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Model Risk Manager Jobs in Montclair, NJ (NOW HIRING)

ING Group

Director, Model Risk Management

New York, NY · On-site

$217K - $273K/yr

Model Risk Management | Model Risk Management Lead, Director | NYC About ING: In the Americas, ING's Wholesale Banking division offers a broad range of innovative financial products and services to ...

ING Group

Director, Model Risk Management

New York, NY · Hybrid

$217K - $273K/yr

Model Risk Management | Model Risk Management Lead, Director | NYC About ING: In the Americas, ING's Wholesale Banking division offers a broad range of innovative financial products and services to ...

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Model Risk Manager information

See Montclair, NJ salary details

$52.5K

$113.7K

$173.2K

How much do model risk manager jobs pay per year?

As of May 30, 2026, the average yearly pay for model risk manager in Montclair, NJ is $113,678.00, according to ZipRecruiter salary data. Most workers in this role earn between $91,700.00 and $131,500.00 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 job categories do people searching Model Risk Manager jobs in Montclair, NJ look for? The top searched job categories for Model Risk Manager jobs in Montclair, NJ are:
What cities near Montclair, NJ are hiring for Model Risk Manager jobs? Cities near Montclair, NJ with the most Model Risk Manager job openings:
Model Risk Manager jobs near you
AVP Model Risk Management

AVP Model Risk Management

Premium Technology

New York, NY

Other

Posted 2 days ago

Job description

Company Description

A Major International Bank in Midtown Manhattan is seeking an AVP of Model Risk Management.

 

Job Description

Fluency in Mandarin is required due to the nature of the Position/Client
CANDIDATES LOCAL TO THE NY/NJ METRO AREA ONLY. NO RE-LOCATION
FULL NAME AND CONTACT INFORMATION MUST BE INCLUDED ON THE RESUME

  •  Responsible for overseeing the model risk management program functions to ensure effective risk management and compliance with regulatory requirements.
  • Oversight of all aspects of the model risk management program, including independent model validation and periodic review of each model to ensure accuracy and provide recommendations.


Qualifications
1.    Master's degree in Economics, Statistics or Finance related fields.
2.    At least 5 years of working experience in the financial industry, model risk management, credit or market risk management related fields required.
3.    Bilingual abilities in Mandarin and English


Additional Information


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