineage, change management, model use and limitations, and documentation standards) and ensure validation evidence is fit for internal audit and regulatory review, including clear traceability from requirements to testing to conclusions.

Qualifications

• Advanced degree in a quantitative discipline (e.g., mathematics, statistics, economics, financial engineering, physics, engineering, finance, or data science) or equivalent experience.
• 2–3 years of relevant experience in model validation, model development, or quantitative risk management within a financial institution; experience with Treasury/ALM, liquidity and cashflow management, interest rate risk (e.g., SIRR/IRRBB), and/or enterprise stress testing is strongly preferred.
• Working knowledge of model risk management practices and relevant regulatory guidance (e.g., OSFI B-12 and B-15), with the ability to apply requirements to validation testing and documentation.
• Ability to independently plan and deliver validation work (scope, testing strategy, timelines, and reporting) and manage multiple validations in parallel with appropriate escalation of risks and issues.
• Strong understanding of modelling techniques and model risk concepts; ability to discover and diagnose risks related to data, assumptions, methodology, process, and implementation.
• Proficiency with analytical/programming tools (e.g., Python, SAS, R, SQL, MATLAB, C++) and advanced Excel; able to independently design and execute validation tests.
• Excellent written, presentation, and interpersonal skills; able to communicate complex concepts clearly and influence outcomes through constructive challenge.
• Strong analytical and problem-solving skills, attention to detail, and ability to manage multiple priorities with sound judgment and accountability.

Why Join

You’ll join a team that supports the Bank’s safety and soundness through strong model risk management. The role offers exposure to material balance sheet and liquidity risk models, opportunities to deepen technical expertise, and a collaborative environment focused on integrity, inclusion, and continuous improvement.

Location(s):  Canada : Ontario : Toronto 

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.  

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our  Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.