Model Validation Intern, Treasury, Fall 2023

Join a Challenger
Being a traditional bank just isn’t our thing. We are big believers in innovating the banking experience because we believe Canadians deserve better options, and we challenge ourselves and our teams to creatively transform what’s possible in banking. Our team is made up of inquisitive and agile minds that find smarter ways of doing things. If you’re not afraid of taking on big challenges and redefining the future, you belong with us. You’ll get to work with people who will encourage you to reach new heights. We like to keep things fun, ask questions and learn together.
We are a big (and growing!) family. Overall we serve more than 370,000 people across Canada through Equitable Bank, Canada's Challenger Bank™, and have been around for more than 50 years. Equitable Bank's wholly-owned subsidiary, Concentra Bank, supports credit unions across Canada that serve more than 5 million members. Together we have over $100 billion in combined assets under management and administration, with a clear mandate to drive change in Canadian banking to enrich people's lives. Our EQ Bank platform ( eqbank.ca ) has been named the top Schedule I Bank in Canada on the Forbes World's Best Banks 2023, 2022, and 2021 lists.
Purpose of the Job
The MRM team is responsible to ensure that model risk is appropriately managed according to the Bank’s Model Risk Policy and Standards and compliant with regulatory requirements such as E-23.
The Model Validation Intern (“MVI”) reports to the Associate Director, Model Risk Management (“ADMRM”). The Intern, under the instruction of MRM senior member(s), supports the model validation of Treasury models, and may also be involved in validating other models and/or model governance.
The primary focus of the MVI will be on validating the Bank’s models for asset-liability management (interest rate risk in banking book) and liquidity risk, including assessing model methodology, assumptions, and data; building benchmarks; conducting analysis, raising concerns and potential validation findings, making recommendations, and documenting work done and results in the Model Validation report, as per the Bank’s validation standards and procedures.
The Work!
Model Validation Work

• Ensure effective two-way communications with the Model Owners/Developers/Users to obtain and provide information on models and communicate model risk issues and suggestions during validation.
• Assist the lead validator to produce validation reports according to the Bank’s validation standards and procedures, including identification of model limitations, weaknesses, conditions for model use and evaluation of the model risk.
• Provide regular project status updates to the lead validator and ADMRM for tracking and monitoring validation projects.
• Assess the appropriateness and construction of models to their current or planned use and determine the level of model risk associated with the model, its assumptions, mathematical implementation, the underlying data, and its system implementation.
• Build independent benchmarks to test validated models.

Let's Talk About You!

• A student pursuing a master’s degree (preferred) in Math, Applied Math, Computer Science, Math Finance, Economics, or equivalent quantitative fields, or a senior undergraduate student in these fields.
• Good knowledge of typical financial products (such as bonds, IR swaps, loans, and deposits).
• Previous work experience in a corporate environment is preferred.
• Adequate financial mathematics knowledge (passed CFA Level 1, FRM Level 1 or equivalent programs is preferred)
• Strong technical documentation and report-writing skills.
• Programming well in Python, with working knowledge of SQL.
• Good knowledge of model risk management and general risk management principles
• Good project management and time management skills.
• Strong analytical skills and communication skills in both written and verbal format.

How to Correctly Submit Your Application

• Please scan together and submit ONE DOCUMENT that includes your transcripts, resume and cover letter. Please note that if the application is not completed properly, it will not be accepted.
• All applications must be submitted through our company website: https://jobs.lever.co/eqbank . Search for: Model Validation Intern, Treasury, Fall 2023
• Please note that you must be an active student going back to school. Applications from students who have already graduated will not be accepted unless you need to do a co-op placement in order to graduate.

What We Offer

• Competitive pay
• A fun, relaxed, diverse work environment
• A modern work environment in Toronto, easily accessible by TTC

What we offer [For full-time permanent roles]
💰 Competitive discretionary bonus
✨ Market leading RRSP match program
🩺 Medical, dental, vision, life, and disability benefits
📝 Employee Share Purchase Plan
👶🏽 Maternity/Parental top-up while you care for your little one
🏝 Generous vacation policy, personal days and even a moving day
🖥 Virtual events to connect with your fellow colleagues
🎓 Annual professional development allowance and a comprehensive Career Development program
💛 A fulfilling opportunity to join one of the top FinTechs and help create a new kind of banking experience
The incumbent will be working hybrid and in office time will be spent working from Equitable Bank’s additional office space located at 351 King Street East, Toronto, ON.
Equitable Bank is deeply committed to inclusion. Our organization is stronger and our employees thrive when we honour and celebrate everyone’s diverse experiences and perspectives. In tandem with that commitment, we support and encourage our staff to grow not just in their career path, but personally as well.
We commit to providing a barrier-free recruitment process and work environment for all applicants. Please let us know of any accommodations needed so that you can bring your best self to the application process and beyond. All candidates considered for hire must successfully pass a criminal background check and credit check to qualify for hire. While we appreciate your interest in applying, an Equitable recruiter will only contact leading candidates whose skills and qualifications closely match the requirements of the position.
We can’t wait to get to know you!