Principal Analyst, Climate Scenario Analysis and Stress Testing

Important messages

We are committed to providing an inclusive and barrier-free work environment, starting with the hiring process. If you need to be accommodated during any phase of the evaluation process, please use the Contact information below to request specialized accommodation. All information received in relation to accommodation will be kept confidential.

Assessment accommodation

PLEASE NOTE that if you applied to selection process number: 22-23-SIF-EA-8282, you need not apply to this selection process as your assessment results will transfer over to this selection process.

OSFI believes in offering employees flexibility and in creating a workplace that is productive, engaging, collaborative, and inclusive, all the while being supportive of employees’ wellbeing. As such, OSFI is experimenting with a hybrid work model (a combination of telework and onsite work) that will shape how we use our physical workplace to establish new norms, ways of collaborating, and working together and will adjust its model based on lessons learned.

POSITION LOCATION / WORK ARRANGEMENT:
This position is located in Toronto. However, the successful candidate may report to the Toronto, Montreal, Ottawa, or Vancouver office for in-office work.

Due to the nature of the work and operational requirements, this position requires physical presence (in-office work) from one of the following OSFI offices across Canada (Toronto, Montreal, Ottawa, or Vancouver). The option of teleworking is available on a part-time basis in accordance with OSFI’s Guidelines on Telework. Teleworking arrangements are determined on a case-by-case basis depending on the nature of the work required by the position, the operational and business needs, as well as the candidate’s work preferences.

EMPLOYMENT EQUITY:
OSFI is committed to achieving a representative workforce that reflects the diversity of the Canadian population. We are dedicated to building and promoting a diverse, equitable and inclusive workforce, representative of all Canadians regardless of race, ethnicity, colour, religion, sex, age, disability, sexual orientation, gender identity or expression, socio-economic background or lived experience. By embracing diversity and inclusion, our department ensures broader discussions, better decisions, and a more positive workplace.

We invite you to be part of the change by joining an organization where individual differences are recognized, valued and respected. We welcome all candidates to apply and strongly encourage candidates to self-declare if they belong to an Employment Equity designated group: Aboriginal* Peoples, Persons with Disabilities, Women or Visible Minorities (Black people and other racialized groups).

*The term “Aboriginal” is used within this job advertisement as it relates to the Employment Equity Act and other legislative frameworks. The term “Indigenous” is used where possible, in alignment with the United Nations Declaration on the Rights of Indigenous Peoples.

Achieving a representative and diverse workforce has been identified as an organizational need for OSFI and may be applied at any time during this appointment process. If this criterion is used, only those who have indicated that they are members of the specified designated group(s) will be considered. As such, first consideration for an appointment may be given to candidates who self-declare as belonging to one or more of the four designated employment equity groups (Persons with a disability, Aboriginal people, Members of a Visible Minority, or Women).

In order to self-declare, please ensure to check off the appropriate box within the online application under the Employment Equity section. We encourage you to consult theses links to learn more about employment equity and self-declaration:
• https://www.canada.ca/en/public-service-commission/jobs/services/gc-jobs/employment-equity.html
• https://www.canada.ca/en/public-service-commission/jobs/services/gc-jobs/applying-government-canada-jobs-how-to-apply.html#EE

Duties

This role will support the development of climate scenario analysis and stress testing exercises for a range of banks, insurers and pension plans for both physical and transition risks, as well as the examination of how climate-related risks are reflected within capital adequacy assessments.

Who You Are:

The Scenario Analysis and Risk Quantification group is looking for an individual who possess one or more of the following attributes:
- You are an individual with a broad financial industry and risk management perspective.
- You are keenly interested in contributing your expertise to the development of climate risk solutions and the promotion of a safer financial system.
- You have sound knowledge of the current and emerging climate-related risks in the financial services industry.
- You know the techniques used in the measurement and management of financial, climate, and/or emerging risks.
- Your critical thinking skills contribute to the development of innovative solutions to address complex problems.
- You are purpose-driven and value collaboration and working with team members towards a common goal.

