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Model Risk Manager Jobs (NOW HIRING)

Genworth Financial

Actuary, Model Risk

Richmond, VA · On-site +1

YOUR ROLE As an Actuary and member of the Model Risk Team, you will assess and manage model risk for Genworth's US Life Insurance, CareScout Insurance, CareScout Services businesses, and Genworth ...

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Model Risk Manager information

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$51.5K

$111.6K

$170K

How much do model risk manager jobs pay per year?

As of Jun 26, 2026, the average yearly pay for model risk manager in the United States is $111,556.00, according to ZipRecruiter salary data. Most workers in this role earn between $90,000.00 and $129,000.00 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.
More about Model Risk Manager jobs
What cities are hiring for Model Risk Manager jobs? Cities with the most Model Risk Manager job openings:
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Model Risk Manager jobs near you
Infographic showing various Model Risk Manager job openings in the United States as of June 2026, with employment types broken down into 1% As Needed, 82% Full Time, 14% Part Time, and 3% Contract. Highlights an 91% Physical, 3% Hybrid, and 6% Remote job distribution, with an average salary of $111,556 per year, or $53.6 per hour.

Risk Model Validation Associate

Nomura International

Manhattan, NY • On-site

$115K - $135K/yr

Full-time

Posted 6 days ago

Job description

Job Title: Model Risk - Risk Model Validation
Corporate Title: Associate
Department: Risk Management - Model Risk Management
Location: New York, NY
The pay range for this position at commencement of employment is expected to be between $115,000 and $135,000/ year. * (see below footnote for additional compensation and benefits information).
Company overview
Nomura is a global financial services group with an integrated network spanning approximately 30 countries and regions. By connecting markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its three business divisions: Wealth Management, Investment Management, and Wholesale (Global Markets and Investment Banking). Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership. For further information about Nomura, visit www.nomura.com.
Aon's Benefit Index®, Nomura's benefits rank #1 amongst our competitors
Department Overview:
Nomura's Risk department plays a crucial role in identifying, assessing, and mitigating risks across our business. We strive to protect the firm's assets, reputation, and financial stability by implementing robust risk management practices. Join our team and contribute to our proactive approach in managing risks, allowing us to make informed decisions and thrive in an ever-changing market environment.
Role Description:
Model Risk Management is a group within Risk Management responsible for:
  • Developing, executing and enforcing an effective Model Risk Management Framework.
  • Producing a consolidated view of Model Risk for comparison with the Model Risk Appetite.
  • Independently validating, reviewing and approving Models for their intended uses.

This role will focus on Risk Models and will be responsible for a range of tasks throughout the Model Lifecycle including assessing conceptual soundness, performing sensitivity analysis, verifying proper model implementation, developing benchmark models and reviewing model performance.
Skills, experience, qualifications and knowledge required:
  • A postgraduate degree in a quantitative discipline.
  • 1-3 years of experience in Model Risk.
  • Familiarity with econometrics, stochastic calculus and statistical programming (e.g. R, Python).
  • Familiarity with Risk Models preferred (e.g. VaR, Stress Testing, Counterparty Credit Risk Models).

Nomura Leadership Behaviours
  • Explore Insights & Vision: Identify the underlying causes of problems faced by you or your team and define a clear vision and direction for the future.
  • Making Strategic Decisions: Evaluate all the options for resolving the problems and effectively prioritize actions or recommendations.
  • Inspire Entrepreneurship in People: Inspire team members through effective communication of ideas and motivate them to actively enhance productivity.
  • Elevate Organizational Capability: Engage proactively in professional development and enhance team productivity through the promotion of knowledge sharing.
  • Inclusion: Foster a culture of inclusion and psychological safety in the workplace and cultivate a "Risk Culture" (Challenge, Escalate and Respect).

*base pay offered may vary depending on multiple individualized factors, including market location, corporate and functional title and duties, job-related knowledge and advanced degrees, skills, and experience.
If hired, employee will be in an "at-will position" and the Company reserves the right to modify base salary (as well as any other discretionary payment or compensation program) at any time, including for reasons related to individual performance, Company or individual department/team performance, and market factors".
Nomura is an Equal Opportunity Employer

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