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Model Risk Jobs in Santa Clara, CA (NOW HIRING)

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How much do model risk jobs pay per hour?

As of Aug 8, 2026, the average hourly pay for model risk in Santa Clara, CA is $35.63, according to ZipRecruiter salary data. Most workers in this role earn between $22.88 and $45.43 per hour, depending on experience, location, and employer.

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 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 the most commonly searched types of Model Risk jobs in Santa Clara, CA? The most popular types of Model Risk jobs in Santa Clara, CA are:
What are popular job titles related to Model Risk jobs in Santa Clara, CA? For Model Risk jobs in Santa Clara, CA, the most frequently searched job titles are:
What job categories do people searching Model Risk jobs in Santa Clara, CA look for? The top searched job categories for Model Risk jobs in Santa Clara, CA are:
Model Risk jobs near you
Infographic showing various Model Risk job openings in Santa Clara, CA as of August 2026, with employment types broken down into 2% As Needed, 81% Full Time, 14% Part Time, 1% Temporary, and 2% Contract. Highlights an 89% Physical, 3% Hybrid, and 8% Remote job distribution, with an average salary of $74,107 per year, or $35.6 per hour.

Principal Risk & Compliance Quantitative and Modeling Analyst - Location Flexible

PG&E Corporation

San Mateo, CA • Hybrid

$238K/yr

Full-time

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

Job description

Requisition ID # 172735 

Job Category: Compliance / Risk / Quality Assurance; Accounting / Finance; Business Operations / Strategy 

Job Level: Manager/Principal

Business Unit: Strategy & Growth

Work Type: Hybrid

Job Location: Oakland; Alameda; Alta; American Canyon; Angels Camp; Antioch; Auberry; Auburn; Avenal; Avila Beach; Bakersfield; Balch Camp; Bay Point; Bear Valley; Belden; Bellota; Belmont; Benicia; Berkeley; Brentwood; Brisbane; Buellton; Burney; Buttonwillow; Calistoga; Campbell; Canyon Dam; Canyondam; Capitola; Caruthers; Chico; Clearlake; Clovis; Coalinga; Colusa; Concord; Concord; Corcoran; Cottonwood; Cupertino; Daly City; Danville; Davis; Dinuba; Downieville; Dublin; Emeryville; Eureka; Fairfield; Folsom; Fort Bragg; Fortuna; Fremont; French Camp; Fresno; Fresno; Fulton; Garberville; Geyserville; Gilroy; Goodyear; Grass Valley; Guerneville; Half Moon Bay; Hayward; Hinkley; Hollister; Holt; Huron; Jackson; Kerman; King City; Lakeport; Lemoore; Lincoln; Linden; Livermore; Lodi; Loomis; Los Banos; Lower Lake; Madera; Magalia; Manteca; Manton; Mariposa; Martell; Marysville; Maxwell; Menlo Park; Merced; Meridian; Millbrae; Milpitas; Modesto; Monterey; Montgomery Creek; Morgan Hill; Morro Bay; Moss Landing; Mountain View; Napa; Needles; Newark; Newman; Novato; Oakdale; Oakhurst; Oakley; Olema; Orinda; Orland; Oroville; Palo Alto; Palo Cedro; Paradise; Parkwood; Paso Robles; Petaluma; Pioneer; Pismo Beach; Pittsburg; Placerville; Pleasant Hill; Pleasanton; Point Arena; Potter Valley; Quincy; Rancho Cordova; Red Bluff; Redding; Richmond; Ridgecrest; Rio Vista; Rocklin; Roseville; Round Mountain; Sacramenti; Sacramento; Salida; Salinas; San Bruno; San Carlos; San Francisco; San Francisco; San Jose; San Luis Obispo; San Mateo; San Rafael; San Ramon; San Ramon; Sanger; Santa Cruz; Santa Maria; Santa Nella; Santa Rosa; Selma; Shaver Lake; Sonoma; Sonora; South San Francisco; Springville; Stockton; Storrie; Taft; Tracy; Turlock; Twain; Ukiah; Vacaville; Vallejo; Walnut Creek; Wasco; Watsonville; West Sacramento; Wheatland; Whitmore; Willits; Willow Creek; Willows; Windsor; Winters; Woodland; Yuba City

