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Model Risk Manager Jobs in Arizona (NOW HIRING)

USAA

Data Scientist Lead

Phoenix, AZ

Develops and deploys models within the Model Development Control (MDC) and Model Risk Management (MRM) framework. * Composes and peer reviews technical documents for knowledge persistence, risk ...

USAA

Data Scientist Senior

Phoenix, AZ · On-site

Develops and deploys models within the Model Development Control (MDC) and Model Risk Management (MRM) framework. * Composes, and assists peers with composing, technical documents for knowledge ...

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$48K

$104K

$158.4K

How much do model risk manager jobs pay per year?

As of May 31, 2026, the average yearly pay for model risk manager in Arizona is $103,958.00, according to ZipRecruiter salary data. Most workers in this role earn between $83,900.00 and $120,200.00 per year, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a Model Risk Manager, and why are they important?

To thrive as a Model Risk Manager, you need a solid background in quantitative finance, statistics, or mathematics, often supported by an advanced degree and experience in model development or validation. Familiarity with programming languages such as Python or R, risk management frameworks, and regulatory requirements like SR 11-7 or ECB guidelines is typically expected. Strong analytical thinking, attention to detail, and effective communication are crucial soft skills for articulating complex model risks to stakeholders. These competencies are vital for ensuring the accuracy, compliance, and reliability of financial models within an organization.

What are some common challenges a Model Risk Manager faces when validating complex financial models?

Model Risk Managers often encounter challenges such as limited or incomplete data, evolving regulatory requirements, and the need to validate highly complex or proprietary models. They must work closely with model developers, quantitative analysts, and compliance teams to ensure all assumptions and methodologies are sound. Staying up to date with industry best practices and maintaining clear documentation are also crucial, as is effectively communicating findings to both technical and non-technical stakeholders.

What does a Model Risk Manager do?

A Model Risk Manager is responsible for identifying, assessing, and mitigating risks associated with financial and analytical models used by an organization. They ensure that models are accurate, reliable, and compliant with regulatory standards by overseeing validation processes and monitoring model performance. Their role often includes collaborating with model developers, conducting independent reviews, and implementing model governance frameworks to minimize potential losses or errors stemming from model misuse or inaccuracies.

What is the difference between Model Risk Manager vs Quantitative Analyst?

AspectModel Risk ManagerQuantitative Analyst
Required CredentialsAdvanced degrees in finance, statistics, or mathematics; certifications like FRM or CFADegree in finance, economics, mathematics, or related fields; often CFA or CQF
Work EnvironmentFocus on risk management teams within financial institutions; regulatory complianceAnalytical roles within trading, investment, or banking divisions; model development
Employer & Industry UsageFinancial institutions, banks, asset managersInvestment firms, hedge funds, banks, financial services

The Model Risk Manager primarily oversees and mitigates risks associated with financial models, ensuring compliance and accuracy. In contrast, Quantitative Analysts develop and implement models to support trading, investment, or risk strategies. While both roles require strong quantitative skills and similar credentials, their focus areas differ—risk management versus model development and analysis.

What are popular job titles related to Model Risk Manager jobs in Arizona? For Model Risk Manager jobs in Arizona, the most frequently searched job titles are:
What job categories do people searching Model Risk Manager jobs in Arizona look for? The top searched job categories for Model Risk Manager jobs in Arizona are:
What cities in Arizona are hiring for Model Risk Manager jobs? Cities in Arizona with the most Model Risk Manager job openings:
Model Risk Manager jobs near you
Senior Consultant, Due Diligence - Third Party Risk Management

