Manager

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

POSITION LOCATION:
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.

This position is located in Toronto. However, the successful candidate may report to the Toronto, Ottawa, Montreal 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, Ottawa, Montreal 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

OSFI’s Model Risk Team is looking for a highly motivated individual to join the division in the role RE-06 Manager. This position will be part of a team responsible for assessing the governance and oversight of models used by Federally Regulated Financial Institutions (“FRFI”). This could include both regulatory capital models and those used for other risk management, enterprise functions and activities. Responsibilities also include liaising with Supervision teams as well as providing advice on model risk governance to internal and external stakeholders.

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 intent is to staff one (1) Manager position within the Model Risk Team. This process may also be used in the future to staff a Specialist position.

A pool of qualified or partially qualified candidates may be created to staff similar or identical positions with various linguistic profiles, security requirements, tenures, and/or locations within the Office of the Superintendent of Financial Institutions (OSFI), 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 university degree with specialization in statistics, finance, economics, data science or other relevant field OR an acceptable combination of relevant professional industry experience and education.

Degree equivalency

ESSENTIAL EXPERIENCE
• Recent experience in the financial services industry* in one or more of the following:
o model development, model validation or model governance
o risk measurement and analytics
o Establishing, implementing or monitoring model lifecycle controls (e.g. data integrity, model usage, performance monitoring, reporting)
o Applying or assessing the Capital Adequacy or E-23 Guidelines
o Other model risk governance activities (including model risk audit)

* Financial services industry experience is defined as experience working in one or more of the following areas: (a) financial institutions including banks, trust and loan companies, insurance companies and pension plans (b) firms dealing with audits or consulting engagements to such institutions (including reinsurance brokers) (c) technology and data companies providing services to financial institutions or linked to the delivery of financial services (d) government departments that directly deal with the supervision and regulation of these institutions (e) Indigenous Institutions including: Band operations, trustees or administrators of pension plans, insurance institutions, lending institutions or other related areas providing financial services (f) other relevant areas, such as but not limited to, financial risk management, investment management, corporate treasury functions or commercial lending.

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

ASSET EDUCATION
• Graduate degree in mathematics, statistics, economics, actuarial science, data science or other relevant discipline
• A relevant professional designation

Degree equivalency

ASSET EXPERIENCE
• Experience in identifying and assessing model risk in financial institutions
• Experience in quantitative methods and advanced analytics
• Experience in the application of the Capital Adequacy Requirements Guideline
• Experience in credit or market risk management in financial institutions
• Experience in front line modelling such as pricing or balance sheet management, asset and liability management, liquidity
• Experience in Economic Capital or Stress Testing calculations
• Experience in making presentations to management and external parties

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

English essential

Information on language requirements

ESSENTIAL KNOWLEDGE
• Knowledge of financial products and associated modelling practices and risks
• Knowledge of model risk management practices

ESSENTIAL COMPETENCIES
• Critical thinking
• Results orientation
• Leading People
• Inclusion

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 KNOWLEDGE
• Knowledge of the tools, processes or approaches used in the development, vetting, validation, and performance monitoring of models
• Knowledge of the Capital Adequacy Requirements guideline
• Knowledge of industry practice and evolving standards in model governance and controls
• Knowledge of mathematical concepts and analytics used to measure risk in credit and/or market and/or stress testing or economic capital models
• Knowledge of scripting (Python), statistical packages (R, SAS) or object oriented languages (Java, CP++)
• Knowledge of machine learning techniques

ASSET COMPETENCIES
• Interpersonal Communication
• Growth and Development

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.

Conditions of employment

• Security – Reliability Status
• 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.
• Ability and willingness to travel internationally and/or domestically when required.

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.

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.