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Model Risk Audit Jobs (NOW HIRING)

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Audit Manager I (US) - Model Risk Audit

New York, NY · On-site

$113K - $149K/yr

Value-at-Risk (VaR) models; portfolio risk and performance models; as well as Financial Crime Risk (AML/BSA) and fraud detection models. Demonstrated ability to assess model design, development ...

Associatedbank

Model Risk Manager

Milwaukee, WI · On-site

Role Summary The Model Risk Manager is responsible for leading and advancing Associated Bank ... Experience supporting regulatory examinations, audits, or independent reviews. Why You'll Love ...

Posted today

Associatedbank

Model Risk Manager

Green Bay, WI · On-site

Role Summary The Model Risk Manager is responsible for leading and advancing Associated Bank ... Experience supporting regulatory examinations, audits, or independent reviews. Why You'll Love ...

Posted today

Associatedbank

Model Risk Manager

Omaha, NE · On-site

Role Summary The Model Risk Manager is responsible for leading and advancing Associated Bank ... Experience supporting regulatory examinations, audits, or independent reviews. Why You'll Love ...

Posted today

Associatedbank

Model Risk Manager

Chicago, IL · On-site

Role Summary The Model Risk Manager is responsible for leading and advancing Associated Bank ... Experience supporting regulatory examinations, audits, or independent reviews. Why You'll Love ...

Posted today

Associatedbank

Model Risk Manager

Minneapolis, MN

Role Summary The Model Risk Manager is responsible for leading and advancing Associated Bank ... Experience supporting regulatory examinations, audits, or independent reviews. Why You'll Love ...

Posted today

Apex Systems

$150 - $200/hr

Exposure to regulatory exams, Internal Audit, or enterprise risk governance functions. * Experience overseeing third‑party or vendor model governance programs. * Background supporting risk, finance ...

Apex Systems

Model Risk Management

Chicago, IL · On-site

$150 - $200/hr

Exposure to regulatory exams, Internal Audit, or enterprise risk governance functions. * Experience overseeing third‑party or vendor model governance programs. * Background supporting risk, finance ...

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Model Risk Audit information

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$31K

$89.7K

$126.5K

How much do model risk audit jobs pay per year?

As of Sep 9, 2026, the average yearly pay for model risk audit in the United States is $89,650.00, according to ZipRecruiter salary data. Most workers in this role earn between $65,500.00 and $116,500.00 per year, depending on experience, location, and employer.

What is model risk audit?

Model Risk Audit is a specialized process within financial institutions that involves evaluating and reviewing the controls, governance, validation, and use of quantitative models. These audits help ensure that models used for decision-making, risk management, and regulatory reporting are accurate, reliable, and comply with internal policies as well as regulatory standards. The primary goal is to identify and mitigate risks associated with model errors, misuse, or inadequate validation, thereby supporting the overall integrity of the institution’s risk management framework.

What are some typical challenges faced by professionals in a model risk audit role?

Professionals in Model Risk Audit often encounter challenges such as keeping up with rapidly evolving regulatory requirements and complex quantitative methodologies. Balancing technical model validation with clear communication to non-technical stakeholders can also be demanding. Additionally, auditors must frequently collaborate with model developers, risk managers, and compliance teams to ensure a comprehensive understanding of model risks and controls. Navigating these challenges requires strong analytical skills, attention to detail, and effective teamwork.

What are the key skills and qualifications needed to thrive as a model risk auditor, and why are they important?

To thrive as a Model Risk Auditor, you need a solid background in quantitative analysis, risk management, and financial modeling, often supported by degrees in finance, mathematics, or related fields. Familiarity with statistical programming tools (like Python, R, or SAS), model validation frameworks, and regulatory guidelines (such as SR 11-7) is essential. Strong analytical thinking, attention to detail, and effective communication skills help auditors interpret complex models and present findings to stakeholders. These capabilities are crucial for ensuring the integrity of models used in decision-making and for maintaining regulatory compliance in financial institutions.

What is the difference between Model Risk Audit vs Model Validation?

AspectModel Risk AuditModel Validation
Primary FocusAssessing overall model risk management, controls, and complianceEvaluating the technical accuracy and performance of specific models
Work EnvironmentAudit teams within risk management or internal audit departmentsQuantitative teams, often within model development or validation units
CertificationsCPA, CIA, or risk management certifications commonFRM, CFA, or quantitative modeling certifications common

Model Risk Audit and Model Validation are related but distinct roles. Model Risk Audit focuses on assessing the effectiveness of model risk management processes, while Model Validation concentrates on testing the technical soundness of models. Both roles are essential in financial institutions to ensure model integrity and compliance.

What are popular job titles related to Model Risk Audit jobs?

