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Model Risk Jobs in Jersey City, NJ (NOW HIRING)

Fortitude Re

VP, L&A Risk

Jersey City, NJ · Hybrid

This role supports the Life & Annuity Risk and Model Risk Management Teams in second line risk oversight of a $100bn long-term reinsurance business and the ALM models that at the intersection of ...

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Model Risk information

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$15

$31

$77

How much do model risk jobs pay per hour?

As of Sep 7, 2026, the average hourly pay for model risk in Jersey City, NJ is $31.66, according to ZipRecruiter salary data. Most workers in this role earn between $20.34 and $40.38 per hour, depending on experience, location, and employer.

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 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 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 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 does a model risk do?

A model risk professional assesses and manages the risks associated with using mathematical and statistical models in financial and operational decision-making. They review model accuracy, validate assumptions, and ensure compliance with regulatory standards, often using tools like SAS or R. Their work helps prevent financial loss due to model errors or misestimations.

What does a model risk specialist do?

A model risk specialist evaluates and manages risks associated with financial or operational models used by organizations. They review model assumptions, validate model performance, and ensure compliance with regulatory standards, often using statistical and analytical tools. Their work helps prevent model errors that could lead to financial loss or regulatory issues.

What are the most commonly searched types of Model Risk jobs in Jersey City, NJ?

The most popular types of Model Risk jobs in Jersey City, NJ are:

What are popular job titles related to Model Risk jobs in Jersey City, NJ?

For Model Risk jobs in Jersey City, NJ, the most frequently searched job titles are:

What job categories do people searching Model Risk jobs in Jersey City, NJ look for?

The top searched job categories for Model Risk jobs in Jersey City, NJ are:

Model Risk jobs near you
Infographic showing various Model Risk job openings in Jersey City, NJ as of August 2026, with employment types broken down into 1% As Needed, 87% Full Time, 10% Part Time, and 2% Contract. Highlights an 87% Physical, 3% Hybrid, and 10% Remote job distribution, with an average salary of $65,862 per year, or $31.7 per hour.

Senior Internal Audit Associate - Model Risk

Next Frontier Capital

Jersey City, NJ • On-site

$110 - $160/hr

Other

Medical, Retirement

Posted 5 days ago

Key responsibilities

  • Perform technical reviews of complex models to evaluate model risk and control effectiveness

  • Assess model design, implementation, performance results, and overall fitness for purpose

  • Lead model risk audit engagements, including scoping, planning, and execution

Job description

Join a global team of quantitative specialists shaping how model risk is managed across complex financial systems. You will work at the intersection of advanced analytics, risk, and audit to drive meaningful impact.

As a Senior Associate on the Internal Audit Model Risk team, you will evaluate complex models and model risk frameworks while working closely with both quantitative experts and senior stakeholders. This role offers the opportunity to influence how model risk is identified, assessed, and mitigated across the firm. You’ll also design and implement advanced AI/ML solutions to enhance control testing and provide insights into model risk management.

Job Responsibilities
  • Perform technical reviews of complex models to evaluate model risk and control effectiveness
  • Assess model design, implementation, performance results, and overall fitness for purpose
  • Evaluate ongoing model performance frameworks, including metrics and monitoring thresholds
  • Conduct end-to-end model risk control assessments across the model lifecycle
  • Partner with quantitative experts and senior stakeholders to challenge and influence outcomes
  • Develop and implement AI/ML-driven solutions to enhance model risk testing and insight
  • Lead model risk audit engagements, including scoping, planning, and execution
Required Qualifications, Capabilities, and Skills
  • Advanced degree (Master’s or PhD) in a STEM field such as Mathematics, Data Science, Finance, or Computer Science
  • 2+ years of experience in AI/ML development, quantitative modeling, model validation, or data science
  • Proficiency in programming languages such as Python or R for model development and analysis
  • Experience with AI/ML techniques and modern frameworks (e.g., large language models, agent-based systems)
  • Strong analytical and problem-solving skills with a focus on risk and control assessment
  • Excellent written and verbal communication skills, including technical report writing
  • Ability to influence stakeholders and elevate complex issues effectively
Preferred Qualifications, Capabilities, and Skills
  • Experience developing AI/ML-driven tools for audit, risk, or control testing
  • Familiarity with model risk management frameworks and regulatory expectations
  • Experience working with global teams and complex organizational structures
  • Strong leadership and project management skills across end-to-end initiatives

JPMorganChase, one of the oldest financial institutions, offers innovative financial solutions to millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients under the J.P. Morgan and Chase brands. Our history spans over 200 years and today we are a leader in investment banking, consumer and small business banking, commercial banking, financial transaction processing and asset management.

We offer a competitive total rewards package including base salary determined based on the role, experience, skill set and location. Those in eligible roles may receive commission-based pay and/or discretionary incentive compensation, paid in the form of cash and/or forfeitable equity, awarded in recognition of individual achievements and contributions. We also offer a range of benefits and programs to meet employee needs, based on eligibility. These benefits include comprehensive health care coverage, on-site health and wellness centers, a retirement savings plan, backup childcare, tuition reimbursement, mental health support, financial coaching and more. Additional details about total compensation and benefits will be provided during the hiring process.

We recognize that our people are our strength and the diverse talents they bring to our global workforce are directly linked to our success. We are an equal opportunity employer and place a high value on diversity and inclusion at our company. We do not discriminate on the basis of any protected attribute, including race, religion, color, national origin, gender, sexual orientation, gender identity, gender expression, age, marital or veteran status, pregnancy or disability, or any other basis protected under applicable law. We also make reasonable accommodations for applicants’ and employees’ religious practices and beliefs, as well as mental health or physical disability needs. Visit our FAQs for more information about requesting an accommodation.

JPMorgan Chase & Co. is an Equal Opportunity Employer, including Disability/Veterans

Our professionals in our Corporate Functions cover a diverse range of areas from finance and risk to human resources and marketing. Our corporate teams are an essential part of our company, ensuring that we’re setting our businesses, clients, customers and employees up for success.

The Audit department provides independent assessments to evaluate, test and report on the adequacy and effectiveness of our governance, risk management and internal controls. The team’s priorities are focused on strong governance, transparency, strategic engagement, and fostering a diverse and inclusive culture that develops our talent.

Assess model risk and develop AI/ML solutions to strengthen model controls across the firm.

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