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Model Risk Manager Jobs in Massachusetts (NOW HIRING)

State Street Corporation

Quantitative Risk, AVP

Boston, MA · On-site

$90K - $157K/yr

BACKGROUND The Centralized Modeling & Analytics and Operations(CMAO) team within State Street's Enterprise Risk Management (ERM) organization is looking for an experienced quantitative analyst to ...

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Model Risk Manager information

See Massachusetts salary details

$56.2K

$121.8K

$185.7K

How much do model risk manager jobs pay per year?

As of Sep 15, 2026, the average yearly pay for model risk manager in Massachusetts is $121,833.00, according to ZipRecruiter salary data. Most workers in this role earn between $98,300.00 and $140,900.00 per year, depending on experience, location, and employer.

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 skills and qualifications are needed to be a model risk manager?

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 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 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 Massachusetts?

For Model Risk Manager jobs in Massachusetts, the most frequently searched job titles are:

What job categories do people searching Model Risk Manager jobs in Massachusetts look for?

The top searched job categories for Model Risk Manager jobs in Massachusetts are:

What cities in Massachusetts are hiring for Model Risk Manager jobs?

Cities in Massachusetts with the most Model Risk Manager job openings:

Model Risk Manager jobs near you
Infographic showing various Model Risk Manager job openings in Massachusetts as of August 2026, with employment types broken down into 90% Full Time, 9% Part Time, and 1% Contract. Highlights an 81% Physical, 2% Hybrid, and 17% Remote job distribution, with an average salary of $121,833 per year, or $58.6 per hour.

Quantitative Risk, AVP

Boston, MA • On-site

State Street Corporation
Finance and Insurance • 10K+ employees
Learn more about State Street Corporationexternal

$90K - $157K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Re-posted 5 days ago

Job description

BACKGROUND
The Centralized Modeling & Analytics and Operations(CMAO) team within State Street's Enterprise Risk Management (ERM) organization is looking for an experienced quantitative analyst to join our team.
The CMAO organization provides analytics based services and solutions to business units across State Street. Our mission is to create value through data driven solutions enabling State Street and our business partners to make timely and informed decisions.
POSITION PRIMARY DUTIES AND RESPONSIBILITIES
This role will be part of the CMAO team focused on delivering modeling and analytics solutions to assess counterparty credit risk managed by State Street Global Markets ("SSGM"). The portfolio supported includes SSGM Financing Solutions including Agency Lending, Prime Services, Secured Financing, derivatives in interest rates, FX and equity asset classes, Eligible Margin Loan in Global Credit Financing ("GCF") business. The role has significant impact on the BAU risk management as well as the regulatory CCAR requirement through complex deliverables.
This role will:
  • Assume a key role in model methodology research, prototyping and determination
  • Develop and build out financial models and analytics for the trading business leveraging a wide variety of mathematical and computer science methods and tools
  • Advance existing codebase and propose new solutions and improvements
  • Document development methodology, quantitative analysis, and implementation process
  • Design and implement suitable and effective model ongoing monitoring plan including performance metrics, thresholds, and escalation plan
  • Work in close partnership with control functions such as Model Risk Management, Audit, and Financial Regulatory Assurance to ensure appropriate governance and control infrastructure
  • Collaborate with business users and IT partners to establish appropriate production processes within the IT infrastructure
  • Timely execute CCAR deliverables
  • Support regular BAU risk management activities and proactively resolve issues

REQUIREMENTS
  • Masters' or PhD in a quantitative discipline (Financial Mathematics, Financial Engineering, Mathematics, Statistics, Computer Science, or a related field). Experience in machine learning is a plus
  • Minimum 2-4 years of working experience in financial modeling field as a key contributor
  • Demonstrated knowledge and experience developing or validating VaR, PFE and CVA models
  • Demonstrated knowledge on derivatives, RMBS and equities pricing/modeling, yield curve building methodology, interest rate modelling
  • Advanced programming skills in statistical programming environment Python and SQL are required
  • Familiarity with CCAR regulatory frameworks and the corresponding requirements is a plus
  • Self-motivated and attention to detail
  • Demonstrated ability to work independently on complex projects as well as the ability to be a team player in a fast-paced, high-energy level environment
  • Strong verbal and written communication skills, with ability to articulate ideas, analysis and complex concepts effectively to broad audiences
  • Competence and confidence to gain credibility and collaborate for success across the organization

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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