ZipRecruiter

Log In

1

Model Risk Management Jobs in Indiana (NOW HIRING)

Guidehouse

Model Validation Lead

Indianapolis, IN

Advise clients on model risk management, AI governance, and responsible AI practices * Mentor junior staff and serve as a technical authority within analytics and AI engagements What You Will Need

Centra

VP Risk & Compliance Solutions

Columbus, IN · On-site

$117K - $157K/yr

Oversees and provides guidance for the Compliance Management System, BSA Program, Vendor Management Program, Model Risk Management Program, Physical Security Program, and Corporate Insurance coverage.

Centra

VP Risk & Compliance Solutions

Columbus, IN

$117K - $157K/yr

Oversees and provides guidance for the Compliance Management System, BSA Program, Vendor Management Program, Model Risk Management Program, Physical Security Program, and Corporate Insurance coverage.

Morgan Stanley

This role is well suited for candidates with backgrounds in AI product management, AI governance, risk technology, model risk, compliance transformation, supervisory technology, business analysis, or ...

next page

Showing results 1-20

All JobsModel Risk Management JobsModel Risk Management Jobs in Indiana

Model Risk Management information

See Indiana salary details

$34.7K

$78.3K

$131.3K

How much do model risk management jobs pay per year?

As of Jun 18, 2026, the average yearly pay for model risk management in Indiana is $78,342.00, according to ZipRecruiter salary data. Most workers in this role earn between $59,500.00 and $86,100.00 per year, depending on experience, location, and employer.

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

To excel in Model Risk Management, a professional needs a strong grounding in quantitative finance, statistics, and risk assessment, often backed by advanced degrees in relevant fields. Familiarity with technical tools such as Python, R, SAS, and model validation platforms, along with relevant certifications like FRM or CFA, is highly beneficial. Exceptional communication skills, attention to detail, and critical thinking help individuals stand out when interacting with model developers and risk committees. Mastery of these abilities ensures thorough risk analysis, regulatory compliance, and effective mitigation of financial model risks within the organization.

What are some common challenges faced by professionals in Model Risk Management roles?

Professionals in Model Risk Management commonly encounter challenges such as evolving regulatory requirements, the complexity of advanced financial models, and ensuring effective communication between technical and non-technical stakeholders. Staying current with industry best practices while rigorously validating and documenting models can be demanding but is critical for reducing financial and operational risks. Team members often work cross-functionally, collaborating closely with quants, risk managers, and IT teams to evaluate model performance and implement improvements. Adapting to new analytical tools and maintaining a proactive approach to emerging risks will help you succeed and grow in this dynamic field.

What is a Model Risk Management job?

A Model Risk Management (MRM) job involves identifying, assessing, and mitigating risks associated with financial and analytical models used by an organization. Professionals in this role ensure models are accurate, reliable, and comply with regulatory requirements by conducting validation, testing, and performance monitoring. They work closely with model developers, risk teams, and auditors to manage model lifecycle processes. Strong quantitative, analytical, and regulatory knowledge are key skills for success in this field.

What is the salary of model risk validation?

Model risk validation professionals typically earn between $80,000 and $150,000 annually, depending on experience, location, and the size of the organization. Senior roles or those with specialized skills in statistical modeling and regulatory knowledge can earn higher salaries, often exceeding $180,000. Certifications such as FRM or CFA can also influence compensation in this field.

Is model risk management a good career?

Model risk management is a specialized field focused on identifying and mitigating risks associated with financial and statistical models. It offers opportunities for growth, requires strong analytical skills, and often involves certifications like FRM or CFA. The role is in demand within financial institutions, regulatory agencies, and consulting firms, making it a stable career choice for those interested in risk analysis and quantitative methods.

What do model risk managers do?

Model risk managers are responsible for identifying, assessing, and mitigating risks associated with financial and operational models used within an organization. They review model assumptions, validate model performance, and ensure compliance with regulatory standards, often using specialized tools and techniques. Their work helps prevent model errors from leading to financial loss or regulatory issues.

What is the highest paying risk management job?

In risk management, senior roles such as Chief Risk Officer (CRO) or Director of Risk typically have the highest salaries, often exceeding six figures annually. These positions require extensive experience, advanced certifications like FRM or CFA, and strong leadership skills, especially in financial institutions or large corporations.
What are the most commonly searched types of Model Risk Management jobs in Indiana? The most popular types of Model Risk Management jobs in Indiana are:
What are popular job titles related to Model Risk Management jobs in Indiana? For Model Risk Management jobs in Indiana, the most frequently searched job titles are:
What job categories do people searching Model Risk Management jobs in Indiana look for? The top searched job categories for Model Risk Management jobs in Indiana are:
Model Risk Management jobs near you
Infographic showing various Model Risk Management job openings in Indiana as of June 2026, with employment types broken down into 82% Full Time, 15% Part Time, 1% Temporary, and 2% Contract. Highlights an 90% Physical, 4% Hybrid, and 6% Remote job distribution, with an average salary of $78,342 per year, or $37.7 per hour.
Senior Model Risk Analyst

