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Contract Model Risk Governance Jobs in Manhattan, NY

DTCC

Model Validation Senior Associate

Jersey City, NJ · On-site

Prepare model validation and review presentations to the Model Risk Governance Council (MRGC) meetings for model approval, model issue tracking, and resolution. * Present model validation, review ...

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Contract Model Risk Governance information

See Manhattan, NY salary details

$11

$50

$157

How much do contract model risk governance jobs pay per hour?

As of Sep 12, 2026, the average hourly pay for contract model risk governance in Manhattan, NY is $50.45, according to ZipRecruiter salary data. Most workers in this role earn between $16.44 and $79.57 per hour, depending on experience, location, and employer.

What is contract model risk governance?

Contract Model Risk Governance refers to the framework and processes used by organizations to identify, assess, monitor, and mitigate risks associated with the use of models in contracts or contractual obligations. This role ensures that the use of quantitative models in financial and business contracts complies with regulatory standards and internal policies, reducing the likelihood of errors, misinterpretations, or financial losses. Professionals in this field often oversee model validation, implementation, and documentation, and work closely with compliance, risk, and legal teams. Effective governance helps maintain model integrity and supports sound decision-making across the organization.

What are the key skills and qualifications needed to thrive in contract model risk governance?

To excel in Contract Model Risk Governance, you need a strong background in risk management, quantitative analysis, and familiarity with regulatory requirements, often supported by a degree in finance, mathematics, or a related field. Proficiency with risk management software, model validation tools, and knowledge of frameworks such as SR 11-7 is typically required. Attention to detail, critical thinking, and effective communication are crucial soft skills for evaluating model risk and collaborating with stakeholders. These skills ensure robust oversight of model risk, regulatory compliance, and support sound decision-making within financial institutions.

What are some common challenges faced by professionals in contract model risk governance roles, and how can they be addressed?

Professionals in Contract Model Risk Governance often encounter challenges such as keeping up with evolving regulatory requirements, ensuring thorough model documentation, and effectively communicating risk findings to both technical and non-technical stakeholders. Balancing the need for detailed model validation with tight project timelines can also be demanding. To address these challenges, it's important to foster strong cross-functional collaboration, stay updated on industry best practices, and develop clear communication strategies for reporting risk and compliance issues.

What is the difference between Contract Model Risk Governance vs Contract Model Validation?

AspectContract Model Risk GovernanceContract Model Validation
Primary FocusOverseeing and managing risks associated with contract models, ensuring compliance and risk mitigationAssessing and testing contract models to ensure accuracy and reliability
ResponsibilitiesEstablishing policies, monitoring risk exposure, and implementing controlsPerforming independent reviews, testing model assumptions, and validating outputs
Work EnvironmentRisk management teams, compliance departments, regulatory interactionsQuantitative teams, model validation units, audit functions

While Contract Model Risk Governance focuses on managing and overseeing risks related to contract models, Contract Model Validation involves the technical assessment and testing of those models to ensure their accuracy and reliability. Both roles are essential in a comprehensive risk management framework within financial institutions and industries relying on contract models.

What are popular job titles related to Contract Model Risk Governance jobs in Manhattan, NY?

For Contract Model Risk Governance jobs in Manhattan, NY, the most frequently searched job titles are:

What job categories do people searching Contract Model Risk Governance jobs in Manhattan, NY look for?

The top searched job categories for Contract Model Risk Governance jobs in Manhattan, NY are:

What cities near Manhattan, NY are hiring for Contract Model Risk Governance jobs?

Cities near Manhattan, NY with the most Contract Model Risk Governance job openings:

Contract Model Risk Governance jobs near you
Infographic showing various Contract Model Risk Governance job openings in Manhattan, NY as of September 2026, with employment types broken down into 100% Full Time. Highlights an 70% In-person, 25% Hybrid, and 5% Remote job distribution, with an average salary of $104,939 per year, or $50.5 per hour.

Enterprise Risk Management Department-Model Risk Management VP

Manhattan, NY • On-site

Bank of China Limited, New York Branch
See more jobs at Bank of China Limited, New York Branchexternal

$110K/yr

Full-time

Re-posted 15 days ago

Job description

Introduction

Established in 1912, Bank of China is one of the largest banks in the world, with over $3 trillion in assets and a footprint that spans more than 60 countries and regions. Our long-term outlook, institutional weight and global breadth provide our clients with a stable and reliable financial partner, whether in Corporate or Personal Banking or our Trade Services, Commodities, Financial Institutions and Global Markets lines of business.

Overview

The job is a VP role in Model Risk Management team. The role contributes to implementing the model risk management framework including carrying out model risk governance activities and performing independent model validation. Specifically, regarding model validation, this role mainly drives and contributes to all kinds of model validations (e.g. credit risk, compliance risk, market risk/pricing, interest rate risk and liquidity risk types of models, etc.). This role will also get exposure to End User Computing (EUC) control framework enhancement and implementation. In general, this role is able to execute multi-tasks around model risk governance, conduct and add business values in model validation process, timely and effectively respond the requests from Regulatory and Internal Audit, and contribute in EUC control process.

Responsibilities

Model Validation

  • Conduct independently and drive the team to perform model validation mainly on credit risk related models by applying analytical skills for models defined in the model inventory and produce model validation reports

  • Independently coordinate the remediation of model validation findings and provide analytical guidance of the finding owners

  • Independently communicate with model developers/owner/users and senior management regarding validation findings and remediation activities

Model Risk Governance

  • Support and drive the team to implement the activities defined in model risk management framework and ensures that the Bank's model risk management framework continues to align with regulatory expectations

  • Support and drive the team to maintain model inventory and conduct annual model review/attestation processes

EUC Control

  • Contribute in EUC control framework maintenance and enhancement
  • Collaborate will relevant stakeholders to carry out the activities defined in EUC control framework

Other Duties

  • Support the other teams in ERM as needed.
Qualifications
  • Bachelor's degree required. Master's degree in Financial Engineering, Financial Mathematics, Mathematics, Statistics or Computer Science major preferred.
  • Minimum 6 years of financial modeling/analytical experience.
  • Demonstrate strong analytical and quantitative skills to understand and validate models effectively.
  • Demonstrate strong critical thinking and problem-solving skills with the ability to exercise sound and balanced judgment.
  • Demonstrate knowledge of SR11-7, supervisory guidance on model risk management, and other relevant banking regulations from regulators including OCC and FRB. 
  • FRM or CFA preferred.
Pay Range

Actual salary is commensurate with candidate's relevant years of experience, skillset, education and other qualifications.

USD $110,000.00 - USD $230,000.00 /Yr.Employment Type: FULL_TIME

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