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How much do model risk governance jobs pay per hour?

As of Sep 9, 2026, the average hourly pay for model risk governance in New York is $50.01, according to ZipRecruiter salary data. Most workers in this role earn between $16.30 and $78.89 per hour, depending on experience, location, and employer.

What is a model risk governance?

A Model Risk Governance job involves overseeing the policies, procedures, and frameworks used to manage model risk within an organization. Professionals in this role ensure that models used for decision-making in areas like finance, risk management, and compliance are properly validated, monitored, and updated. They work closely with model developers, risk managers, and regulators to enforce governance standards and mitigate potential risks. Key responsibilities include establishing model validation processes, conducting risk assessments, and ensuring compliance with regulatory requirements.

What are some typical challenges faced in a model risk governance role?

Professionals in Model Risk Governance often encounter challenges such as keeping up with evolving regulatory requirements, ensuring comprehensive documentation for models, and maintaining effective communication between technical modelers and business stakeholders. Balancing rigorous model validations with tight project timelines can also be demanding, especially when coordinating input from various teams. Overcoming these hurdles requires a proactive approach to learning, strong organizational skills, and the ability to translate complex quantitative issues into actionable insights for decision-makers. These challenges make the work dynamic and offer significant opportunities to influence critical risk management processes within the organization.

What are the key skills and qualifications needed to thrive in a model risk governance role?

To excel in Model Risk Governance, you typically need a strong background in quantitative finance, statistics, or a related field, often with advanced degrees such as a master's or Ph.D., and experience in risk management. Familiarity with model validation tools, programming languages like Python or R, and regulatory frameworks such as SR 11-7 or Basel guidelines is highly valued. Strong analytical thinking, communication skills, and the ability to manage multiple stakeholders are key soft skills for this position. These competencies ensure effective oversight of model risk, facilitate regulatory compliance, and enable clear communication of complex technical issues to non-technical stakeholders.

What are the most commonly searched types of Model Risk Governance jobs in New York?

The most popular types of Model Risk Governance jobs in New York are:

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For Model Risk Governance jobs in New York, the most frequently searched job titles are:

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Model Risk Governance jobs near you
Infographic showing various Model Risk Governance job openings in New York as of September 2026, with employment types broken down into 100% Full Time. Highlights an 85% In-person, and 15% Hybrid job distribution, with an average salary of $104,027 per year, or $50 per hour.

Enterprise Risk Management Department-Model Risk Management VP

Manhattan, NY • On-site

Bank of China Limited, New York Branch
See more jobs at Bank of China Limited, New York Branchexternal

$110K - $230K/yr

Full-time

Re-posted 12 days ago

Job description

Introduction
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.
Overview
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.
Responsibilities
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.

Qualifications
  • 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.

Pay Range
Actual salary is commensurate with candidate's relevant years of experience, skillset, education and other qualifications.
USD $110,000.00 - USD $230,000.00 /Yr.

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