Senior Model Risk Analyst

Federal Home Loan Bank of Indianapolis

Indianapolis, IN • On-site

Full-time

Medical, Dental, Vision, Retirement

Posted 20 days ago

Job description

Is it a Bank? A cooperative? A leader in affordable housing? We are all those things and more!
Our core mission at FHLBank Indianapolis is to provide reliable and readily available liquidity to our member institutions to support housing finance and community development. Simply put, we're a bank for banks, credit unions, community development financial institutions and insurers across Indiana and Michigan. We also assist in meeting the economic and housing needs of communities and families through grants and subsidized advances that support affordable housing and economic development.
But enough about us, let's talk about you.
Are you looking for a company that views their employees as their greatest asset?
A company that's dedicated to making a difference in the community? So much so they pay their employees to volunteer?
Do you want to join a talented workforce that prioritizes equal opportunity within an inclusive culture, and promotes learning and development, unique skills/ideas, and employee engagement?
If you've said yes to these questions, then we might be a match!
Here is what we offer:
  • Flexible hybrid workforce model: Onsite three days a week and two days remote. We also offer remote flex days!
  • Fantastic, competitive pay and total rewards
  • Industry-high 401(k) match: up to 6% PLUS...an additional 4% contribution!
  • Tuition reimbursement assistance: To help you continue to develop personally and professionally.
  • Student loan repayment assistance: That's right, we will help you repay outstanding student loans!
  • Awesome Benefits Package: Medical, dental, vision benefits and even pet (you read that right) insurance!
  • Generous time off: Vacation, paid federal holidays, birthday month floating holiday, volunteer day and summer hours program
  • "Dress for your day" dress code: You choose the appropriate work attire based on what your day looks like.

Statistics show that it is less likely for some candidates to submit their application if they don't meet all the criteria within the job description. If this is you, we encourage you to give yourself a chance and submit your application anyway, as you may be the perfect match for this role!
Purpose:
The Senior Model Risk Analyst will play a key role in assessing the Bank's model risk through model validations, risk reviews, and ongoing analysis. As a member of Enterprise Risk Management (ERM), the Analyst will work under the Senior Manager, Model Risk or Director of Model Risk Management and Validation to validate financial models throughout the Bank in order to assess model reasonableness, weaknesses, and risks. The Analyst will interact with model owners and model users across the Bank to understand current model performance, development activities, and emerging risks.
The following statements are intended to describe the general nature and level of work being performed by persons assigned to the job. They are not intended to be an exhaustive list of all responsibilities or abilities required of persons so classified. The Bank reserves the right to alter or amend this description at any time.
Specific Responsibilities:
  • Participate in model validations for various types of financial models, including credit risk, interest rate derivative valuation, mortgage prepayment/default, and asset-liability management models. This will include performing quantitative analyses and tests, assessing model theory, backtesting, benchmarking, stress testing, scenario analysis, and assessing the effectiveness and sufficiency of model controls and documentation.
  • Generate validation reports or memos detailing the validation approach, analyses conducted, and the conclusion of the validation. Present findings and recommendations to model owners/users.
  • Review model changes, assess model change significance, and conduct limited-scope validations for model changes as necessary.
  • Participate in the development of benchmarking models and data analytical tools, including machine learning models for validation and model performance monitoring purposes.
  • Provide independent opinions on various modeling and model validation issues.
  • Assist in third-party model validation.
  • Participate in audit and regulatory exams and assist in the remediation of audit and regulatory exam findings.
  • Perform annual and ad-hoc model reviews and quarterly model performance reviews.
  • Assist in other model risk management activities, such as maintaining the Bank's model inventory, tracking outstanding model validation findings, and generating periodic model risk related reports to relevant committees and stakeholders.
  • Conduct research and analysis to maintain knowledge of modeling best practices, model validation techniques, and current financial market information.

Competencies:
Business
  • Project Management

General
  • Dependability
  • Productivity

People
  • Accountability and Drive for Results
  • Collaboration and Communication

Position Requirements:
  • Advanced degree with a concentration in Computational/Quantitative Finance, Statistics, Mathematics, Computer Science, Economics, or some other quantitative discipline. Ph.D. desirable.
  • At least one year of experience working in a related field, such as model risk management, predictive modeling, financial modeling, optimization, and data science, is required.
  • Understanding of financial market concepts and fixed-income instruments, including mortgages and MBS, interest rate derivatives, fixed-income analytics and risk metrics, prepayment forecasts, interest rate modeling, probability of default and credit loss modeling, and stress testing.
  • Understanding of stochastic processes, time series analysis, principal component analysis, optimization, logistic regression, and Monte Carlo simulation.
  • Proficiency with at least one of the programming languages, such as Python, R, Julia, or MATLAB, is required. Python is the preferred programming language.
  • Hands-on experience with machine learning/artificial intelligence models is highly desirable.
  • Hands-on experience with valuation tools/libraries, such as PolyPaths, QRM, Calypso, Yieldbook, FINCAD, and Numerix, is desirable.
  • Must have a high level of proficiency with Microsoft Office applications (Excel, Word, PowerPoint, Outlook). Experience with Power BI is highly desirable.
  • Strong written and oral communication skills required. Ability to write clear technical reports and memos. Must be able to communicate and maintain relationships with model owners/users and other stakeholders, and interact effectively with management.
  • Must be able to think critically and independently, highly self-motivated, and able to multitask and manage competing priorities.
  • Understanding of current regulatory guidance on model risk management, including FHFA's AB 2013-07 and AB 2022-03, OCC Bulletin 2011-12, or FRB SR 11-17, desirable.
  • Ability to model and uphold the Bank's Guiding Principles.
  • Ability to work full-time.

Hiring Range: $93,000 - $110,000
Hiring ranges reflect the base salary that the Bank reasonably expects to pay for a given role and is not inclusive of annual incentive award opportunities, retirement benefits or the value of other health and welfare or other ancillary benefits. We consider many factors when determining base salaries such as individual background and experience, the competitive environment, education, particular skill set(s), and industry and institutional knowledge.
FHLBank Indianapolis is an Equal Opportunity Employer.

Apply