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Model Risk Manager Jobs in Virginia (NOW HIRING)

Deloitte

Financial Risk Manager

Mclean, VA · On-site

Financial Services Manager - Financial Risk Our Deloitte Regulatory, Risk & Forensic team helps ... Knowledge of financial services business models, products, and services * Experience in banking ...

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Model Risk Manager information

See Virginia salary details

$51.1K

$110.6K

$168.5K

How much do model risk manager jobs pay per year?

As of Sep 9, 2026, the average yearly pay for model risk manager in Virginia is $110,599.00, according to ZipRecruiter salary data. Most workers in this role earn between $89,200.00 and $127,900.00 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 the most commonly searched types of Model Risk jobs in Virginia?

The most popular types of Model Risk jobs in Virginia are:

What are popular job titles related to Model Risk Manager jobs in Virginia?

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

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

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

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

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

Model Risk Manager jobs near you
Infographic showing various Model Risk Manager job openings in Virginia as of August 2026, with employment types broken down into 80% Full Time, 19% Part Time, and 1% Contract. Highlights an 81% Physical, 2% Hybrid, and 17% Remote job distribution, with an average salary of $110,599 per year, or $53.2 per hour.

IT Risk Tech Lead - AI and Model Risk Governance

Mclean, VA • On-site

Freddie Mac
Finance and Insurance • 5 - 10K employees
Learn more about Freddie Macexternal

Full-time

Re-posted 5 hours ago

Key responsibilities

  • Lead the development, implementation, and continuous improvement of model governance operating processes.

  • Support enterprise AI adoption through the development and enhancement of governance technology solutions and lead AI Clearinghouse operations.

  • Coordinate and manage third-party vendor risk governance activities, including vendor SOC and Enhanced Information Risk Review.

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 to the maturing of EO&T division's model risk governance process and the enterprise-wide adoption of AI risk governance framework. We work closely with all three lines of defense, and business partners on a series of risk governance and reduction activities.
Our Impact:
  • Develop and operationalize scalable model governance processes within EO&T division to promote effective model governance compliant with regulatory requirements
  • Support enterprise Artificial Intelligence (AI) adoption through the development and enhancement of critical governance technology solutions
  • Execute risk mitigation processes to ensure compliance with model and AI governance requirements
  • Develop and deliver management reporting and insights to stakeholders on the model and AI governance and compliance programs
  • Facilitate continuous monitoring, reporting, and improvement of compliance with regulatory and corporate requirements

Your Impact:
  • Lead the development, implementation, and continuous improvement of model governance operating processes
  • Drive process automation initiatives to improve operational efficiency and scalability
  • Lead and support operational control testing activities to assess control execution effectiveness
  • Coordinate and manage third-party vendor risk governance activities, including vendor SOC and Enhanced Information Risk Review
  • Lead AI Clearinghouse operations and strategic initiatives, including AI solutions and use case intake governance, stakeholder support, anomaly resolution, management reporting, and platform enhancement
  • Partner with cross-functional stakeholders to enhance and implement platform and tool enhancements and operational improvements
  • Support management in executing strategic initiatives, risk mitigation efforts, and other high-priority projects
  • Serve as a trusted advisor to business, technology, and risk partners on model, AI, vendor governance requirements

Qualifications:
  • Bachelor's degree in a relevant field such as Computer Science, Information Systems, Finance, Risk Management or a related field. Advanced degrees (MBA, MS, or equivalent) preferred
  • Minimum of 8 years of experience in model risk governance, AI/ML risk management, operational risk management, technology risk management, or related governance and compliance functions
  • Experience developing, implementing, or operating model governance and AI governance, and ability to interpret regulatory requirements and translating governance standards into operational processes and controls
  • Working knowledge of the COSO internal control framework, the NIST controls framework, 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
  • Relevant professional certifications such as CISA, CISSP, CISM, CPA, CIA Security+, or similar certifications 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 changes positively and quickly
  • 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, AI and model trends, and evolving regulatory requirements
  • Strong organizational and project management skills with attention to detail and excellence.
  • Ability to drive process improvements, automation, and operational excellence.

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 $136,000 - $204,000 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

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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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