Government of Canada Jobs Remote

By | July 1, 2022

Job Responsibilities : Principal Analyst (RE-05) Governance & Controls, Model Risk Division

Salary : $92,600–$119,300 a year

Company : Office of the Superintendent of Financial Institutions Canada

Location : Remote CA

Educational requirements : Graduate

Office of the Superintendent of Financial Institutions Canada – Model Risk Division

Vancouver (British Columbia) Ottawa (Ontario) Toronto (Ontario) Montréal Island (Québec)



$92600 to $119300

For further information on the organization please visit Office of the Superintendent of Financial Institutions Canada

Closing date: 14 July 2022 – 23:59 Pacific Time

Who can apply: Persons residing in Canada and Canadian citizens and Permanent residents abroad.

Apply online

Important messages

We are committed to providing an inclusive and barrier-free work environment starting with the hiring process. If you need to be accommodated during any phase of the evaluation process please use the Contact information below to request specialized accommodation. All information received in relation to accommodation will be kept confidential.

Assessment accommodation


This position is located in Toronto; however the successful candidate may work from one of the OSFI offices across Canada (Toronto Montreal Ottawa or Vancouver).

As a result of the global pandemic OSFI employees are currently working from home. Should the current telework environment no longer apply and contingent on the operating model adopted by OSFI you may be required to report into and work onsite from one of the following offices: Toronto Montreal Ottawa or Vancouver. As our telework arrangements are evolving we encourage you to apply.


OSFI is committed to achieving a representative workforce that reflects the diversity of the Canadian population. We are dedicated to building and promoting a diverse equitable and inclusive workforce representative of all Canadians regardless of race ethnicity colour religion sex age disability sexual orientation gender identity or expression socio-economic background or lived experience. By embracing diversity and inclusion our department ensures broader discussions better decisions and a more positive workplace.

We welcome all candidates including Indigenous Peoples Black other racialized groups persons with disabilities and members of the LGBTQ2+ community to apply and strongly encourage candidates to self-declare if they belong to an Employment Equity designated group Aboriginal* Peoples Persons with Disabilities Women or Visible Minorities – Black people and other racialized groups.

  • The term “Aboriginal” is used within this job advertisement as it relates to the Employment Equity Act and other legislative frameworks. The term “Indigenous” is used where possible in alignment with the United Nations Declaration on the Rights of Indigenous Peoples.

While many programs and initiatives have already been implemented in line with our commitments to diversity and inclusion we aim to improve! We invite you to be part of the change by joining an organization where individual differences are recognized valued and respected.

Achieving a representative and diverse workforce has been identified as an organizational need for OSFI and may be applied at any time during this appointment process. If this criterion is used only those who have indicated that they are members of the specified designated group(s) will be considered. As such first consideration for an appointment may be given to candidates who self-declare as belonging to one of the four designated employment equity groups (Persons with a disability Aboriginal people Members of a Visible Minority or Women).

In order to self-declare please ensure to check off the appropriate box within the online application under the Employment Equity section. We encourage you to consult theses links to learn more about employment equity and self-declaration:



OSFI’s Model Risk Division (MRD) is looking for a highly motivated individual to join the division in the role of a Principal Analyst. This position will be part of a team responsible for assessing the governance and oversight of models used by Federally Regulated Financial Institutions (“FRFI”). This could include both regulatory capital models and those used for other risk management enterprise functions and activities. Responsibilities include:

  • Liaising with and providing advice on model risk governance to internal and external stakeholders.
  • Identifying designing and implementing process improvements: developing analytical and reporting solutions automating manual processes optimizing data delivery and re-designing processes and regulatory guidance to enhance effectiveness.
  • Applying automation and innovation on new and on-going data platforms for BI projects aligned to business or organizational strategies.

Work environment

Our Role:

OSFI is an independent federal government agency that regulates and supervises more than 400 federally regulated financial institutions and 1200 pension plans to determine whether they are in sound financial condition. In fulfilling its mandate OSFI supports the government’s objective of contributing to public confidence in the Canadian financial system.

Learn more about us

Our People and Culture:

People are the foundation of our organization. You will become part of a diverse community that acknowledges everyone has varied experience and fosters an environment where communication and teamwork amplify our effectiveness. We have several networks dedicated to ensuring that the department continues to grow as an inclusive accessible respectful and diverse workplace. All employees are encouraged and welcome to join the following networks and participate in their activities and events.

  • Diversity of Thought
  • Family Responsibilities
  • Gender
  • Mental Health and Accessibility
  • Multiculturalism (Affinity Groups: Indigenous Asian Black)
  • Unconscious Bias

Hear about our people

Our Rewards:

Compensation: OSFI offers a competitive salary and employees may be eligible for in-range increases and economic adjustments. Salaries are based on qualifications experience and knowledge. The Public Service Pension Plan is a defined benefits pension plan (indexed for inflation) where both the employer and the employee contribute.

Performance Pay: OSFI employees are eligible for an annual bonus based on their performance throughout the year.

✈️ Vacation and Leave: OSFI employees start with 4 weeks of paid vacation 2 personal days and 5 days of Family Related Leave with Pay among other various types of paid and unpaid leave.

Flexible Work Arrangements: OSFI offers flexible work arrangements by providing support for compressed work week schedules flexible work hours and teleworking in order for employees to achieve their work objectives while achieving balance between work and homelife.

Learning and Development: OSFI offers career advancement opportunities and encourages innovative thinking in its work environment. Employees may be reimbursed for relevant professional association membership fees.

Intent of the process

The immediate need is to staff one indeterminate English Essential position.

A pool of qualified or partially qualified candidates may be created to staff similar or identical positions with various linguistic profiles and requirements security profiles and/or various tenures within the Office of the Superintendent of Financial Institutions which may vary according to the position being staffed.