Work environment

Our Role:
OSFI is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1,200 pension plans to determine whether they are in sound financial condition. In fulfilling its mandate, OSFI supports the government's objective of contributing to public confidence in the Canadian financial system.
Learn more about us 👉 https://youtu.be/QO_3vnPKuZI

Our People and Culture:
People are the foundation of our organization. You will become part of a diverse community that acknowledges everyone has varied experience and fosters an environment where communication and teamwork amplify our effectiveness. We have several networks dedicated to ensuring that the department continues to grow as an inclusive, accessible, respectful and diverse workplace. All employees are encouraged and welcome to join the following networks and participate in their activities and events.
• Diversity of Thought
• Family Responsibilities
• Gender
• 2SLGBTQIA+
• Mental Health and Accessibility
• Multiculturalism (Affinity Groups: Indigenous, Asian, Black)
• Unconscious Bias
Hear about our people 👉 https://youtu.be/diUspmpYWQI

Our Rewards:
💵 Compensation: OSFI offers a competitive salary, and employees may be eligible for in-range increases and economic adjustments. Salaries are based on qualifications, experience and knowledge. The Public Service Pension Plan is a defined benefit pension plan (indexed for inflation), where both the employer and the employee contribute.

💰 Performance Pay: OSFI employees are eligible for an annual bonus based on their performance throughout the year.

✈️ Vacation and Leave: OSFI employees start with 4 weeks of paid vacation, 2 personal days and 5 days of Family Related Leave with Pay among other various types of paid and unpaid leave.

💻 Flexible Work Arrangements: OSFI offers flexible work arrangements by providing support for compressed work week schedules, flexible work hours and teleworking, in order for employees to achieve their work objectives while achieving balance between work and homelife.

📖 Learning and Development: OSFI offers career advancement opportunities and encourages innovative thinking in its work environment. Employees may be reimbursed for relevant professional association membership fees.

Intent of the process

The immediate need is to staff one position with a language requirement of English essential on an indeterminate basis.

A pool of qualified or partially qualified candidates may be created to staff similar or identical positions with various linguistic profiles and requirements, security profiles and/or various tenures within the Office of the Superintendent of Financial Institutions, which may vary according to the position being staffed.

Positions to be filled: 1

Information you must provide

Your résumé.

In order to be considered, your application must clearly explain how you meet the following (essential qualifications)

ESSENTIAL EDUCATION:
- A degree from a post-secondary institution with specialization in business, commerce, economics, finance, mathematics, statistics, actuarial science, environmental science, sustainability, public policy, engineering, accounting, or another relevant field.

Degree equivalency

ESSENTIAL EXPERIENCE:
- At least 5 years of work experience in ONE or more of the following areas in the public or private financial services sector*:
o Financial or capital model development, model validation, scenario analysis and stress testing
o Data analytics and risk quantification
o Financial risk management, capital management, capital policy development
- Operational experience working on key and impactful projects and initiatives with tight timelines and deliverables.
- Experience collaborating, liaising, or conveying complex issues to internal/external stakeholders.

* Financial services sector includes experience working in a financial institution, including banks, insurance companies, pension funds, wealth management firms as well as government departments or agencies that directly deal with the supervision and regulation of these institutions, or other relevant areas.

If you possess any of the following, your application must also clearly explain how you meet it (other qualifications)

ASSET EDUCATION:
- A graduate degree (i.e., Masters or Doctorate) from a post-secondary institution in finance, business, mathematics, accounting, computer science, science, engineering or economics with specializations in climate and environmental change, earth and environmental sciences, environment and sustainability, data science, financial mathematics, modelling or econometrics.
- A relevant professional designation such as: CFA, CPA, FRM, FCIA, FSA, or FCAS

Degree equivalency

The following will be applied / assessed at a later date (essential for the job)

English essential

Information on language requirements

ESSENTIAL KNOWLEDGE:
- Knowledge of the causes and drivers of climate change and the impacts to the financial services sector, including climate-related physical and transition risks.
- In-depth knowledge in at least ONE of the of the following areas:
o Risk quantification and probability of default (PD) and/or loss given default (LGD) modeling techniques
o Knowledge of credit or market risk rating systems, catastrophe modelling, parameter estimation and/or financial and risk reporting.
o Scenario analysis and stress testing methodologies

ESSENTIAL COMPETENCIES:
- Critical Thinking
- Growth and Development
- Collaboration
- Results Orientation

ESSENTIAL ABILITIES:
- Ability to communicate effectively in writing.
- Ability to communicate effectively verbally.

