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Model Risk Management Jobs in Ontario (NOW HIRING)

CIBC

Senior Consultant, AI Risk Management

Toronto, ON · Hybrid

You understand predictive modeling, NLP, computer vision, generative AI, and Agentic AI, and you've ... party risk management to safeguard clients and the bank, while supporting positive outcomes for ...

Scotiabank

Manager

Toronto, ON · On-site

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 ...

Lbg

Markets & AI Modelling - Independent Validation Manager (Model Risk Office) SALARY: 84,051 - 93,390 LOCATION(S): Halifax, Edinburgh or Leeds HOURS: [Full-time] WORKING PATTERN : Our work style is ...

Bank of Scotland

Markets & AI Modelling - Independent Validation Manager (Model Risk Office) SALARY: 84,051 - 93,390 LOCATION(S): Halifax, Edinburgh or Leeds HOURS: [Full-time] WORKING PATTERN : Our work style is ...

Lloyds Banking Group

Markets & AI Modelling - Independent Validation Manager (Model Risk Office) SALARY: 84,051 - 93,390 LOCATION(S): Halifax, Edinburgh or Leeds HOURS: [Full-time] WORKING PATTERN : Our work style is ...

Royal Bank of Canada

Data Scientist

Toronto, ON · On-site

A failure to effectively prepare for and manage emerging model risk related to AI would subject RBC to financial, regulatory, and reputational risks and, as a result, RBC would not be able to provide ...

MBNA

Markets & AI Modelling - Independent Validation Manager (Model Risk Office) SALARY: 84,051 - 93,390 LOCATION(S): Halifax, Edinburgh or Leeds HOURS: [Full-time] WORKING PATTERN : Our work style is ...

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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 Jun 3, 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 job?

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 the key skills and qualifications needed to thrive in the Model Risk Management position, 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 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.
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Model Risk Management jobs near you
Infographic showing various Model Risk Management job openings in Ontario as of May 2026, with employment types broken down into 1% As Needed, 75% Full Time, 22% Part Time, and 2% Contract. Highlights an 92% Physical, 2% Hybrid, and 6% Remote job distribution, with an average salary of $121,104 per year, or $58.2 per hour.

Model Governance, Senior Specialist

Hibernian General Insurance

Markham, ON • Hybrid

CA$100K - CA$115K/yr

Other

Medical, Retirement

Posted 26 days ago

Job description

Experience Aviva

Together, we are Aviva. Our values - Care, Commitment, Community, and Confidence - guide how we show up for each other and for our customers. Individually, they're words. Together, they define who we are.

At Aviva Canada, we put people first, our employees, our customers, and our communities. We're proud of a culture built on care, inclusion, and collaboration, where your voice matters and your growth is supported. We're not just about insurance; we're about making a real difference by protecting what matters most.

The Opportunity

The Model Governance, Senior Specialist will lead coordination of Aviva Canada's Model Risk Management program implementation and, following project completion, support the ongoing coordination and oversight of firstline and secondline model risk controls, including AI/ML models. This role combines strong governance and stakeholder management skills with sound technical knowledge and practical understanding of model lifecycle management.

What you'll do:

  • Coordinate delivery of the OSFI E23 implementation program, including policies, standards, inventory, reporting, and lifecycle controls.

  • Act as a central liaison between firstline model owners, secondline oversight, and other partners such as Technology, Data, Privacy, Legal, Cyber, and Procurement.

  • Maintain and enhance model and AI governance processes, including inventory management, risk tiering, documentation, assurance review, monitoring, issue tracking and remediation.

  • Support governance of AI use cases and models by coordinating assessments related to explainability, bias/fairness, transparency, human oversight, and ongoing performance monitoring.

  • Prepare portfolio-level risk and performance reporting, governance updates, and materials for senior management and oversight forums.

  • Build rapport across stakeholders, influence outcomes, and drive consistent execution of governance requirements.

What you'll bring:

  • 5+ years of experience in model risk, model/analytics governance, AI governance, ideally in financial services industry

  • Strong technical knowledge and practical experience of model lifecycle management and control requirements, including development, validation, deployment, monitoring, and retirement.

  • Working knowledge of AI/ML governance concepts and relevant frameworks such as NIST AI RMF and ISO/IEC 42001

  • Strong documentation, coordination, communication, influencing, and relationshipbuilding skills, with the ability to work across functions.

  • Experience with model/AI inventory and workflow tools

What you'll get:

  • The salary band for this position ranges from $100,000 to $115,000. Please note that individual salary is determined by factors such as job-related knowledge, skills and experience, as well as internal equity.

  • Compelling rewards package including base compensation, eligibility for annual bonus, retirement savings, share plan, health benefits, personal wellness, and volunteer opportunities.

  • Hybrid flexible work model.

  • Outstanding career development opportunities.

  • We'll support your professional development education.

  • Competitive vacation package with the option to purchase 5 extra days off per year.

  • Employee-driven programs focused on gender, LGBTQ+, origins, diversity, and inclusion.

  • Corporate wellness programs to support our employees' physical and mental health.

This job advertisement is for an existing vacancy which has been posted both internally & externally.

Aviva Canada may use AI (Artificial Intelligence) tools to assist us throughout the recruitment process to screen, assess or select applicants for a position.

Aviva Canada welcomes applications from all qualified individuals and has a process in place to provide accommodations for persons with disabilities at all stages of the hiring process and during employment. If you require an accommodation during the interview or hiring process, please contact your Aviva Talent Acquisition Partner so that an appropriate accommodation can be arranged.

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