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Model Risk Jobs in Massachusetts (NOW HIRING)

AIG

Actuary - Risk Management

Boston, MA · On-site

$120K - $150K/yr

Build benchmark reserving models and design statistical tests to review and challenge reserving model assumptions (risk segmentation, trends, loss development factors etc.) and the conceptual ...

AIG

Associate Actuary - Risk Management

Boston, MA · On-site

$115K - $145K/yr

Build benchmark reserving models and design statistical tests to review and challenge reserving model assumptions (risk segmentation, trends, loss development factors etc.) and the conceptual ...

AIG

Actuary - Risk Management

Boston, MA

$120K - $150K/yr

Build benchmark reserving models and design statistical tests to review and challenge reserving model assumptions (risk segmentation, trends, loss development factors etc.) and the conceptual ...

AIG

Associate Actuary - Risk Management

Boston, MA

$115K - $145K/yr

Build benchmark reserving models and design statistical tests to review and challenge reserving model assumptions (risk segmentation, trends, loss development factors etc.) and the conceptual ...

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Model Risk information

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$15

$33

$80

How much do model risk jobs pay per hour?

As of May 28, 2026, the average hourly pay for model risk in Massachusetts is $33.13, according to ZipRecruiter salary data. Most workers in this role earn between $21.25 and $42.26 per hour, depending on experience, location, and employer.

What are the key skills and qualifications needed to thrive as a Model Risk Analyst, and why are they important?

To thrive as a Model Risk Analyst, you need a solid background in quantitative analysis, statistics, or finance, often supported by an advanced degree in a related field. Familiarity with model validation tools, programming languages such as Python or R, and regulatory frameworks like SR 11-7 is essential. Strong analytical thinking, attention to detail, and effective communication skills are crucial for evaluating models and presenting findings to stakeholders. These skills ensure model integrity, regulatory compliance, and risk mitigation in financial institutions.

What are some typical challenges faced by professionals working in Model Risk, and how can they be addressed?

Professionals in Model Risk often encounter challenges such as ensuring model accuracy, managing regulatory compliance, and effectively communicating complex technical findings to non-technical stakeholders. Addressing these challenges requires a strong understanding of both quantitative modeling and relevant regulations, as well as strong collaboration skills to work with model developers, auditors, and business units. Staying informed about evolving regulatory standards and participating in ongoing training can also help model risk professionals remain effective and add value to their organizations.

What is model risk?

Model risk refers to the potential for adverse consequences resulting from decisions based on incorrect or misused models. In financial institutions, model risk can arise if a model's assumptions are flawed, if the data input is poor, or if the model is applied inappropriately. Managing model risk involves validating models, monitoring their performance, and ensuring that they are used within their intended scope. Effective model risk management helps organizations avoid significant financial losses and comply with regulatory requirements.

What is the difference between Model Risk vs Model Validation?

AspectModel RiskModel Validation
Primary FocusIdentifying, assessing, and mitigating risks associated with modelsEvaluating and testing models to ensure accuracy and reliability
Required CredentialsQuantitative skills, risk management certifications, industry experienceQuantitative expertise, validation certifications, industry knowledge
Work EnvironmentRisk management teams within financial institutions or firmsModel validation teams, often within risk or model development departments
Industry UsageUsed across banking, insurance, and investment firms to manage model-related risksCommonly employed in financial services to verify model performance

Model Risk focuses on managing the potential negative impacts of models, including errors and misuse, while Model Validation concentrates on testing and confirming the accuracy and robustness of models. Both roles are essential in financial industries to ensure models are reliable and risks are minimized.

What are the most commonly searched types of Model Risk jobs in Massachusetts? The most popular types of Model Risk jobs in Massachusetts are:
What are popular job titles related to Model Risk jobs in Massachusetts? For Model Risk jobs in Massachusetts, the most frequently searched job titles are:
What job categories do people searching Model Risk jobs in Massachusetts look for? The top searched job categories for Model Risk jobs in Massachusetts are:
Model Risk jobs near you
Actuary - Risk Management

Actuary - Risk Management

AIG

Boston, MA • On-site

$120K - $150K/yr

Full-time

This job post has expired today. Applications are no longer accepted.

AIG rating

8.4

Company rating: 8.4 out of 10

Based on 21 frontline employees who took The Breakroom Quiz

103rd of 258 rated insurance

Job description

Actuary - Risk Management

At AIG, we are reimagining the way we help customers to manage risk. Join us as a Actuary - Risk Management to take on key responsibilities within a world-class actuarial function.

Make your mark in Actuarial

Our Actuaries are on the front lines, quantifying risk, pricing insurance and reserving losses for AIG's major insurance operating companies, globally. We collaborate with Finance, Claims, Operations, Marketing and Risk Management, among other functions. As an AIG actuary, you will be challenged and encouraged to reach your greatest potential to help improve how we predict, manage and mitigate risk.

How you will create an impact

This position will assist the Actuarial Independent Review team with the following responsibilities:

  • Assist in the independent review of selected AIG policyholder liabilities. This includes:
    • Review claims and premium data quality for property and casualty insurance lines. Build benchmark reserving models and design statistical tests to review and challenge reserving model assumptions (risk segmentation, trends, loss development factors etc.) and the conceptual soundness of selected model specifications.
    • Keep up with industry trends and research on the latest development on reserving methodologies and acquire various external data to complement the Reserve Analysis.
    • Support the documentation of this view to local Boards/Committees, the AIG Audit Committee, the AIG Risk Committee and the Reserve Committee.
  • Assist in the independent review for selected high priority Pricing and Underwriting Models. This includes:
    • Work closely with pricing actuaries to understand model development inventory and work closely with modelers during review process.
    • Identify high risk pricing and underwriting models which require ERM review under the AIG Model Risk Management Policy.
    • Acquire documentation, controls, data, validation and technical specification to assess. Help guide first line to best practices if these do not exist.
    • Prepare reports on results of independent review to support robust governance function.
  • Effectively communicate and present model review findings to Enterprise Risk Management leadership, Finance Actuarial, Underwriting and other key stakeholders.
  • Work with various functions including actuarial, claims, underwriting, and the economics teams to build models or evaluate scenarios to quantify emerging risks and potential market shocks to enhance the company's overall risk framework, providing insights that drive business success.
  • Support technical review of other non-actuarial models when requested.

AIG is ideally looking for a candidate with:

  • University undergraduate degree and an Associate of Casualty Actuary Society or equivalent.
  • A minimum of 7 years specializing in actuarial and/or risk management ideally with experience from a property and casualty (re)insurer or a consulting background if the requisite management and industry experience are evident.
  • Strong analytical skills, knowledge of drivers of risk and knowledge of the insurance market.
  • Ability to build proactive working relationships with stakeholders across various departments and effect change through use of influencing skills.
  • Proven ability to maintain independent perspective and challenge management on risk-related decisions.
  • Ability to communicate complex matters in a simple and clear manner.

Opportunity can be located either in NYC, NY, Jersey City, NJ, Parsippany, NJ, or Boston, MA

For positions based in New York, the base salary range is $120,000-$150,000, for the positions based in New Jersey, the base range is $118,000-$150,000, and for positions based in Boston, the base range is $120,000-$150,000. In addition, the position is eligible for a bonus in accordance with the terms of the applicable incentive plan. In addition, we're proud to offer a range of competitive benefits, a summary of which can be viewed here: 2025 Benefits Summary

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About AIG

Sourced by ZipRecruiter

American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security.

Industry

Insurance services

Company size

10,000+ Employees

Headquarters location

New York, NY, US

Year founded

1919

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