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Model Risk Management Jobs in Ontario (NOW HIRING)

Manulife

Senior Analyst, Model Risk Management

Waterloo, ON · Hybrid

CA$65K - CA$109K/yr

The Senior Analyst, Model Risk Management is a member of the Group Model Risk Management team, which is responsible for validating models related to economic capital, Asset Liability Management (ALM ...

Manulife

Senior Analyst, Model Risk Management

Toronto, ON · Hybrid

CA$65K - CA$109K/yr

The Senior Analyst, Model Risk Management is a member of the Group Model Risk Management team, which is responsible for validating models related to economic capital, Asset Liability Management (ALM ...

MUFG

Model Risk Management Analyst, AVP

Toronto, ON · On-site

Model Risk Management: * Developing, maintaining, and implementing the Bank's Model Risk Management Program covering Wholesale Credit risk models which are used for supporting risk scoring, decision ...

PwC

Credit Risk Modelling Senior Associate

Toronto, ON · Hybrid

CA$73K - CA$122K/yr

As part of the team, you'll help with credit risk modeling, model risk management as well as AI/ML/GenAI modeling for financial institutions. Meaningful workyou'llbe part of As a Credit Risk ...

Td

Manager, Physical Risk Measurement (5278)

Toronto, ON · On-site

CA$96K - CA$136K/yr

Prepare and maintain model documentation, methodology papers, controls, and supporting evidence in accordance with model risk management, audit, and regulatory requirements. * Support independent ...

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Model Risk Management information

See Ontario salary details

$24K

$121.1K

$244K

How much do model risk management jobs pay per year?

As of Aug 24, 2026, the average yearly pay for model risk management in Ontario is $121,104.00, according to ZipRecruiter salary data. Most workers in this role earn between $72,500.00 and $151,500.00 per year, depending on experience, location, and employer.

What is a model risk management?

A Model Risk Management (MRM) job involves identifying, assessing, and mitigating risks associated with financial and analytical models used by an organization. Professionals in this role ensure models are accurate, reliable, and comply with regulatory requirements by conducting validation, testing, and performance monitoring. They work closely with model developers, risk teams, and auditors to manage model lifecycle processes. Strong quantitative, analytical, and regulatory knowledge are key skills for success in this field.

What are some common challenges faced by professionals in model risk management roles?

Professionals in Model Risk Management commonly encounter challenges such as evolving regulatory requirements, the complexity of advanced financial models, and ensuring effective communication between technical and non-technical stakeholders. Staying current with industry best practices while rigorously validating and documenting models can be demanding but is critical for reducing financial and operational risks. Team members often work cross-functionally, collaborating closely with quants, risk managers, and IT teams to evaluate model performance and implement improvements. Adapting to new analytical tools and maintaining a proactive approach to emerging risks will help you succeed and grow in this dynamic field.

What are the key skills and qualifications needed to thrive in model risk management, and why are they important?

To excel in Model Risk Management, a professional needs a strong grounding in quantitative finance, statistics, and risk assessment, often backed by advanced degrees in relevant fields. Familiarity with technical tools such as Python, R, SAS, and model validation platforms, along with relevant certifications like FRM or CFA, is highly beneficial. Exceptional communication skills, attention to detail, and critical thinking help individuals stand out when interacting with model developers and risk committees. Mastery of these abilities ensures thorough risk analysis, regulatory compliance, and effective mitigation of financial model risks within the organization.

What does a model risk management do?

A model risk management professional oversees the identification, assessment, and mitigation of risks associated with financial and operational models. They ensure models are accurate, reliable, and compliant with regulations, often using validation tools and statistical analysis. This role helps prevent financial loss and supports decision-making processes within organizations.

What are popular job titles related to Model Risk Management jobs in Ontario?

For Model Risk Management jobs in Ontario, the most frequently searched job titles are:

What job categories do people searching Model Risk Management jobs in Ontario look for?

