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Head Of Model Risk Management Jobs in Chelsea, MA

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Head Of Model Risk Management information

See Chelsea, MA salary details

$58.7K

$155.6K

$282.5K

How much do head of model risk management jobs pay per year?

As of Aug 9, 2026, the average yearly pay for head of model risk management in Chelsea, MA is $155,587.00, according to ZipRecruiter salary data. Most workers in this role earn between $114,600.00 and $182,000.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a head of model risk management?

To thrive as a Head Of Model Risk Management, you need deep quantitative expertise, advanced knowledge of risk management frameworks, and a strong background in finance or mathematics, often supported by advanced degrees such as a PhD or MSc. Familiarity with statistical software (like Python, R, or SAS), model validation tools, and regulatory compliance systems is typically required. Exceptional leadership, communication, and critical thinking skills are essential for effectively managing teams and presenting complex risk issues to stakeholders. These skills ensure robust oversight of model risk, regulatory compliance, and sound decision-making within financial institutions.

What is the difference between Head Of Model Risk Management vs Model Validation Manager?

AspectHead Of Model Risk ManagementModel Validation Manager
Primary FocusOversees overall model risk framework, governance, and strategyConducts independent validation and testing of models
ResponsibilitiesRisk oversight, policy development, senior stakeholder communicationModel testing, performance assessment, validation reports
CredentialsAdvanced degrees, certifications like FRM, CFA, or CAMS, experience in risk managementQuantitative background, certifications like CFA, FRM, strong modeling expertise
Work EnvironmentStrategic, leadership role within risk management teamsTechnical, analytical role focused on model validation tasks

The Head Of Model Risk Management oversees the entire model risk framework, focusing on strategy and governance, while the Model Validation Manager specializes in testing and validating individual models. Both roles require strong quantitative skills and relevant certifications, but differ in scope and responsibilities.

What are the main challenges faced by a head of model risk management in maintaining regulatory compliance?

A Head of Model Risk Management often faces the challenge of keeping up with evolving regulatory expectations and ensuring that all models used within the organization are compliant. This involves constantly monitoring regulatory updates, coordinating with various departments to implement necessary changes, and maintaining detailed documentation for audit purposes. Additionally, the role requires balancing the need for innovation in modeling techniques with the necessity of robust risk controls and transparent validation processes. Regular communication with risk, compliance, and audit teams is essential to address these challenges effectively.

What does a head of model risk management do?

A Head of Model Risk Management oversees the processes and teams responsible for identifying, assessing, and mitigating risks associated with financial and predictive models used within an organization. This role involves establishing and maintaining model risk frameworks, ensuring regulatory compliance, and leading model validation activities. They also coordinate with other departments to ensure the effective management and governance of all models, providing guidance on best practices and emerging risks. Ultimately, their goal is to minimize model-related losses and support sound decision-making across the business.
What cities near Chelsea, MA are hiring for Head Of Model Risk Management jobs? Cities near Chelsea, MA with the most Head Of Model Risk Management job openings:
Head Of Model Risk Management jobs near you

Quantitative Risk Analyst, Model Risk Management, Assistant Vice President

State Street Global Advisors

Boston, MA

$90K - $157K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 17 days ago

Job description

JOB DESCRIPTION

State Street Investment Management (State Street IM) Model Risk Management (MRM) function is seeking a Quantitative Risk Analyst to join its State Street IM Model Validation team based in Boston, MA. The Quantitative Risk Analyst will conduct model validation to ensure model risks are correctly identified, assessed, and managed across the global asset management business. Diverse product knowledge including index products, ETFs, responsible investing as well as experience in the general risk areas covering credit, liquidity, market and operational risk, securities finance, asset management, and stress testing is important.

Specific tasks performed during model reviews include:

  • Review the model workflow and identify gaps in model methodology, development, implementation, and usage process and documentation

  • Challenge the model methodology by testing its assumptions and parameters; independently evaluate model performance and perform benchmarking; suggest areas for improvement

  • Collaborate with portfolio managers, traders, researchers, model developers, IT, and Corporate Model Risk Management to conduct independent validation as well as annual reviews of models supporting State Street IM business and company-wide strategic initiatives

  • Review and assess model changes and conduct targeted validation on significant model changes

  • Evaluate remediation submissions and ongoing monitoring of models

  • Identify, assess, and report model risks on individual model and aggregate level to management through validation reports and other MRM reporting

Job Qualifications:

  • MS or PhD in Finance, Economics, Financial Engineering, Statistics, Math, or related field

  • Excellent quantitative modeling, analytical, research, and programming skills (e.g., R, Python, MATLAB, SQL)

  • Deep knowledge of economic theory and empirical finance across a broad range of products and asset classes

  • Strong understanding of the asset management business and its modeling philosophy, including factor models

  • Proven ability to leverage LLMs/GenAI or their applications in day-to-day work and model review activities

  • Solid understanding of Model Risk Management Framework including SR 11-7 and other regulatory guidance related to the model risk management

  • Strong written and verbal communication skills

  • Strong project management skills exemplified by the ability to work independently on multiple projects and meetdeadlines

Salary Range:

$90,000 - $157,500 Annual

The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.

Employees are eligible to participate in State Street's comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.

For a full overview, visit https://hrportal.ehr.com/statestreet/Home.

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.

We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you'll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.

As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

Discover more information on jobs at StateStreet.com/careers

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Job Application Disclosure:

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.

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