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Model Risk Jobs (NOW HIRING)

Wintrust

Officer, Model Risk Management

Rosemont, IL

Position Overview The Officer, Model Risk Management will conduct various activities related to enterprise model risk validation and model governance. This individual is accountable for independently ...

Wintrust

Officer, Model Risk Management

Rosemont, IL · On-site

Position Overview The Officer, Model Risk Management will conduct various activities related to enterprise model risk validation and model governance. This individual is accountable for independently ...

Genworth Financial

Actuary, Model Risk

Richmond, VA · On-site +1

POSITION TITLE Actuary, Model Risk LOCATION Richmond, VA or Remote US (Eastern or Central Time Zones) This position is available to Virginia residents as Richmond, Virginia in-office applicants or ...

NC SECU

Model Risk Governance Manager

Raleigh, NC · Hybrid

Essential Responsibilities: * (30%) Development and execution of policies, standards, and internal procedures for all phases of the model and AI life cycle, including identification, risk assessment ...

M&T Bank

Model Risk Analyst-Validation

Buffalo, NY

$91K - $101K/yr

Model Risk Analyst - Validation Job Location: One M&T Plaza, Buffalo, NY 14203. Ensure the accuracy, reliability, and compliance of models in accordance with Company or regulatory standards and ...

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Model Risk information

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How much do model risk jobs pay per hour?

As of Jun 26, 2026, the average hourly pay for model risk in the United States is $30.34, according to ZipRecruiter salary data. Most workers in this role earn between $19.47 and $38.70 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.
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Model Risk jobs near you
Model Risk Analyst

Model Risk Analyst

Federal Home Loan Bank of Chicago

Chicago, IL • Hybrid

Full-time

Medical, Dental, Vision, Retirement, PTO

Posted 20 days ago

Job description

At the Federal Home Loan Bank of Chicago, employees come first - that's why we offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees.

  • Collaborative, in-office operating model

  • Retirement program (401k and Pension)

  • Medical, dental and vision insurance

  • Lifestyle Spending Account

  • Competitive PTO plan

  • 11 paid holidays per year

      Who we are

      Our mission at FHLBank Chicago: To partner with our members in Illinois and Wisconsin to provide them competitively priced funding, a reasonable return on their investment, and support for their community investment activities.

      Simply said, we're a bank for banks and other financial institutions, focused on being a strategic partner for our members and working together to reinvest in our communities, from urban centers to rural areas. Created by Congress in 1932, FHLBank Chicago is one of 11 Federal Home Loan Banks, government sponsored in support of mortgage lending and community investment.

      What it's like to work here

      At FHLBank Chicago, we bring people together. We are committed to a high performing, engaged workforce, and to supporting the communities we serve across Illinois and Wisconsin. Our Buddy Program pairs new hires with tenured employees to guide their onboarding. Our professional development and training opportunities through upskilling, mentorship programs, and tuition reimbursement allow employees to grow their career with us. Our collaborative, in-office operating model brings teams together to foster innovation, connection, and shared success. To support balance and flexibility, employees are provided with an allocation of remote days to use as needed throughout the year.

      What you'll do

      The Model Risk Analyst (Analyst) within the Model Risk Management Group (MRM) is responsible for various tasks supporting model validation and risk governance. The tasks are both technical (e.g., related to data analytics and quantitative modeling) and administrative (e.g., documentation requirements). By completing these tasks, the analyst will enhance both his/her technical skills and understanding of how financial models are used within the bank.

      How you'll make an impact

      • Drive Innovation: Lead the charge in enhancing credit and financial models by challenging current methods and proposing innovative enhancements to improve model effectiveness.

      • Collaborate and Influence: Work closely with model owners and stakeholders, presenting testing results and providing constructive recommendations to strengthen our risk management practices.

      • Automate and Optimize: Recommend new ways to automate and improve the modeling process, ensuring efficiency and accuracy in our financial risk assessments.

      What you can expect

      • Explain and present testing results to MRM, model owners and other stakeholders;

      • Work effectively with other risk analysts within MRM and perform ad-hoc analysis to support model-related initiatives;

      • Review model data sources, assumptions, and underlying theory for conceptual soundness;

      • Perform sensitivity analysis and attribution analysis to determine the key financial risk factor(s)/input(s) impacting the Model;

      • Challenge current methods by considering additional modeling enhancements or different metrics to assess model effectiveness;

      • Perform independent benchmarking, back testing and other analysis for applicable models;

      • Recommend new ways to automate/improve the modeling process;

      • Effectively challenge the model owners by identifying potential model weakness and provide constructive recommendations.

      What you'll bring

      • Graduate Degree (MS/MA/MBA) in a quantitative discipline (e.g., Mathematics, Statistics, Financial Mathematics, Econometrics);

      • 0-3 years of modeling or model validation working experience;

      • Passionate about risk management and interested in model validation;

      • Detail-oriented, a critical thinker and possess excellent communication skills;

      • Proficient in Microsoft Office suite (Excel, Word, Access, PowerPoints)

      • Knowledge in Statistics (logistic regression) and basic data analysis plus knowledge of SQL/R/Python

      • Basic understanding in fixed income securities or mortgage products (CFA/FRM certifications a plus).

      • Knowledge of stochastic processes or interest-rate model techniques preferred;

      • Experience using machine learning techniques utilizing regression and classification algorithms preferred;

      • Familiar with Tableau and level of detail (LOD) preferred

      The Perks

      At FHLBank Chicago, we believe in rewarding our high performing workforce. We offer a highly competitive compensation and bonus package, and access to a comprehensive benefits program designed to meet the needs of our employees. Our retirement program includes a 401(k) and pension plan. Our wellbeing program supports employees at work and in their personal lives: Our PTO plan provides five weeks of vacation for new employees and 11 paid holidays per year; our Lifestyle Spending Account provides an annual stipend for employees to support wellbeing activities; and our central downtown location at the Old Post Office provides easy access to public transportation and breathtaking views from our award-winning rooftop. Visit FHLBCbenefits.com for additional details about our benefits. Step into a brighter future with us.

      Salary Range:

      $75,325.00 - $125,500.00

      The above represents the expected salary range for this job requisition. Ultimately, in determining your pay, we may also consider your experience, and other job-related factors. In addition to the base salary, we offer a comprehensive benefits package which can be found here: https://hrportal.ehr.com/fhlbc

      Apply