Department Overview:

The Electric Risk & Compliance organization provides governance, oversight, and strategic direction on risk and compliance matters across Electric Operations, ensuring alignment with enterprise policies and external/internal regulatory requirements. It partners cross-functionally to manage compliance requirements, strengthen controls, and enable risk-based oversight through effective monitoring, data, and reporting. The Compliance Insights team provides strategic, comprehensive data analysis, reporting, and data-driven insights that support Electric compliance, investigations, and risk management.

The selected candidate must live within PG&E’s service territory, and will be expected to work in the office 2-3 times a week.

PG&E is providing the salary range that the company in good faith believes it might pay for this position at the time of the job posting. This compensation range is specific to the locality of the job. The actual salary paid to an individual will be based on multiple factors, including, but not limited to, specific skills, education, licenses or certifications, experience, market value, geographic location, and internal equity. Although we estimate the successful candidate hired into this role will be placed towards the middle or entry point of the range, the decision will be made on a case-by-case basis related to these factors.

A reasonable salary range is:

Minimum Base Salary (Bay Area)            $140,000.00

Mid Base Salary (Bay Area)        $189,000.00

Maximum Base Salary (Bay Area)           $238,000.00

Minimum Base Salary (California)         $133,000.00

Mid Base Salary (California)      $180,000.00

Maximum Base Salary (California)        $226,000.00

Responsibilities:

  • Lead development of risk metrics and stress scenarios
  • Lead development of commodity prices, derivatives and transactions as needed to analyze and quantify risks.
  • Lead development of framework for implementing tools and processes to improve quality and timeliness of risk reports.
  • Lead design of analytical and diagnostic tools to ensure accuracy and timely computation of risk metrics and facilitate analyses of portfolios.
  • Lead assessment of the effectiveness of hedging strategies and programs.
  • Lead development and enhancement of quantitative models to support forecasting, valuation, and portfolio risk assessment.
  • Provide analytical support and quantitative risk assessments to inform business decisions and address emerging issues.
  • Lead development of risk-informed compliance frameworks to align analytical insights with regulatory requirements and support effective governance and oversight.
  • Lead horizon scanning activities to identify emerging risks, market developments, and regulatory changes that may affect portfolio strategy and risk exposure.
  • Develops and leads compelling data-driven business cases for or against specific courses of action and potential risk mitigation alternatives as appropriate; provides strategic direction regarding areas of NERC compliance in common with CPUC, OEIS, and CAISO.
  • Leads annual gap analysis; identifies gaps between compliance requirements and guidance documentation.
  • Develops, monitors, analyzes, and reports on business KPIs and indicators, that may affect the Company’s ability to meet its goals.

Qualifications

Minimum:

  • Bachelor’s Degree in Information Systems, Business, Engineering, Financial Engineering, Economics, Statistics, or Mathematics or equivalent experience
  • 8 years of experience in risk analytics development and modeling
  • 2 years managing projects

Desired:

  • Master’s degree or equivalent experience
  • Electrical engineer with experience in the utility industry to support technical interpretations and implementation of new compliance requirements.
  • Proven risk control and system design skills
  • Proven project management skills.
  • Demonstrated ability to abstract or synthesize from one set of ideas or facts to another, identify causal relationships, and anticipate obstacles.
  • Communicates with peers, subordinates, leadership, and stakeholders, using a variety of media and conveying information or conclusions in a clear, direct manner.
  • Ability to maneuver through complex organizational situations effectively and without disruption.
  • Understands and can communicate the company's overall goals and strategies.
  • Ability to analyze complex problems and make decisions despite incomplete information and limited time.
  • Highly advanced analytical, program management, and communications skills
  • Ability to manipulate data and draw conclusions / make recommendations

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