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Head Of Model Risk Management Jobs in Newark, NJ

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Head Of Model Risk Management information

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$56.5K

$149.7K

$271.9K

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

As of Sep 7, 2026, the average yearly pay for head of model risk management in Newark, NJ is $149,732.00, according to ZipRecruiter salary data. Most workers in this role earn between $110,300.00 and $175,200.00 per year, depending on experience, location, and employer.

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 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 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 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 job categories do people searching Head Of Model Risk Management jobs in Newark, NJ look for?

The top searched job categories for Head Of Model Risk Management jobs in Newark, NJ are:

What cities near Newark, NJ are hiring for Head Of Model Risk Management jobs?

Cities near Newark, NJ with the most Head Of Model Risk Management job openings:

Head Of Model Risk Management jobs near you
Infographic showing various Head Of Model Risk Management job openings in Newark, NJ as of August 2026, with employment types broken down into 1% As Needed, 83% Full Time, 14% Part Time, and 2% Contract. Highlights an 88% Physical, 3% Hybrid, and 9% Remote job distribution, with an average salary of $149,732 per year, or $72 per hour.

Enterprise Risk Management Department-Model Risk Management VP

Bank of China Limited, New York Branch

Manhattan, NY • On-site

$110K - $230K/yr

Full-time

Re-posted 10 days ago

Job description

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.


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.


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.

  • 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.

USD $110,000.00 - USD $230,000.00 /Yr.

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