---
title: 'Manager, Model Validation at EQ Bank | Canada''s Challenger Bank'
canonical: 'https://feeny.ai/job/manager-model-validation-eq-bank-canada-s-challenger-bank-toronto-et5mbmazmbaz'
type: 'job'
last_seen: '2026-10-13'
---

# Manager, Model Validation at EQ Bank | Canada's Challenger Bank

- **Company:** EQ Bank | Canada's Challenger Bank
- **Location:** Toronto, Canada
- **Work type:** hybrid
- **Posted:** 2026-10-05
- **Last confirmed live:** 2026-10-13
- **Apply:** https://jobs.lever.co/eqbank/ef676096-a66f-40e6-8f66-460412709643

## Job description

Join a Challenger At EQ, we're remaking banking so every Canadian gets ahead, every day. Serving nearly 4 million Canadians from coast to coast, we offer a wide variety of financial services from banking and lending, to trust and credit union solutions.

We've been at this since 1970, challenging the conventions of traditional banking with smarter, faster, and more connected financial experiences.

What's kept us moving?  The people behind it all: challengers who ask better questions, push back on old assumptions, and look for a better way forward.

If you're driven to help reshape how banking works for Canadians and the businesses that power our economy, this could be your next big opportunity.

We can’t wait to get to know you!

The Work

The Manager, Model Validation reports to the Director, Model Risk Management and supports the delivery of model validation activities across the Bank. The role executes validation procedures, contributes to validation strategies, and supports the effective management of model risk in accordance with the Bank's Model Risk Management Framework and applicable regulatory requirements. The scope includes models used for credit and treasury risk management, including AIRB and IFRS 9 ECL, interest rate risk, liquidity risk, and stress testing approaches used to support ICAAP.

The role works closely with model risk stakeholders and conducts detailed reviews of model methodologies, assumptions, intended use, limitations, inputs, implementation, and performance. Responsibilities include completing benchmark and outcome analyses, documenting issues and recommendations, drawing evidence-based conclusions, and preparing model validation reports in accordance with the Bank's Model Risk Management Framework (MRMF). The primary focus is the execution of model validation activities, with additional support provided for model governance activities such as regulatory self-assessments, annual attestations, and risk reporting.

Model Validation Projects (85%)

- Contribute to model validation strategies and maintain model validation plans for assigned reviews.
- Assess whether model frameworks are appropriate for their current or planned use, including the underlying assumptions, mathematical methodology, data, and system implementation.
- Assess modeling data from extraction through preparation, cleansing, and treatment to determine its suitability for model development. Conduct and document model testing, including outcome analysis, sensitivity analysis, scenario analysis, stress testing, benchmark analysis, implementation review, and user acceptance testing.
- Prepare clear, well-supported validation reports in accordance with the MRMF. Identify model limitations and weaknesses, define the effective range of model use, and assess model risk in line with MRMF principles.
- Maintain effective communication with model risk stakeholders by setting clear expectations, gathering and sharing required information, and communicating model risk issues and independent recommendations throughout the validation process.
- Support model governance by ensuring model metadata is accurately captured and tracked in the model risk management system. Contribute to annual model attestations, model risk reporting, and other governance activities as required.

Model Risk Management Culture Enablement and Stakeholder Relationship (15%)

- Maintain current knowledge of industry trends, regulatory expectations, and leading practices in model risk management, and share relevant insights with model risk stakeholders.
- Support stakeholders in understanding and meeting their model risk management responsibilities in accordance with the Bank's MRMF and relevant regulatory guidance.
- Provide independent, constructive feedback to model developers and risk management groups during model development to help identify and remediate model risk issues, while maintaining Model Validation independence.
- Contribute to knowledge sharing across the Model Risk Management team and with relevant stakeholders.
- Develop and maintain productive working relationships with model risk stakeholders across the Bank and provide practical guidance on model risk management matters.
- Escalate difficult, material, or complex project issues to the Director, as appropriate.
- Escalate difficult or complex project-related issues, as appropriate.

Let's Talk About You!

- A Master’s degree or higher in Mathematics, Mathematical Finance, Statistics, Physics, Engineering, Economics, or an equivalent quantitative discipline.
- Minimum of 3 years of experience (5 years preferred) in quantitative modeling and/or model validation within the financial industry.
- Experience within financial services or another highly regulated environment strongly preferred.
- Strong understanding of model risk management and governance.
- Strong understanding of risk management principles and practices.
- Strong experience with programming languages, which may include Python, R, SAS, C++, C#, Java, and MATLAB.
- Excellent analytical and problem-solving capabilities.
- Excellent project management, time management, and organizational skills.
- Excellent technical documentation and report-writing skills.
- Excellent communication skills.

