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Model Risk Manager Jobs in New Jersey (NOW HIRING)

AIG

Actuary - Risk Management

Jersey City, NJ

$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

Actuary - Risk Management

Parsippany, NJ

$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 ...

Chubb

VP, AI Risk Manager

Whitehouse Station, NJ

$159K - $270K/yr

Responsibilities include ensuring our models remain robust and resilient, protecting sensitive data, and defending against emerging threats. The AI Risk Manager crafts and executes risk mitigation ...

Chubb

VP, AI Risk Manager

Whitehouse Station, NJ · On-site

$159K - $270K/yr

Responsibilities include ensuring our models remain robust and resilient, protecting sensitive data, and defending against emerging threats. The AI Risk Manager crafts and executes risk mitigation ...

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Model Risk Manager information

See New Jersey salary details

$52.3K

$113.3K

$172.6K

How much do model risk manager jobs pay per year?

As of Jun 10, 2026, the average yearly pay for model risk manager in New Jersey is $113,256.00, according to ZipRecruiter salary data. Most workers in this role earn between $91,400.00 and $131,000.00 per year, depending on experience, location, and employer.

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 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 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 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 are popular job titles related to Model Risk Manager jobs in New Jersey? For Model Risk Manager jobs in New Jersey, the most frequently searched job titles are:
What job categories do people searching Model Risk Manager jobs in New Jersey look for? The top searched job categories for Model Risk Manager jobs in New Jersey are:
What cities in New Jersey are hiring for Model Risk Manager jobs? Cities in New Jersey with the most Model Risk Manager job openings:
Model Risk Manager jobs near you
Infographic showing various Model Risk Manager job openings in New Jersey as of June 2026, with employment types broken down into 93% Full Time, 6% Part Time, and 1% Contract. Highlights an 92% Physical, 2% Hybrid, and 6% Remote job distribution, with an average salary of $113,256 per year, or $54.5 per hour.
Model Risk Data Scientist, Innovation Labs, Vice President

Model Risk Data Scientist, Innovation Labs, Vice President

Citigroup, Inc.

Jersey City, NJ • On-site

$142K - $213K/yr

Full-time

Medical, Dental, Vision, Life, Retirement, PTO

Posted 28 days ago

Job description

Citi is hiring for a GenAI Model Risk Data Scientist, within Citi's Innovations Labs.
This position is for a professional who would like to make a wide-scale impact at Citi by using their Data Science expertise and business acumen to help operationalize cutting-edge AI capabilities for the bank. The position is focused on working with Data Scientists, Engineers, and Product Managers to ensure that GenAI capabilities are developed to meet technical criteria to reduce risk for Citi and hence can be deployed for production usage. This will entail collaborating with developers and business stakeholders during the entire lifecycle of solution development, including validation and periodical reviews. Overall, the professional in this role will be a key contributor to the design of GenAI-related processes across the entirety of Citi.
The role is a part of the Citi Innovation Labs in the CTO organization. The organization is focused on delivering cutting edge solutions across Citi's businesses globally.
The types of models and use cases will vary, and the person in this role will be required to work across teams that implement a variety of GenAI solutions that serve different groups and products within the bank. The role will also focus on owning the GenAI book of work and will serve as development teams' center of knowledge on topics related to model validation.
Responsibilities:
  • Assist development teams with implementing new GenAI solutions from identification through validation phases, including assessing the soundness of the solution from data-science perspective, metric evaluation, materiality classifications, model exposure, model limitations, and scope of usage.
  • Collaborate with developers and business stakeholders on streamlining the adoption of GenAI within Citi, reducing overall friction in development teams' successful production deployment.
  • Own and maintain GenAI solution book of work for eligible GenAI use-cases.
  • During pre-identification phase of models, assist with preparations for internal discussions and initial submission for model validation, considering object/model characteristics and potential challenges in the process.
  • Own relationships with governance-related stakeholders. Communicate and coordinate with the model risk validation team on refining the group's policy or procedural changes and addressing recurring validation inhibitors or inefficiencies you would identify throughout the process.
  • Monitor and maintain GenAI solution inventory data and lifecycle.
  • Educate development teams on the model validation process.
  • Own tracking and modeling tools.

Preferred Background:
  • 6-10 years of experience
  • Master's or advanced degree in quantitative fields such as Mathematics, Statistics, Financial Engineering, Quantitative Finance, Computer Science, Data Science, etc.
  • AI/ML development experience in a Data Scientist role or similar - A Must
  • NLP development experience in a Data Scientist role or similar - Strongly preferred
  • Knowledge of AI risk, safety, and ethics principals and hands-on experience with model validation in a financial institution - Preferred
  • Experience in GenAI Model validation or AI/ML Model validation -Preferred
  • Experience in a quantitative role in the Financial Markets/Banking/Insurance or experience in Risk capacity at a financial services / insurance institution -Preferred
  • Strong organizational and project management skills
  • Risk and Controls mindset

Job Family Group:
Technology
Job Family:
Data Analytics
Time Type:
Full time
Primary Location:
Jersey City New Jersey United States
Primary Location Full Time Salary Range:
$142,320.00 - $213,480.00
In addition to salary, Citi's offerings may also include, for eligible employees, discretionary and formulaic incentive and retention awards. Citi offers competitive employee benefits, including: medical, dental & vision coverage; 401(k); life, accident, and disability insurance; and wellness programs. Citi also offers paid time off packages, including planned time off (vacation), unplanned time off (sick leave), and paid holidays. For additional information regarding Citi employee benefits, please visit citibenefits.com. Available offerings may vary by jurisdiction, job level, and date of hire.
Most Relevant Skills
Please see the requirements listed above.
Other Relevant Skills
For complementary skills, please see above and/or contact the recruiter.
Anticipated Posting Close Date:
Jul 08, 2026
Citi is an equal opportunity employer, and qualified candidates will receive consideration without regard to their race, color, religion, sex, sexual orientation, gender identity, national origin, disability, status as a protected veteran, or any other characteristic protected by law.
If you are a person with a disability and need a reasonable accommodation to use our search tools and/or apply for a career opportunity review Accessibility at Citi.
View Citi's EEO Policy Statement and the Know Your Rights poster.

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