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Model Risk Manager information
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4% of jobs
$52.6K - $61.7K
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$61.7K - $70.8K
11% of jobs
$74.2K is the 25th percentile. Wages below this are outliers.
$70.8K - $79.9K
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The median wage is $87.1K / yr.
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$104.1K is the 75th percentile. Wages above this are outliers.
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$94.2K
$143.5K
How much do model risk manager jobs pay per year?
What are some common challenges a Model Risk Manager faces when validating complex financial models?
What is the difference between Model Risk Manager vs Quantitative Analyst?
| Aspect | Model Risk Manager | Quantitative Analyst |
|---|---|---|
| Required Credentials | Advanced degrees in finance, statistics, or mathematics; certifications like FRM or CFA | Degree in finance, economics, mathematics, or related fields; often CFA or CQF |
| Work Environment | Focus on risk management teams within financial institutions; regulatory compliance | Analytical roles within trading, investment, or banking divisions; model development |
| Employer & Industry Usage | Financial institutions, banks, asset managers | Investment 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 the key skills and qualifications needed to thrive as a Model Risk Manager, and why are they important?
What does a Model Risk Manager do?

Senior Manager Quantitative Analysis--Consumer Model Development
First Citizens BankAtlanta, GA • Hybrid
Full-time
Posted 16 days ago
First Citizens Bank rating
7.6
Based on 103 frontline employees who took The Breakroom Quiz
79th of 141 rated banks
Job description
This is a hybrid role (if located in Atlanta, GA, Charlotte, NC or Raleigh, NC ) with the expectation that time working will regularly take place inside and outside of a company office. Three days a week in office. Open to remote in several markets for highly qualified candidate.
The Manager of Consumer Model development will lead a team of quantitative risk analysts responsible for developing, implementing, and maintaining credit risk models for the bank's consumer lending portfolio. This role serves as the tactical leader bridging strategy and execution, reporting directly to the Director of Risk Analytics & Modeling while providing hands-on leadership to junior team members. The position requires strong technical expertise combined with people management skills to ensure effective delivery of risk modeling solutions.
Responsibilities
- Support the Director and lead the development, testing, and implementation of advanced credit risk models across consumer lending products including Credit Cards, and Auto Loans, Mortgages, and HELOCs, with focus on Credit Card and Auto portfolios.
- Execute the model development plan and ensure proper delivery. Serve as the owner of model documentation, and development and testing materials.
- Lead and mentor a team of model development professionals, fostering a culture of innovation and continuous improvement in risk modeling approaches.
- Oversee the model ongoing monitoring program. Review the monitoring results and explain the model performance to model users and management.
- Support the Director in response to model validation findings and oversee the implementation of remediation.
- Collaborate with other modeling and analytical teams to continuously improve the process and gain efficiency. Drive the enhancement of risk management frameworks to meet evolving regulatory requirements, including CCAR and CECL compliance.
- Support the Director and partner with business leadership to translate complex risk analytics insights into actionable business strategies and policy recommendations.
- Establish and maintain relationships with regulatory bodies, external/internal auditors, model Risk Management and key stakeholders.
- Guide the development and implementation of new risk assessment methodologies and tools to improve the organization's risk management capabilities.
- Lead strategic initiatives to modernize risk analytics infrastructure and capabilities through adoption of advanced technologies and methodologies, including AI and other intelligent tools.
Qualifications
Bachelor's Degree and 6 years of experience in Financial, Statistical or Quantitative Analysis Experience, with at least 2 years management/lead experience OR High School Diploma or GED and 10 years of experience in Financial, Statistical or Quantitative Analysis Experience, with at least 2 years management/lead experience
Preferred Education: advanced degree, masters/PHD in quantitative field, ie mathematics, computer science, financial engineering
Preferred Area of Study: Quantitative or Statistical Analysis, Financial Engineering, Computer Science, Mathematics
Preferred Area of Experience: Banking, Financial Engineering, Computer Science
Preferred Qualifications:
• Ph.D. degree in Statistics, Mathematics, Finance, or related quantitative field
• At least 10 years of progressive experience in credit risk model development, with at least 3 years in a leadership role
• At least 3 years hands on experience in Credit Card loss forecasting model development or validation
• Hands on experience using Python, SAS, Tableau
• Hands on experience in model development and model development documentation
• Demonstrated experience in leading teams responsible for development and implementation of enterprise-wide risk models
• Strong understanding of regulatory requirements and experience in interactions with regulatory bodies
• Experience with CCAR and CECL
• Expert knowledge of statistical modeling, machine learning techniques, and risk analytics methodologies
• Proven track record of translating complex analytical insights into actionable strategy
Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.
#LI-Hybrid
Qualifications:Bachelor's Degree and 6 years of experience in Financial, Statistical or Quantitative Analysis Experience, with at least 2 years management/lead experience OR High School Diploma or GED and 10 years of experience in Financial, Statistical or Quantitative Analysis Experience, with at least 2 years management/lead experience
Preferred Education: advanced degree, masters/PHD in quantitative field, ie mathematics, computer science, financial engineering
Preferred Area of Study: Quantitative or Statistical Analysis, Financial Engineering, Computer Science, Mathematics
Preferred Area of Experience: Banking, Financial Engineering, Computer Science
Preferred Qualifications:
• Ph.D. degree in Statistics, Mathematics, Finance, or related quantitative field
• At least 10 years of progressive experience in credit risk model development, with at least 3 years in a leadership role
• At least 3 years hands on experience in Credit Card loss forecasting model development or validation
• Hands on experience using Python, SAS, Tableau
• Hands on experience in model development and model development documentation
• Demonstrated experience in leading teams responsible for development and implementation of enterprise-wide risk models
• Strong understanding of regulatory requirements and experience in interactions with regulatory bodies
• Experience with CCAR and CECL
• Expert knowledge of statistical modeling, machine learning techniques, and risk analytics methodologies
• Proven track record of translating complex analytical insights into actionable strategy
Benefits are an integral part of total rewards and First Citizens Bank is committed to providing a competitive, thoughtfully designed and quality benefits program to meet the needs of our associates. More information can be found at https://jobs.firstcitizens.com/benefits.
#LI-Hybrid
Education:UNAVAILABLEEmployment Type: FULL_TIMEWhat First Citizens Bank employees say
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