For Model Risk Audit jobs, the most frequently searched job titles are:

Infographic showing various Model Risk Audit job openings in the United States as of September 2026, with employment types broken down into 1% As Needed, 83% Full Time, 14% Part Time, and 2% Contract. Highlights an 86% Physical, 3% Hybrid, and 11% Remote job distribution, with an average salary of $89,650 per year, or $43.1 per hour.

Director, Model Risk Audit

Charlotte, NC • Hybrid

Sumitomo Mitsui Financial Group, Inc.
See more jobs at Sumitomo Mitsui Financial Group, Inc.external

Full-time

Re-posted 7 days ago

Key responsibilities

  • Lead and execute model and model risk audits across SMBC Americas Division, including review of AI and CCAR model governance and controls.

  • Supervise audit processes from planning to reporting, ensuring compliance with internal standards and regulatory requirements.

  • Establish and develop model risk audit capabilities, build team expertise, and communicate audit findings to stakeholders.

Job description

SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 80,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG's shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges.

In the Americas, SMBC Group has a presence in the US, Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization's extensive global network. The Group's operating companies in the Americas include Sumitomo Mitsui Banking Corp. (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC MANUBANK, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.

Role Description

SMBC is looking for an experienced Audit Director who will lead model and model risk audits from the 3LOD and partner with business stakeholders to improve company's governance, risk management and internal controls in model risk management in SMBC Americas Division, with a focus of review of Artificial Intelligence (AI) / Model Risk management framework, and/or Comprehensive Capital Analysis and Review (CCAR) model governance and controls

Role Objectives: Delivery

   Support IAD Management and Team Lead in refining and executing the broad audit program that covers all models used in financial and non-financial risk management across SMBC Americas Division.
   Assist Model Audit Team Lead with the delivery and execution of IAD's model audit plan and assurance responsibilities.  Provide support in preparation of management reports and regulatory presentation.
   As Auditor-in-Charge (AIC) and assistant to model audit Team Lead to direct and supervise audits from inception to completion including planning, testing, issue identification, workpaper review and reporting.
   Conduct or lead internal audits as auditor in charge and issue validation according to IIA Standards and internal IAD procedures within prescribed timeframes to support timely management review.  Demonstrate a deep understanding of internal audit techniques and audit principles as well as ability to apply internal requirements.
   Ensure written and verbal communication of ACRs and individual audit report(s) as assigned conform with IAD NY methodology and incorporate sound judgment.
   Oversee and participate in quarterly and annual continuous monitoring / risk assessment process to identify business trends and changes in the business risk profile, and when necessary, propose updates to the audit plan to reflect them.
   Identify business process improvement opportunities in assigned audit areas by proposing corrective actions
   As needed, assist with special projects related to IAD strategic initiatives.

Role Objectives: Interpersonal

   Lead the establishment of model risk audit capabilities in the Charlotte office, including developing audit coverage, building team expertise, and enhancing methodologies to support IAD's strategic objectives
   Effectively communicate with stakeholders and audit senior management to clearly articulate audit strategy, testing results and corrective measures.
   Develop, promote and maintain a collaborative and strong working relationship with AD business heads, external auditors, and regulators.
   Support Risk and Lending Business and Functional Head and Model Audit Team Lead to provide support, coaching, and feedback to audit team which may include other junior team members or co-sourced internal audit professionals.
   Demonstrate accountability, ownership and sense of diligence over individual tasks and assigned audit areas with limited supervision.

Role Objectives: Expertise

   Experience and deep knowledge of 1) AI model risk management and controls and 2) CCAR model and governance framework
   Excellent communication, presentation and professional skills including the ability to interact effectively at all levels within the organization.
   Understanding of applicable regulatory standards (including Model Risk, SR 26-2 and SR 11-7).

Qualifications and Skills

   Minimum of 7-10 years' experience in the banking and finance industry or consulting companies, preferably in the 2nd and/or 3rd line of defense roles for model risk
   At Least 4 years of hands-on audit experience and familiarity with audit techniques, internal controls, and workpaper standards.
   Advanced Degree (Master's or Ph.D.) in Finance, STEM or other quantitative field.

SMBC's employees participate in a Hybrid workforce model that provides employees with an opportunity to work from home, as well as, from an SMBC office. SMBC requires that employees live within a reasonable commuting distance of their office location. Prospective candidates will learn more about their specific hybrid work schedule during their interview process. Hybrid work may not be permitted for certain roles, including, for example, certain FINRA-registered roles for which in-office attendance for the entire workweek is required.

SMBC provides reasonable accommodations during candidacy for applicants with disabilities consistent with applicable federal, state, and local law. If you need a reasonable accommodation during the application process, please let us know at accommodations@smbcgroup.com.

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