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Model Risk Jobs in New York (NOW HIRING)

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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$15

$33

$81

How much do model risk jobs pay per hour?

As of May 31, 2026, the average hourly pay for model risk in New York is $33.19, according to ZipRecruiter salary data. Most workers in this role earn between $21.30 and $42.36 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 New York? The most popular types of Model Risk jobs in New York are:
What are popular job titles related to Model Risk jobs in New York? For Model Risk jobs in New York, the most frequently searched job titles are:
What job categories do people searching Model Risk jobs in New York look for? The top searched job categories for Model Risk jobs in New York are:
Model Risk jobs near you
Model Risk Analyst

Model Risk Analyst

NEW YORK POWER AUTHORITY

White Plains, NY • On-site

$74K - $102.30K/yr

Full-time

Posted 17 days ago

Job description

Summary
Perform quantitative and qualitative analysis on models and assessments of their risks, coordinate with the business units to conduct testing of critical models and document results. Manage the model inventory in the company's governance solution, ensure timely updates of forms and questionnaires, maintain ongoing contact with model owners and reviewers, and oversee adherence to model and other risk policies and procedures. Supports the development of tools and techniques to facilitate ongoing model enhancement for the organization. #LI-CJ1
Responsibilities
  • Perform quantitative and qualitative analysis on model risk and other types of risk inventories to identify underlying relationships and assist in the risk roll-up/alignment process
  • Work with the Enterprise and/or Operational Risk team, NYPA management, and staff to facilitate the Model Risk Management and broader risk management process for risk identification, definition, assessment, analysis, mitigation, and monitoring throughout NYPA
  • Generate risk reports for various levels of the organization including the Executive Risk Management and Resilience Committee (ERRMC)
  • Work with Enterprise and Operational Risk leadership to ensure effective alignment of the enterprise and operational processes with Internal Audit, Internal Business Controls, and Compliance
  • Assist Enterprise and Operational Risk Management team (EORM) in the development of training materials and assist in conducting enterprise and/or operational education/training to various levels of NYPA Business Units management and staff
  • Update, maintain and ensure compliance with NYPA's model and other risk frameworks, policies, procedures, and other associated risk management documentation
  • Provide support on the implementation and on-going operation of the Governance, Risk, and Compliance (GRC) software module specific to the model risk programs
  • Coordinate the resolution of risk software problems with the vendor or the NYPA IT department as needed Perform regular updates to the model risk and other risk repositories and perform risk assessments using reporting tools to ensure integrity of the repository database
  • Create and maintain up-to-date meeting minutes, reports and related materials for the Enterprise and Operational Risk website
  • Work with senior EORM Team members to establish and implement the Enterprise and/or Operational Risk task level schedule to ensure timely delivery of assigned work products

Knowledge, Skills and Abilities
  • Working knowledge of various types of risk including Model, Operational, Asset, Project and Enterprise level risks
  • General knowledge of Enterprise-wide risk management program development and implementation; including best practices, frameworks, and associated software systems
  • General knowledge of Internal Audit and Internal Business Controls practices
  • General understanding of the fundamentals of probabilistic scenario analysis and analysis techniques the associated application to risk management
  • Proficient in spreadsheet and/or statistical analysis packages. Working knowledge of Access, Word, PowerPoint, statistical software, and MS Project.
  • Understanding of enterprise risk management best practices as they apply to the energy/utility industry
  • Ability to prepare and deliver clear and concise summaries and insights with assistance from senior specialists and director

Education, Experience and Certifications
  • Bachelor's degree in Business Administration, Finance, Accounting, or Economics
  • A minimum of 2 years directly relevant experience with risk analysis, integration of business processes and development/implementation of enterprise risk programs is preferred

Physical Requirements
The New York Power Authority is committed to providing fair, competitive, and market-informed compensation. The estimated salary range for this position is: $74,000-$102,300. The salary offered will be determined based on the successful candidates' relevant experience, knowledge, skills, and abilities.
The New York Power Authority and Canal Corporation believes that diversity, equity, and inclusion drive our success, and we encourage women, people of color, LGBTQIA+ individuals, people with disabilities, members of ethnic minorities, foreign-born residents and veterans to apply. As an equal opportunity employer, NYPA/Canals is committed to building inclusive, innovative work environments with employees who reflect communities across New York and enthusiastically serve them. We proudly celebrate diversity and do not discriminate based on race/color, creed/religion, national origin, citizenship or immigration status, age, disability, military status, gender/sex, sexual orientation, gender identity/expression, pregnancy and related conditions, familial/marital status, domestic violence victim status, predisposing genetic characteristics, arrest/criminal conviction record or any other category protected by law.
NYPA/Canals will also provide reasonable accommodations during the hiring process related to candidates' disabilities, pregnancy-related conditions, religious observances/practices and/or domestic violence concerns. To request an accommodation, please email accessibility@nypa.gov.

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