The following may be applied / assessed at a later date (may be needed for the job)

ASSET EXPERIENCE:
- At least 2 years of relevant work experience, with a preference for experience in the fields of climate change, ESG or sustainability.
- Strong foundation in quantitative analysis, statistics, econometrics, modelling, and/or big data processing.
- Experience in problem-solving and programming for data analysis (such as Matlab) including familiarity of machine learning and open-source programming languages (such as Python or R) and data visualization products (such as Microsoft Power BI).
- Experience in a second line function, a central support function or multiple lines of business in the financial sector or in financial sector regulation and supervision, including the assessment of environmental, climate and social risks.
- Experience in the use of climate change and catastrophe scenarios, models, projections and data.
- Experience with a financial sector regulatory authority or standard-setting body.
- Experience conducting research on current and emerging climate related trends and issues

ASSET KNOWLEDGE:
- Knowledge of decarbonization of the financial sector and understanding the financial impacts of climate change.
- Knowledge of data science, manipulation of large amounts of data.
- Knowledge of climate scenario, probabilistic and geospatial modelling, including the Network for Greening the Financial System (NGFS) and other climate change scenarios, models, and projections

ASSET COMPETENCIES:
- Interpersonal Communication
- Innovation

ORGANIZATIONAL NEEDS:
- OSFI is committed to having a skilled and diverse workforce representative of the Canadian population. In order to meet our employment equity objectives, selection for this position may be made from among qualified candidates who self-declare as belonging to one or more of the following Employment Equity groups: Persons with a disability, Aboriginal people, Members of a Visible Minority, or Women. OSFI is committed to diversity and inclusion, and we strongly encourage candidates to self-declare if they belong to one of these designated employment equity groups.

OPERATIONAL REQUIREMENTS:
- Willingness and ability to travel within Canada

Conditions of employment

Reliability Status security clearance

- In our hybrid workplace environment, the ability to work remotely from home within Canada with access to the Internet in one’s residence is a condition of employment.

Other information

The Public Service of Canada is committed to building a skilled and diverse workforce that reflects the Canadians we serve. We promote employment equity and encourage you to indicate if you belong to one of the designated groups when you apply.

Information on employment equity

For external processes (as indicated by the abbreviation “EA” in the selection process number), only those selected for further consideration will be contacted.

OSFI is a separate agency with its own classification and compensation system. OSFI's staffing is subject to the Public Service Employment Act (PSEA).

The ability to communicate effectively in writing may be assessed using the candidate's application, as well as through the evaluation process.

Assessments (such as written exams, interviews and reference checks) may be conducted virtually through email, telephone and/or videoconference.

Candidates must meet all of the essential qualifications to be appointed; however, one or more asset criteria may be invoked at any stage of the process.

Depending on the number of applicants, volume management strategies such as random selection, top-down approach and/or establishing cut-off scores to determine who will continue in the staffing process, may be used for the purpose of managing applications. Please note that although you may attain the established pass mark on any of the assessments used in this staffing process, management may decide to use a higher cut off score.

Eligible candidates may be considered and offered a deployment or interchange before considering other applicants.

Persons are entitled to participate in the appointment process in the official language of their choice. Applicants are asked to indicate their preferred official language in their application.

Email correspondence will be used as the main method of communication with candidates for this selection process, please ensure it accepts messages from unknown users. Please note that you need to provide valid and updated contact information.

All job applications must be submitted through the Government of Canada public service jobs website. Do not email or mail hard copy documents as these will not be accepted. To submit an application online, please click on the "apply now" button. Persons without Internet access may also review jobs open to the public through INFOTEL at 1-800-645-5605.

If you have a limitation that may impact your performance at any step of the assessment process (such as submitting the application, written test, or an interview), you may request an accommodation. Assessment accommodations are designed to remove barriers, and to ensure that candidates with limitations can fully demonstrate their abilities. Should you wish to be accommodated, please inform us by sending an e-mail to the following address: . All information received in relation to accommodation will be kept confidential.

Preference

Preference will be given to veterans first and then to Canadian citizens and permanent residents, with the exception of a job located in Nunavut, where Nunavut Inuit will be appointed first.

Information on the preference to veterans

We thank all those who apply. Only those selected for further consideration will be contacted.