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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 3, 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.

SVP - Model Risk Management AI, Wealth and Investments

BNY

Manhattan, NY • On-site

Full-time

Re-posted 7 days ago

Job description

We’re seeking a future team member for the role of SVP - Model Risk Management AI, Wealth and Investment to join our Model Risk team. This role is located in New York City, New York. 

In this role, you’ll make an impact in the following ways:

  • Lead the Model Risk Management framework for a defined portfolio of models (e.g., pricing, risk, capital, stress testing, AI/ML, and valuation models) by setting clear standards for model risk identification, assessment, validation and governance, and by ensuring consistent application across businesses and legal entities.
  • Oversee and review independent model validations and ongoing performance monitoring by demonstrating deep quantitative expertise, providing effective challenge to model design, data, assumptions and implementation, and ensuring that model risk is appropriately quantified, documented and mitigated.
  • Establish and chair or actively contribute to model risk governance forums by defining decision‑making processes, setting model approval thresholds and ensuring that model risk topics are escalated, debated and resolved in line with internal policies and regulatory expectations.
  • Advise senior business, risk and Engineering stakeholders on model risk issues and emerging quantitative methodologies by translating complex analytical concepts into clear risk insights and recommendations that support sound business decisions and responsible innovation.
  • Drive continuous enhancement of the firm’s model risk policies, standards, tools and methodologies by monitoring external regulatory developments, industry good practice and advances in quantitative methods, and by embedding these into practical, risk‑sensitive processes.
  • Manage, develop and coach a team of model risk professionals by setting clear objectives, providing technical and behavioral guidance, promoting a culture of rigorous challenge and collaboration, and ensuring appropriate capacity and capabilities to meet current and emerging model risk demands.
  • This role will be focused on GenAI and Wealth Models. 


To be successful in this role, we’re seeking the following:  

  • Advanced degree (Master’s or PhD preferred) in a quantitative field such as mathematics, statistics, econometrics, physics, engineering, quantitative finance or computer science, or equivalent experience.
  • Professional certifications in risk, quantitative finance or related areas (e.g., FRM, PRM, CQF) are advantageous.
  • Strong knowledge of financial markets, products and risk management practices, including experience with complex mathematical/statistical modeling techniques.
  • Typically, 8-12 years of experience
  • Advanced quantitative and analytical skills, including deep knowledge of model development, validation and performance measurement techniques, and the ability to provide credible effective challenge.
  • Strong leadership, communication and stakeholder management skills, with the ability to influence senior leaders, shape governance decisions and translate complex quantitative issues into clear risk insights.
  • Proven people management capabilities, including building and leading high‑performing quantitative teams, coaching technical staff and fostering a culture of integrity, accountability and continuous improvement in risk management.

At BNY, our culture allows us to run our company better and enables employees’ growth and success. As a leading global financial services company at the heart of the global financial system, we influence nearly 20% of the world’s investible assets. Every day, our teams harness cutting-edge AI and breakthrough technologies to collaborate with clients, driving transformative solutions that redefine industries and uplift communities worldwide.

Recognized as a top destination for innovators, BNY is where bold ideas meet advanced technology and exceptional talent. Together, we power the future of finance – and this is what #LifeAtBNY is all about. Join us and be part of something extraordinary.

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