Audit Manager II (Model Risk)

We’re building a relationship-oriented bank for the modern world. We need talented, passionate professionals who are dedicated to doing what’s right for our clients.

At CIBC, we embrace your strengths and your ambitions, so you are empowered at work. Our team members have what they need to make a meaningful impact and are truly valued for who they are and what they contribute.

To learn more about CIBC, please visit CIBC.com

The Audit Manager II (Model Risk) will primarily be responsible for executing and enhancing audit programs in Model Risk. This role will participate in annual planning, improving model audit programs, communicate audit findings to regulators and senior management, provide model risk SME support to other audit teams, conduct risk assessments and evaluate the adequacy of controls and related effectiveness to ensure adherence with internal policies, industry best practices, and regulatory requirements (e.g. SR 11-7). Share expertise knowledge with peers and assist in developing other team members.

Responsibilities:

• Assist in Annual Planning activities.
• Lead audits from end to end, including creating scope, identifying relevant risks and controls, designing test plans, reviewing testing, documenting conclusions and drafting reports.
• Identify control gaps and/or best practices that help improve business partner operations and ensure an effective control environment for the bank
• Make decisions in complex situations requiring solid understanding of risk management framework and the risk and control environment.
• Document audit results in a manner that adequately communicates and supports the work performed and conclusions reached
• Escalate any critical or high-risk issues/themes to appropriate leadership
• Provides status updates to key stakeholders on programs and specific reviews where warranted.
• Assesses, documents, and communicates risk themes and issues identified in various models and risk partners in a timely manner.
• Manage communication and collaboration with business heads, Legal, and regulators on risk related topics.
• Manage business partner relationships in a manner that fosters cooperation, respect and a positive risk culture.
• Proactively seek relevant education, exposure and/or training opportunities to understand and gain proficiency in Risk Management disciplines, industry best practices and regulations.
• Help advance our purpose-driven culture by demonstrating CIBC values

Qualifications

Required

• Master's degree in a quantitative field, e.g. Statistics, Financial Engineering, Physics, Economics, Mathematics, Data Science.
• At least 5 years of relevant work experience, including model risk audit experience, model development or model validation experience in the financial services industry.
• 2+ years of programming experience in Python, SAS, or R.
• Excellent verbal and written communication skills.
• Experience leading teams and mentoring individuals.
• Ability to effectively manage multiple projects with challenging timelines

Preferred

• A PhD in a quantitative field
• 3+ years of model development, model validation, or model risk auditing experience in at least one of these areas: Internal Rating-Based (IRB) Models, Market & Counterparty Risk Models, Regulatory Capital Models, Trading Room Pricing Models, Machine Learning/AI models, preferably from a large financial institution.
• Familiarity with risk management principles, preferably in Enterprise Risk Management, Model Risk Management, or financial risk disciplines.
• Experience in managing communications with regulators on risk related topics.

Core competencies include leadership skills, proficient verbal and written communication skills, critical-thinking skills, ability to learn quickly and build effective working relationships, effective time management skills, and familiarity with audit methodology and risk management principles (e.g. Model Risk Management, Enterprise Risk Management and other risk disciplines).

At CIBC, our people are our greatest asset. You’ll become part of a diverse community that acknowledges everyone’s unique talents and empowers teams to do what’s right for the client and to do it well. As part of our team, you will:

• Thrive: Benefit from an open and approachable culture that provides the flexibility and support you need to integrate your life at work and home.
• Connect: Work in a place where the right technology and infrastructure foster innovation, collaboration, and creativity.
• Develop: Grow your skills and career through our best-in-class onboarding experience, ongoing learning opportunities, individual development planning, and comprehensive product training.
• Prosper: Share in our collective success with a competitive salary, incentive pay, banking benefits, health benefits programs, retirement savings, and more.

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At CIBC, we offer a competitive total rewards package. This role has an expected salary range of $120,000 - $150,000 for the market based on experience, qualifications, and location of the position. The successful candidate may be eligible to participate in the relevant business unit’s incentive compensation plan, which may also include a discretionary bonus component. CIBC offers a full range of benefits and programs to meet our employee’s needs; including Medical, Dental, Vision, Health Savings Account, Life Insurance, Disability, and Other Insurance Plans, Paid Time Off (including Sick Leave, Parental Leave and Vacation), Holidays and 401(k), in addition to other special perks reserved for our team members.

What CIBC Offers

At CIBC, your goals are a priority. We start with your strengths and ambitions as an employee and strive to create opportunities to tap into your potential. We aspire to give you a career, rather than just a paycheck.

• We work to recognize you in meaningful, personalized ways including a competitive salary, incentive pay, banking benefits, a benefits program*, a vacation offering, wellbeing support, and MomentMakers, our social, points-based recognition program.

• Our spaces and technological toolkit will make it simple to bring together great minds to create innovative solutions that make a difference for our clients.

• We cultivate a culture where you can express your ambition through initiatives like Purpose Day; a paid day off dedicated for you to use to invest in your growth and development.

*Subject to plan and program terms and conditions

What you need to know

• CIBC is committed to creating an inclusive environment where all team members and clients feel like they belong. We seek applicants with a wide range of abilities and we provide an accessible candidate experience. If you need accommodation, please contact Mailbox.careers-carrieres@cibc.com

• You need to be legally eligible to work at the location(s) specified above and, where applicable, must have a valid work or study permit.

• We may ask you to complete an attribute-based assessment and other skills tests (such as simulation, coding, MS Office). Our goal for the application process is to get to know more about you, all that you have to offer, and give you the opportunity to learn more about us.

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