The top searched job categories for Model Risk Management jobs in Ontario are:

Model Risk Management jobs near you
Infographic showing various Model Risk Management job openings in Ontario as of August 2026, with employment types broken down into 1% As Needed, 77% Full Time, 20% Part Time, and 2% Contract. Highlights an 84% Physical, 3% Hybrid, and 13% Remote job distribution, with an average salary of $121,104 per year, or $58.2 per hour.

AVP, Model Risk Management

Pacific Asset Management, LLC

Toronto, ON • On-site

$160 - $187/hr

Other

Medical, Dental, Vision, Life, Retirement, PTO

Posted 18 days ago

Job description

AVP, (FSA) Model Risk Management

Job Description: $Pacific Life is seeking an AVP, Model Risk Management to join our team. This role is on-site 4 days per week and work from home 1 day per week in Toronto, ON. This role is a strong fit for a senior life actuary who enjoys technical depth, independent challenge, and practical business impact. You will lead second-line model risk oversight for Life insurance models across Financial Reporting, Product Development, Forecasting, and related model uses. You will work directly with business leaders, model developers, and risk committees to assess whether models are fit for purpose. This role will report directly to the VP of Model Risk Management and offers broad visibility across Pacific Life’s products and functions.

How you will make an impact
  • Lead comprehensive reviews of Life models and provide clear, practical recommendations to owners, senior leaders, and risk committees.
  • Raise the bar on methodologies and assumptions by challenging practices, identifying areas of potential risk and driving for meaningful improvements.
  • Provide expert guidance on efficient modeling techniques and robust governance practices, to bolster model risk management.
  • Collaborate with cross-domain subject experts to understand and impact the business more holistically and help advance Pacific Life’s model risk framework and practices.
  • Stay current on emerging practices, modeling techniques, technologies, and regulatory developments.
The experience you bring
  • 8+ years of actuarial experience with an FSA/FCIA designation.
  • Deep experience in Life products, in areas of actuarial modeling, financial reporting, forecasting, pricing, or economic valuation.
  • Ability to challenge technical work constructively and influence senior leaders and technical teams.
  • Experience reviewing, validating, developing, or testing complex actuarial models.
  • Strong communication skills, including the ability to explain complex modeling issues in clear business language.
  • Strong project leadership, judgment, and stakeholder management skills.
What makes you stand out
  • Experience with Prophet.
  • Familiarity in emerging AI tools and advanced analytics.
  • Experience building validation / replication / challenger models.

Salary: $160, 290.00 - $187,005.00 CAD Compensation Range The compensation range noted represents the company’s good faith minimum and maximum range for this role at the time of posting. The actual compensation offered to a candidate will be dependent upon several factors, including but not limited to experience, qualifications and geographic location.

Working For Pacific Life Re

Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes. Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.

Benefits
  • Leave 23 days of annual leave (Regular employees) with option to buy or sell more days
  • Fertility leave
  • Generous parental leave
  • Healthcare Group Life Insurance and Accidental Death & Dismemberment coverage for all permanent employees
  • Dental & Optical benefits
  • Savings & Retirement RRSP: company-matched contributions
  • Wellness Employee and Family Assistance Program
  • Subsidized gym membership
  • Time off for volunteering
  • Charitable matching of employee donations

As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities.

Use of AI

As part of our commitment to a fair and efficient hiring experience, we want to inform you that we may use artificial intelligence (AI) tools to assist in reviewing resumes, and during the assessment process, including through platforms like HireVue. These tools help us identify relevant qualifications and streamline evaluations, but final decisions are always made by our hiring team. At Pacific Life Re, our vision is to bring an innovative and dynamic approach to the marketplace. Our global team is not afraid to disrupt and challenge industry thinking to provide the best life and health reinsurance services possible. Working in some of the most complex and fast-moving markets has taught us that knowledge and innovation go hand in hand. Today, we are continuing our rapid growth internationally with offices across Europe, Asia, North America, Australia, and Bermuda. With over 1000 employees across the globe, we take pride in our inclusive culture, underpinned by our values and behaviours, providing an environment where everyone can grow and develop.

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