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Model Risk Governance Jobs (NOW HIRING)

BMO Financial

Credit Risk Model Validation

Chicago, IL · On-site

This role is part of the second-line governance and control function, with a primary focus on validating credit risk models such as AIRB Capital models, adjudication, and account management models.

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$10

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$142

How much do model risk governance jobs pay per hour?

As of May 29, 2026, the average hourly pay for model risk governance in the United States is $45.71, according to ZipRecruiter salary data. Most workers in this role earn between $14.90 and $72.12 per hour, depending on experience, location, and employer.

What is a Model Risk Governance job?

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 the key skills and qualifications needed to thrive in the Model Risk Governance position, and why are they important?

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 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.
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Model Risk Governance jobs near you
Infographic showing various Model Risk Governance job openings in the United States as of May 2026, with employment types broken down into 80% Full Time, 9% Part Time, and 11% Contract. Highlights an 71% In-person, 9% Hybrid, and 20% Remote job distribution, with an average salary of $95,086 per year, or $45.7 per hour.
Risk Management - Model Risk Program Associate

Risk Management - Model Risk Program Associate

JP Morgan Chase

Manhattan, NY • On-site

Full-time

Medical, Retirement

Posted 7 days ago

JPMorgan Chase & Co. rating

8.1

Company rating: 8.1 out of 10

Based on 466 frontline employees who took The Breakroom Quiz

45th of 141 rated banks

Job description

Bring your expertise to JPMorganChase. As part of Risk Management and Compliance, you play a crucial role in maintaining JPMorganChase's strength and resilience. You help the firm grow its business in a responsible way by anticipating new and emerging risks, and using your expert judgement to solve real-world challenges that impact our company, customers and communities. Our culture in Risk Management and Compliance is all about thinking outside the box, challenging the status quo and striving to be best-in-class.

As a Quant Model Risk Associate in the Model Risk Governance and Review team, you will be responsible for assessing and mitigating the risks associated with complex models used for valuation, risk measurement, capital calculation, and decision-making purposes. You'll be at the forefront of innovation, driving continuous improvement in a dynamic and collaborative environment. This role also provides the opportunity to gain exposure to various business and functional areas, as well as collaborate closely with model developers and users.

Job Responsibilities

  • Perform thorough reviews of complex credit, interest rate, and equity pricing models, including valuation engines and reserve methodologies. Analyze the conceptual soundness, model design, and appropriateness of models for specific products and structures.
  • Evaluate model behavior and ensure the suitability of pricing models and engines for their intended applications, identifying potential limitations and areas for improvement.
  • Develop and implement alternative model benchmarks. Design and maintain robust model performance metrics to compare and monitor the outcomes of various models.
  • Continuously evaluate model performance, ensuring models remain fit for purpose and compliant with internal and regulatory standards. Recommend enhancements and oversee remediation where necessary.
  • Serve as the primary point of contact for the business regarding new model implementations and changes to existing models. Provide expert guidance on model usage, limitations, and governance requirements.
  • Liaise effectively with model developers, Risk, and Valuation Control Groups. Offer guidance and support on model risk management, validation standards, and regulatory expectations.

Required Qualifications, Capabilities and Skills 

  • Advanced degree (MSc, PhD, or equivalent) in a quantitative discipline such as mathematics, statistics, financial engineering, or related field.
  • Advanced knowledge of probability theory, stochastic processes, statistics, partial differential equations, and numerical analysis, with demonstrated ability to apply these concepts to financial modeling and risk assessment.
  • Deep understanding of option pricing theory and quantitative models for pricing and hedging derivatives, including familiarity with stochastic calculus and risk-neutral valuation.
  • Strong analytical and problem-solving skills, with an inquisitive mindset and the ability to formulate insightful questions, identify model limitations, and escalate issues appropriately.
  • Excellent written and verbal communication skills, with the ability to clearly explain complex quantitative concepts to both technical and non-technical stakeholders.
  • Proficient programming skills in languages such as C/C++, Python, or similar, with experience implementing numerical algorithms and developing model prototypes.
  • Demonstrated curiosity and ownership, with a strong willingness to work collaboratively within a team-oriented environment.
  • One to three years' experience in front office model development or in model review, validation, and governance within financial services, with a strong understanding of credit, interest rate, and equity pricing models.

Preferred Qualifications, Capabilities and Skills 

  • Experience in a front office or model risk quantitative role.
JPMorganChase, one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world's most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management.

We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process. 

We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants' and employees' religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.

JPMorgan Chase & Co. is an Equal Opportunity Employer, including Disability/Veterans

Our professionals in our Corporate Functions cover a diverse range of areas from finance and risk to human resources and marketing. Our corporate teams are an essential part of our company, ensuring that we're setting our businesses, clients, customers and employees up for success.

Risk Management helps the firm understand, manage and anticipate risks in a constantly changing environment. The work covers areas such as evaluating country-specific risk, understanding regulatory changes and determining credit worthiness. Risk Management provides independent oversight and maintains an effective control environment.

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