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Model Risk Management Jobs in Herndon, VA (NOW HIRING)

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Model Risk Management information

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$37.5K

$84.7K

$141.9K

How much do model risk management jobs pay per year?

As of Aug 20, 2026, the average yearly pay for model risk management in Herndon, VA is $84,662.00, according to ZipRecruiter salary data. Most workers in this role earn between $64,300.00 and $93,100.00 per year, depending on experience, location, and employer.

What is a model risk management?

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 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 are the key skills and qualifications needed to thrive in model risk management, 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 does a model risk management do?

A model risk management professional oversees the identification, assessment, and mitigation of risks associated with financial and operational models. They ensure models are accurate, reliable, and compliant with regulations, often using validation tools and statistical analysis. This role helps prevent financial loss and supports decision-making processes within organizations.

What are popular job titles related to Model Risk Management jobs in Herndon, VA?

For Model Risk Management jobs in Herndon, VA, the most frequently searched job titles are:

What job categories do people searching Model Risk Management jobs in Herndon, VA look for?

The top searched job categories for Model Risk Management jobs in Herndon, VA are:

What cities near Herndon, VA are hiring for Model Risk Management jobs?

Cities near Herndon, VA with the most Model Risk Management job openings:

Model Risk Management jobs near you
Infographic showing various Model Risk Management job openings in Herndon, VA as of August 2026, with employment types broken down into 1% As Needed, 87% Full Time, 10% Part Time, and 2% Contract. Highlights an 78% Physical, 2% Hybrid, and 20% Remote job distribution, with an average salary of $84,662 per year, or $40.7 per hour.

IT Risk Senior - AI and 3rd Party Risk Governance

Freddie Mac

Mclean, VA • On-site

Full-time

Re-posted 10 days ago

Freddie Mac rating

9.2

Company rating: 9.2 out of 10

Based on 5 frontline employees who took The Breakroom Quiz

Job description

At Freddie Mac, our mission of Making Home Possible is what motivates us, and it's at the core of everything we do. Since our charter in 1970, we have made home possible for more than 90 million families across the country. Join an organization where your work contributes to a greater purpose.
Position Overview:
The Enterprise Operations & Technology (EO&T) Risk Governance Team provides risk management support for the maturation of the EO&T division's model risk governance process, third-party vendor risk governance activities, and the enterprise-wide adoption of the AI risk governance framework. We work closely with all three lines of defense and business partners to execute a broad range of risk governance and risk mitigation activities.
Our Impact:
  • Develop and mature model governance operations for EO&T division to promote robust model governance that are compliant with regulatory standards
  • Support the end-to-end process for enterprise-wide Artificial Intelligence (AI) solution and GenAI use case intake, assessment and inventory
  • Support critical third-party vendor risk management activities
  • Develop, enhance, and maintain critical technology solutions to support corporate-wide AI adoptions
  • Execute risk mitigant processes to support compliance with model and AI governance requirements
  • Develop and prepare regular reports for key stakeholders on the state of AI governance and compliance
  • Facilitate processes for continuous monitoring and reporting of compliance with regulatory and standard requirements

Your Impact:
  • Support the development and enhancement of divisional model governance operating processes and procedures
  • Support process automation initiatives to improve operational efficiency and scalability
  • Participate in operational control testing activities to assess control execution effectiveness
  • Support third-party vendor risk governance activities, including vendor SOC reviews and Enhanced Information Risk Reviews
  • Support day-to-day administration of the AI Clearinghouse, including AI solution and use case intake activities, stakeholder support, and anomaly resolution
  • Participate in AI governance platform and tool enhancements, including requirements gathering, user acceptance testing, and deployment support
  • Support management reporting, metrics, and analysis related to model governance, AI governance, and compliance activities
  • Assist in enhancing operational processes, including drafting new and updating existing procedures, user guides, and job aids
  • Collaborate with business, technology, and risk stakeholders to support governance initiatives and process improvements

Qualifications:
  • Bachelor's degree in Computer Science, Information Systems, Finance, Risk Management or a related field. Advanced degree (MBA, MS, or equivalent) preferred.
  • Minimum of 6 years of experience in model risk governance, AI/ML risk management, operational risk management, technology risk management, or related governance and compliance functions.
  • Working knowledge of the COSO Internal Control Framework, NIST frameworks and controls, operational risk management principles, and financial industry governance and compliance practices.
  • Previous experience in IT audit, operational risk management, regulatory compliance, or a Big Four consulting environment is preferred.
  • Relevant professional certifications such as CISA, CISSP, CISM, CPA, CIA, Security+, or similar credentials are strongly desired

Keys to Success in this Role:
  • Strong technical, analytical, problem-solving, and critical thinking skills
  • Excellent written, verbal, and interpersonal communication skills
  • Self-motivated and proactive professional with a strong sense of ownership and accountability
  • Ability to adapt quickly and effectively to changing priorities and business needs
  • Ability to manage competing priorities and deliver high-quality results in a fast-paced environment.
  • Ability to work independently while fostering collaboration across diverse teams and stakeholders
  • Intellectual curiosity and passion for learning emerging technologies, industry trends, and evolving regulatory requirements
  • Strong organizational and project management skills with attention to detail and commitment to quality

Current Freddie Mac employees please apply through the internal career site.
We consider all applicants for all positions without regard to gender, race, color, religion, national origin, age, marital status, veteran status, sexual orientation, gender identity/expression, physical and mental disability, pregnancy, ethnicity, genetic information or any other protected categories under applicable federal, state or local laws. We will ensure that individuals are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.
A safe and secure environment is critical to Freddie Mac's business. This includes employee commitment to our acceptable use policy, applying a vigilance-first approach to work, supporting regulatory mandates, and using best practices to protect Freddie Mac from potential threats and risk. Employees exercise this responsibility by executing against policies and procedures and adhering to privacy & security obligations as required via training programs.
CA Applicants: Qualified applications with arrest or conviction records will be considered for employment in accordance with the Los Angeles County Fair Chance Ordinance for Employers and the California Fair Chance Act.
Notice to External Search Firms: Freddie Mac partners with BountyJobs for contingency search business through outside firms. Resumes received outside the BountyJobs system will be considered unsolicited and Freddie Mac will not be obligated to pay a placement fee. If interested in learning more, please visit www.BountyJobs.com and register with our referral code: MAC.
Time-type:Full time
FLSA Status:Exempt
Freddie Mac offers a comprehensive total rewards package to include competitive compensation and market-leading benefit programs. Information on these benefit programs is available on our Careers site.
This position has an annualized market-based salary range of $111,000 - $167,000 and is eligible to participate in the annual incentive program. The final salary offered will generally fall within this range and is dependent on various factors including but not limited to the responsibilities of the position, experience, skill set, internal pay equity and other relevant qualifications of the applicant.

What Freddie Mac employees say

Pay

Hours and flexibility

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Get the full story on Breakroom

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About Freddie Mac

Sourced by ZipRecruiter

Today, Freddie Mac makes home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Join our smart, creative and dedicated team and you'll do important work for the housing finance system and make a difference in the lives of others.

Industry

Finance and insurance

Company size

5,001 - 10,000 Employees

Headquarters location

McLean, VA, US

Year founded

1970

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