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Head Of Model Risk Management Jobs (NOW HIRING)

Rain

Head of Enterprise Risk Management

New York, NY · On-site

$50K/yr

Provide oversight of ERM programs related to model risk, third party risk, operational risk, business continuity/disaster recovery, policy management, and physical security. * Establish key risk ...

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Head Of Model Risk Management information

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$54K

$143.2K

$260K

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

As of Jun 28, 2026, the average yearly pay for head of model risk management in the United States is $143,185.00, according to ZipRecruiter salary data. Most workers in this role earn between $105,500.00 and $167,500.00 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, and why are they important?

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.
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What cities are hiring for Head Of Model Risk Management jobs? Cities with the most Head Of Model Risk Management job openings:
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What job categories do people searching Head Of Model Risk Management jobs look for? The top searched job categories for Head Of Model Risk Management jobs are:
Head Of Model Risk Management jobs near you
Infographic showing various Head Of Model Risk Management job openings in the United States as of June 2026, with employment types broken down into 99% Full Time, and 1% Part Time. Highlights an 92% Physical, 1% Hybrid, and 7% Remote job distribution, with an average salary of $143,185 per year, or $68.8 per hour.
Senior Operational and Model Risk Analyst

Senior Operational and Model Risk Analyst

OceanFirst Bank

Red Bank, NJ • On-site

Full-time

Posted 17 days ago

Job description

At OceanFirst Bank, each one of our employees plays an important role in delivering value to our customers and executing daily tasks in accordance with our core values. We recognize that our employees are essential to our success, making OceanFirst a great place to work and do business.
Great benefits include: on-site fitness facility at Red Bank and Toms River headquarter offices, employee perks & discount programs, tuition assistance, incentive compensation program, professional development opportunities, and more! Apply today to #BecomeOceanFirst and make an impact in the local community!
ABOUT YOUR ROLE
The primary responsibility of this position is to support the assessment and oversight of Operational Risk and Model Risk to enhance the Bank's risk management program. This includes analysis of processes to identify key risks and controls at a business unit level as well as aggregate operational risk and model risk data to ensure compliance with the Bank's Risk Appetite. This position is also responsible for collaborating with all three lines of defense to increase consistency across the Bank and to identify opportunities to mitigate operational risk and model risk. It includes working in concert with the Director of Operational Risk Management to execute the business and technology related Risk Control Self-Assessments (RCSAs) within the enterprise-wide Governance, Risk and Compliance tool and evaluating and monitoring the Bank-wide models to ensure compliance with regulatory standards.
WHAT YOU WILL DO LIST
In concert with Director of Operational Risk Management document bank-wide processes and execution of business processes, with a focus on technology related risks by performing Risk Control Self-Assessments (RCSAs) to assess inherent and residual risks of in-scope front-to-back processes at the aggregated bank and branch levels.
Track and categorize operational risk incidents and losses. Conduct deep dives on significant incidents to assure root causes have been identified and mitigation applied at bank-wide level where appropriate. Provide guidance and prepare reports to track remediation activities.
Remain current and support training for the line of business on the Governance, Risk, and Compliance tool that will support conducting the assessments, aggregating the risks, and tracking the mitigation of identified deficiencies.
Monitor and test operational risk controls to verify effectiveness of design and execution.
Develop and track quantitative measures to improve monitoring of existing operational risk to stated tolerance and to identify emerging operational risk trends.
Maintain the centralized inventory of models through RCSA reviews and perform quantitative and qualitative analysis to identify and mitigate model-related risks.
Conduct semi-annual model inventory reviews and work with Model Owners to ensure completeness and accuracy of the model inventory across the Bank.
Review model validation reports to evaluate model conceptual soundness, data quality and performance.
Perform review of the Model Risk Management Policy and propose updates to align with industry practices and regulatory expectations.
Perform backtesting of models to validate model accuracy by comparing its forecasts against actual historical outcomes.
Track and monitor model issues as they arise and collaborate with the model owners to ensure they are remediated timely.
Update monthly and quarterly operational risk and model risk reports for Business Units, Management, and the Board.
WHAT WE EXPECT OF YOU
Working knowledge of model risk best practices and frameworks including model evaluation, model validation, model documentation and reporting.
Knowledge of operational risk best practices including conducting risk control self-assessments, incident management, issues management, and scenario analysis.
Demonstrated ability to critically evaluate risk, consider relevant business factors, and make well-supported recommendations.
Proven ability to interact effectively across the Bank with stakeholders at all levels with the added skill to challenge the status quo thereby becoming a change agent.
Strong analytical thinking, attention to detail, and problem-solving skills.
Proficiency in Microsoft Office and experience using Visio to create process flows.
Knowledge of GRC solutions and usage is a plus.
Understanding of Artificial Intelligence (AI) and Machine Learning (ML) capabilities.
Excellent verbal and written communication skills.
Demonstrated ability to work independently with limited direct supervision.
Understanding of federal and state banking laws, and model risk management regulations and guidance.
YOUR QUALIFICATIONS
Bachelors degree in Statistics, Mathematics, Finance, Economics, Engineering, Computer Science, Information Security, or a related equivalent field is required.
Minimum 5 years of experience in banking or financial services with direct experience in operational and model risk management. IT risk management or data analysis preferred.
INTERNAL AND EXTERNAL CONTACTS
Internal contact with all level of bank personnel and senior management
External contact with Auditors and Regulators
WORKING CONDITIONS/PHYSICAL REQUIREMENTS
Office environment. Ability to operate a computer. Ability to communicate in order to exchange simple to complex information with individuals and groups. Ability to travel throughout Bank footprint.

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