## 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 and personal days 🖥  Virtual events to connect with your fellow colleagues 🎓  Professional development and 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 EQ Bank’s additional office space located at 2200-25 Ontario Street, Toronto, ON.

Equity, Diversity & Inclusion EQ is committed to building an inclusive, accessible environment where every employee feels valued, respected, and supported. We believe our organization is stronger — and our people thrive — when we honour and celebrate diverse experiences, identities, and perspectives. We’re equally committed to supporting your growth, both professionally and personally. We provide a barrier‑free recruitment process and work environment. If you require accommodations at any stage, we will work with you to ensure you can bring your best self to the process and beyond. As part of our recruitment process, EQ uses AI to help screen, assess, and/or select applicants for this position. All AI-enabled outputs are reviewed and validated by our talent team. All candidates considered for hire must successfully complete a criminal background check and credit check. While we appreciate every application, an EQ recruiter will contact only those whose skills and experience most closely match the requirements of the role.

EQB Inc. (TSX: EQB) is the parent company of Equitable Bank, the country's seventh-largest Schedule I bank by assets, which operates EQ Bank, Canada's Challenger Bank™. EQB Inc. serves nearly 4 million Canadians and manages approximately $150 billion in combined assets under management and administration.

To learn more, visit eqb.investorroom.com and eqbank.ca.

## About EQ Bank | Canada's Challenger Bank

## Company Overview
- **One-liner**: A Canadian challenger bank providing digital-first personal and commercial banking, lending, and asset management through its EQ Bank platform and parent company EQB Inc.
- **Entity Type**: Public (TSX: EQB)
- **Headquarters**: Toronto, Ontario, Canada
- **Founded**: 1970
- **Founders**: Not publicly available

## Core Business
- **Primary industries**: Banking, Financial Services, Digital Banking, Asset Management
- **Target customers**: B2C (Canadian consumers), B2B (small businesses, credit unions, commercial real estate borrowers)
- **Mission / purpose**: “Drive change in Canadian banking to enrich people’s lives” — challenging the status quo to bring more competition and better value to Canadians.

## Products & Services
- **EQ Bank**: Canada’s first all-digital, cloud-based bank offering high-interest savings, registered accounts, GICs, and everyday banking (SaaS-like digital platform)
- **Business Banking**: Recently launched all-digital banking platform for small businesses, offering greater value and a differentiated experience
- **Commercial Banking**: Lending focused on insured multi-unit residential securitization, serving builders and renovators of rental apartment supply
- **Insurance (Equitable Trust/Concentra)**: Home and auto insurance, estate and trust services
- **Asset Management (ACM Advisors)**: Alternative asset management for institutional investors
- **Credit Union Solutions**: Services for nearly 200 Canadian credit unions, serving approximately six million members

## Market Standing
- **Valuation / Market Cap**: Not directly disclosed in provided sources; combined assets under management and administration are $151 billion (company overview) – $138 billion (annual report). Market cap is not publicly available in the provided data.
- **Key Metric**: Annual revenue of $270 million (LinkedIn estimate); public company with SEC/TSX filings.
- **Notable Investors / Partners**: Exclusive financial partner of Loblaw Companies Limited’s PC Optimum™ loyalty program (18+ million members). Recognized as one of Forbes’ World’s Best Banks (2021‑2025) and named top bank in Canada and North America by The Banker (Financial Times, 2025).
- **Growth Signals**: 607,000 EQ Bank customers at end of Q4 2025 (18% YoY increase); directly serves over 779,000 customers; employee count grew to ~1,950 (from ~1,360 on LinkedIn, indicating significant hiring); moved into new national headquarters at EQ Bank Tower in Toronto (May 2025).

## Competitive Advantages
- **First-mover digital advantage**: Canada’s first all-digital bank, built on a proprietary cloud platform that enables rapid product development and fintech collaborations.
- **Challenger brand identity**: Distinct positioning as a “Challenger Bank™” that actively disrupts the big-five bank oligopoly, attracting customers seeking better value.
- **Massive embedded reach**: Exclusive partnership with PC Optimum (18M+ members) gives EQ Bank deep integration into daily Canadian spending.
- **Strong regulatory standing**: Operating as a Schedule I bank (7th largest by assets) with OSFI regulation, providing trust and stability.