Positions to be filled: 1

Information you must provide

Your résumé.

In order to be considered your application must clearly explain how you meet the following (essential qualifications)


  • A degree from a post-secondary institution with specialization in business commerce economics finance mathematics actuarial science accounting statistics data science or other relevant field OR an acceptable combination of relevant professional industry experience and education.

Degree equivalency


  • Recent and significant experience working in the financial services industry* or recent and significant experience in supervising financial institutions.
  • Recent experience in two or more of the following:

o Establishing implementing or monitoring controls (e.g data integrity usage performance monitoring) related to credit or market risk models;

o Applying or assessing the Capital Adequacy or E-23 Guidelines;

o Other model risk governance activities (including model risk audit).

o Analyzing data using BI and/or modern data management practices.

  • Financial services industry experience is defined as experience working in one or more of the following areas: (a) financial institutions including banks trust and loan companies and insurance companies (b) firms dealing with audits or consulting engagements to such institutions (including reinsurance brokers) (c) technology and data companies providing services to financial institutions or linked to the delivery of financial services (d) government departments that directly deal with the supervision and regulation of these institutions (e) First Nation Institutions including: Band operations trustees or administrators of pension plans lending institutions or other related areas providing financial services (f) other relevant areas.

The following will be applied / assessed at a later date (essential for the job)

English essential

Information on language requirements


  • Knowledge of model risk management practices and frameworks.
  • Knowledge of current data management and data mining best practices and tools

  • Critical Thinking
  • Results Orientation
  • Collaboration
  • Interpersonal Communication

  • Ability to communicate effectively in writing
  • Ability to communicate effectively verbally

The following may be applied / assessed at a later date (may be needed for the job)


  • Graduate degree in finance economics data science mathematics statistics accounting or other relevant discipline.
  • A relevant professional designation.

Degree equivalency


  • Experience in credit or market risk portfolio management and reporting in financial institutions.
  • Experience monitoring or assessing the performance of regulatory capital models.
  • Experience in designing and/or implementing processes to analyze structured data from internal and/or external stakeholders.
  • Experience in designing and/or applying model risk rating frameworks.
  • Experience in managing upstream and downstream data controls from regulatory capital economic capital or liquidity models.
  • Experience in data visualization using Power BI.
  • Experience developing automated workflows for data management and analytical purposes.
  • Experience in a central support function (including Supervision Methods Standards and Controls formerly Common Supervisory Services) within financial sector regulation and/or supervision of OSFI.

  • Knowledge of industry practice and evolving standards in model governance and controls.
  • Knowledge of mathematical concepts and analytics used to measure risk in credit or market risk models.
  • Knowledge of regulatory capital returns.
  • Knowledge of advanced data science techniques.

  • Innovation
  • Growth and Development
  • Transparency
  • Inclusion

OSFI is committed to having a skilled and diverse workforce representative of the Canadian population. In order to meet our employment equity objectives selection for this position may be made from among qualified candidates who self-declare as belonging to one of the following Employment Equity groups: Persons with a disability Aboriginal people Members of a Visible Minority or Women. OSFI is committed to diversity and inclusion and we strongly encourage candidates to self-declare if they belong to one of these designated employment equity groups

Conditions of employment

Security – Reliability Status

Ability and willingness to travel internationally and/or domestically when required.

In our current telework environment the ability to work remotely from home within Canada with access to Internet in one’s residence is a condition of employment.

Other information

The Public Service of Canada is committed to building a skilled and diverse workforce that reflects the Canadians we serve. We promote employment equity and encourage you to indicate if you belong to one of the designated groups when you apply.

Information on employment equity

For external processes (as indicated by the abbreviation “EA” in the selection process number) only those selected for further consideration will be contacted.

OSFI is a separate agency with its own classification and compensation system. OSFI’s staffing is subject to the Public Service Employment Act (PSEA).

The ability to communicate effectively in writing may be assessed using the candidate’s application as well as through the evaluation process.

Assessments (such as written exams interviews and reference checks) may be conducted virtually through email telephone and/or videoconference. It is the candidate’s responsibility to ensure that their computer and mobile equipment is in working condition before starting an assessment.

Candidates must meet all of the essential qualifications to be appointed; however one or more asset criteria may be invoked at any stage of the process.

Depending on the number of applicants volume management strategies such as random selection top-down approach and/or establishing cut-off scores to determine who will continue in the staffing process may be used for the purpose of managing applications. Please note that although you may attain the established pass mark on any of the assessments used in this staffing process management may decide to use a higher cut off score.

Eligible candidates may be considered and offered a deployment or interchange before considering other applicants.

Persons are entitled to participate in the appointment process in the official language of their choice. Applicants are asked to indicate their preferred official language in their application.

Email correspondence will be used as the main method of communication with candidates for this selection process please ensure it accepts messages from unknown users. Please note that you need to provide valid and updated contact information.

All job applications must be submitted through the Government of Canada public service jobs website. Do not email or mail hard copy documents as these will not be accepted. To submit an application online please click on the apply now button. Persons without Internet access may also review jobs open to the public through INFOTEL at 1-800-645-5605.

If you have a limitation that may impact your performance at any steps of the assessment process (such as submitting the application written test or an interview) you may request an accommodation. Assessment accommodations are designed to remove barriers and to ensure that candidates with limitations can fully demonstrate their abilities. Should you wish to be accommodated please inform us by sending an e-mail to the following address: ( / All information received in relation to accommodation will be kept confidential.


Preference will be given to veterans first and then to Canadian citizens and permanent residents with the exception of a job located in Nunavut where Nunavut Inuit will be appointed first.

Information on the preference to veterans

We thank all those who apply. Only those selected for further consideration will be contacted.

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