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Model Risk Management Jobs in Boston, MA (NOW HIRING)

AIG

Actuary - Risk Management

Boston, MA · On-site

$120K - $150K/yr

Join us as a Actuary - Risk Management to take on key responsibilities within a world-class ... Build benchmark reserving models and design statistical tests to review and challenge reserving ...

AIG

Associate Actuary - Risk Management

Boston, MA · On-site

$115K - $145K/yr

Associate Actuary - Risk Management At AIG, we are reimagining the way we help customers to manage ... Build benchmark reserving models and design statistical tests to review and challenge reserving ...

State Street Corporation

Quantitative Risk

Boston, MA · On-site

$104K - $180K/yr

This role will be part of the CMAO team focused on delivering modeling and analytics solutions to assess counterparty credit risk and market risk managed by State Street Global Markets ("SSGM"). The ...

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Model Risk Management information

See Boston, MA salary details

$39.7K

$89.4K

$149.9K

How much do model risk management jobs pay per year?

As of Jun 17, 2026, the average yearly pay for model risk management in Boston, MA is $89,443.00, according to ZipRecruiter salary data. Most workers in this role earn between $67,900.00 and $98,300.00 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 Boston, MA? The most popular types of Model Risk Management jobs in Boston, MA are:
What are popular job titles related to Model Risk Management jobs in Boston, MA? For Model Risk Management jobs in Boston, MA, the most frequently searched job titles are:
What job categories do people searching Model Risk Management jobs in Boston, MA look for? The top searched job categories for Model Risk Management jobs in Boston, MA are:
Model Risk Management jobs near you
Infographic showing various Model Risk Management job openings in Boston, MA as of June 2026, with employment types broken down into 82% Full Time, 15% Part Time, 1% Temporary, and 2% Contract. Highlights an 92% Physical, 2% Hybrid, and 6% Remote job distribution, with an average salary of $89,443 per year, or $43 per hour.
Quantitative Risk Analyst, Model Risk Management, Assistant Vice President

Quantitative Risk Analyst, Model Risk Management, Assistant Vice President

State Street Corporation

Boston, MA • On-site

$90K - $157K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 22 days ago

Job description

JOB DESCRIPTION
State Street Investment Management (State Street IM) Model Risk Management (MRM) function is seeking a Quantitative Risk Analyst to join its State Street IM Model Validation team based in Boston, MA. The Quantitative Risk Analyst will conduct model validation to ensure model risks are correctly identified, assessed, and managed across the global asset management business. Diverse product knowledge including index products, ETFs, responsible investing as well as experience in the general risk areas covering credit, liquidity, market and operational risk, securities finance, asset management, and stress testing is important.
Specific tasks performed during model reviews include:
  • Review the model workflow and identify gaps in model methodology, development, implementation, and usage process and documentation
  • Challenge the model methodology by testing its assumptions and parameters; independently evaluate model performance and perform benchmarking; suggest areas for improvement
  • Collaborate with portfolio managers, traders, researchers, model developers, IT, and Corporate Model Risk Management to conduct independent validation as well as annual reviews of models supporting State Street IM business and company-wide strategic initiatives
  • Review and assess model changes and conduct targeted validation on significant model changes
  • Evaluate remediation submissions and ongoing monitoring of models
  • Identify, assess, and report model risks on individual model and aggregate level to management through validation reports and other MRM reporting

Job Qualifications:
  • MS or PhD in Finance, Economics, Financial Engineering, Statistics, Math, or related field
  • Excellent quantitative modeling, analytical, research, and programming skills (e.g., R, Python, MATLAB, SQL)
  • Deep knowledge of economic theory and empirical finance across a broad range of products and asset classes
  • Strong understanding of the asset management business and its modeling philosophy, including factor models
  • Proven ability to leverage LLMs/GenAI or their applications in day-to-day work and model review activities
  • Solid understanding of Model Risk Management Framework including SR 11-7 and other regulatory guidance related to the model risk management
  • Strong written and verbal communication skills
  • Strong project management skills exemplified by the ability to work independently on multiple projects and meet deadlines

Salary Range:
$90,000 - $157,500 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Employees are eligible to participate in State Street's comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.
For a full overview, visit https://hrportal.ehr.com/statestreet/Home.
About State Street
Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.
We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you'll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.
As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.
Discover more information on jobs at StateStreet.com/careers
Read our CEO Statement
Job Application Disclosure:
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
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About State Street

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State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.

Industry

Finance and insurance

Company size

10,000+ Employees

Headquarters location

Boston, MA, US

Year founded

1792

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