Senior Consultant, Due Diligence - Third Party Risk Management

Northern Trust

Tempe, AZ • On-site

Full-time

Posted 13 days ago

Northern Trust rating

7.7

Company rating: 7.7 out of 10

Based on 22 frontline employees who took The Breakroom Quiz

Job description

About Northern Trust:
Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889.
Northern Trust is proud to provide innovative financial services and guidance to the world's most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world's most sophisticated clients using leading technology and exceptional service.
Third Party Program Execution / Program Management
NT's Chief Procurement Officer's team for Third Party Management (TPMO) is responsible for design and execution of the Third Party risk management program in line with regulatory expectations, NT's Third Party Risk Management Policy, and Third Party Practice Standard.
We are in a phase of growth and transformation. While you'll be hired for a specific role, your role may evolve as we scale - expanding into areas aligned with your strengths and program needs. We're looking for partners who thrive in change, think like problem solvers, and bring skills in project management, process management, and change leadership.
If you're excited to grow with us and pivot when needed, you may be a fit for this role.
This role will report to one of several team managers within the TPMO, which is the 1st line of defense for third party risk. Primarily, you will work closely with the TPMO team manager to assist in strategy and design decisions, business as usual process improvement and/or the direct execution or indirect execution (directing others on how to execute) of the program as per the Third Party Standard.
The role holder will be an expert in Third Party Risk Management and would be well versed in execution aspect of the program related to the entire lifecycle of third party engagements. This is a central role interacting with business units, 2nd line of defense, other team leads and offshore quality control team.
Major Duties:
  • Responsible for tracking program throughput through the various third party management life cycle elements (Planning, IRQs, DDQs, Ongoing Monitoring, Contracting and Termination), periodic inventory review, open issues and open risk acceptance review and tracking of all internal projects
  • Primary area of focus will be in the Onboarding and Due Diligence activities and on the execution of both initial and re-assessments of risks related to third parties.
  • Responsible for designing and periodically reviewing program related artifacts, risk methodologies, service categories and associated risk profile, reporting thresholds etc.
  • Accountable for assisting and guiding business partners through various stages of third party lifecycle to ensure quality program execution
  • Identify gaps and drive continuous improvement across the TPRM lifecycle (e.g., onboarding, due diligence, monitoring, offboarding)
  • Suggest and participate in improvement projects that automate or streamline repetitive tasks (e.g., through Coupa tools or workflow automation platforms).
  • Maintain strong documentation and evidence of controls, risk decisions, and remediations.
  • Track milestones, dependencies, and deliverables across projects and/or an assigned portfolio of relationships
  • Engage with risk domain SME's, vendors and vendor relationship managers
  • Serve as the point of contact for program performance updates, risk issue escalations, and regulatory reviews
  • Responsible for engaging with and assisting 2LOD partners by providing business users' input for 2LOD deliverables
  • Use dashboards and key risk indicators (KRIs) to monitor third-party risk posture and performance and determine areas of focus
  • Report progress to the board, risk committees, and regulators as needed
  • Participate in cross-functional teams associated with Third Party program requirements in areas such as design & strategy, enterprise critical vendor management, and other SMEs related subjects.

Knowledge/Skills
  • Proven track record managing vendor risk and/or leading large-scale risk or compliance initiatives.
  • Expertise in third-party risk frameworks and regulatory requirements.
  • Experience with tools such as Coupa, ServiceNow, Cybeta, Interos or similar.
  • Strong organizational skills.
  • Ability to influence activities across multiple teams and across business units
  • Outstanding writing, communication, and presentation skills
  • Sound analytical and problem-solving skills
  • Strong networking ability to develop internal and external networks based on integrity and credibility through active listening and understanding

Experience
  • Bachelor's degree and approximately 10 years of related work experience with clear understanding of and experience in the Three Lines of Defense model
  • A thorough understanding of third-party (i.e., vendor, supplier, etc.) risk management, with prior experience in designing program solutions, risk scoring and aggregation methodologies and designing committee reporting
  • Understanding of global risk regulatory requirements with emphasis on US (OCC Bulletins, FFIEC, FRB, FDIC) or UK (PRA, FCA)
  • A TPRM related certification such as CTPRP or CTPRA

Working with Us:
As a Northern Trust partner, greater achievements await. You will be part of a flexible and collaborative work culture in an organization where financial strength and stability is an asset that emboldens us to explore new ideas.
Movement within the organization is encouraged, senior leaders are accessible, and you can take pride in working for a company committed to assisting the communities we serve! Join a workplace with a greater purpose.
We'd love to learn more about how your interests and experience could be a fit with one of the world's most admired and sustainable companies! Build your career with us and apply today. #MadeForGreater
Reasonable accommodation
Northern Trust is committed to working with and providing reasonable accommodations to individuals with disabilities. If you need a reasonable accommodation for any part of the employment process, please email our HR Service Center at MyHRHelp@ntrs.com.
We hope you're excited about the role and the opportunity to work with us. We value an inclusive workplace and understand flexibility means different things to different people.
Apply today and talk to us about your flexible working requirements and together we can achieve greater.
About Our Tempe Office
The Northern Trust Tempe office opened in 2015 with 75 employees and now serves over 75 different business functions with more than 700 employees. The team is recognized as a Global Capability Center that delivers exceptional value, quality, expertise and innovation through our diverse talent. Learn more.

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