## Strategic Focus
- **Open banking leadership**: Advocating for and integrating open banking to give customers control over their financial data and enable better choices.
- **Digital expansion**: Scaling the EQ Bank platform (record customer growth) and recently launching Business Banking to capture small business market.
- **Innovation & efficiency**: Leveraging cloud-native platform to drive best-in-class cost efficiencies and rapidly innovate new products.
- **Talent growth**: Investing in leadership development programs and building a pipeline of future leaders to sustain growth.

## Why Work Here
- **Culture**: Recognized on LinkedIn Top Companies list for workplace growth and career progression (2024) and Canada’s Best Workplaces™ (2023). Emphasizes authenticity, inclusion, and a “Challenger” mindset.
- **Work model**: Hybrid work model with flexible hours, generous vacation, and a “work from away” program.
- **Compensation & benefits**: Comprehensive medical, dental, vision, fertility, and mental health support; company equity via stock matching; retirement savings plan with matching; 12 weeks top-up pay for parental leave.
- **Growth & learning**: Annual learning budget; allowances for home office and wellness; structured internship, co-op, and Leadership Development Program (LDP) offering real responsibility, mentorship, and cross-functional rotations.
- **Wellness**: Employee assistance program, sick days, life and disability insurance.
- **Perks**: New national headquarters at EQ Bank Tower in downtown Toronto.

## Sources
1. [eqbank.ca - Company Overview](https://www.eqbank.ca/about-us/about/company-overview)
2. [eqbank.ca - Careers](https://www.eqbank.ca/about-us/about/careers)
3. [jobs.lever.co/eqbank - Job listings](https://jobs.lever.co/eqbank)
4. [linkedin.com/company/-eqbank - LinkedIn company page](https://linkedin.com/company/-eqbank)
5. [filecache.investorroom.com - EQB 2025 Annual Report](https://filecache.investorroom.com/mr5ircnw_eqbank2/1591/EQB-2025_Annual_Report_Final.pdf)

## Other roles at EQ Bank | Canada's Challenger Bank

- [Senior Executive Assistant](https://feeny.ai/job/senior-executive-assistant-eq-bank-canada-s-challenger-bank-toronto-7cbk879e3nb5) — Toronto, Canada
- [Intern - Software Engineer, Winter 2027](https://feeny.ai/job/intern-software-engineer-winter-2027-eq-bank-canada-s-challenger-bank-toronto-bce7d2hry69n) — Toronto, Canada
- [Director, Cyber Program & Transformation](https://feeny.ai/job/director-cyber-program-transformation-eq-bank-canada-s-challenger-bank-toronto-s0pz96mbctm8) — Toronto, Canada
- [Lead, Business System Analyst](https://feeny.ai/job/lead-business-system-analyst-eq-bank-canada-s-challenger-bank-toronto-zwjm8z3r5q5n) — Toronto, Canada
- [Intern - Public Relations (External Comms) Winter 2027](https://feeny.ai/job/intern-public-relations-external-comms-winter-2027-eq-bank-canada-s-challenger-8d95tww3e3an) — Toronto, Canada
- [Bilingual Residential Mortgage Underwriter](https://feeny.ai/job/bilingual-residential-mortgage-underwriter-eq-bank-canada-s-challenger-bank-qddzck1ax76z) — Montréal, Canada
- [Senior Director, Enterprise Execution](https://feeny.ai/job/senior-director-enterprise-execution-eq-bank-canada-s-challenger-bank-toronto-1wc9t5a1naw7) — Toronto, Canada
- [Lead, Program Governance & Enablement](https://feeny.ai/job/lead-program-governance-enablement-eq-bank-canada-s-challenger-bank-toronto-8azpt99c0ghv) — Toronto, Canada
- [Senior Director, Marketing Enablement & Operations](https://feeny.ai/job/senior-director-marketing-enablement-operations-eq-bank-canada-s-challenger-xmm260pxex4e) — Toronto, Canada
- [Intern - Product Marketing Winter 2027](https://feeny.ai/job/intern-product-marketing-winter-2027-eq-bank-canada-s-challenger-bank-toronto-qshhq7nwwtgy) — Toronto, Canada