Manager, Model Risk Management

Overview
A leading financial institution is seeking a Manager of Model Risk Management to drive enterprise-level oversight of model risk across the full model lifecycle. This role is ideal for a quantitative risk professional who can balance technical depth with governance leadership, cross‑functional collaboration, and emerging expertise in AI/ML and Generative AI model risk.

The Manager will play a key role in ensuring models used across the organization-analytical, financial, operational, and AI‑driven-adhere to regulatory expectations, internal policies, and sound risk‑mitigation practices.

Key Responsibilities

Model Governance & Framework Leadership

• Lead enterprise-wide model risk governance and ensure alignment with the organization's Model Risk Management Framework.
• Maintain and enhance MRM policies, standards, and governance documentation in response to regulatory and industry developments.
• Serve as a trusted advisor to model owners and developers on model expectations and risk‑management requirements.

Model Validation & Technical Oversight

• Execute independent validations, including conceptual soundness evaluations, methodology reviews, data quality assessments, performance testing, and outcome analyses.
• Prepare comprehensive validation reports demonstrating evidence-based conclusions and recommendations.
• Review and challenge validation work performed internally or by third‑party validators to ensure rigor, consistency, and quality.

AI/ML & Generative AI Risk Review

• Lead more complex evaluations of AI/ML andGenAI models, including:
  • Explainability assessments
  • Robustness testing
  • Fairness/bias evaluations
  • Drift and stability analysis
  • Integrity and hallucination‑related risk assessments

Lifecycle Management & Governance Activities

• Oversee model identification, risk rating, validation, approval, ongoing monitoring, periodic review, change management, and retirement processes.
• Manage and maintain the enterprise model inventory, ensuring documentation completeness and audit readiness.
• Review and approve monitoring submissions and track remediation progress related to model validation findings.

Cross‑Functional Collaboration

• Partner with quantitative teams, business units, technology groups, audit, compliance, and risk stakeholders to ensure model risks are appropriately governed.
• Support continuous improvements to enterprise MRM processes, controls, and reporting.

Qualifications

Required

• Bachelor's degree in a quantitative field (math, statistics, data science, finance, engineering, computer science, etc.); advanced degree preferred.
• 7-10 years of experience in model risk management, model validation, quantitative modeling, AI/ML, or risk governance.
• Strong understanding of model lifecycle expectations, including alignment with Federal Reserve and industry model‑risk standards.
• Experience with both traditional models and AI/ML or GenAI systems.
• Familiarity with explainability methods, responsible AI practices, and ethical AI principles.
• Ability to challenge, interpret, and articulate complex quantitative concepts to technical and non‑technical audiences.
• Proficiency in Python or R, and strong Excel/visualization skills (e.g., Tableau).
• Strong communication abilities, including experience preparing governance or committee‑level reporting.

Preferred

• Experience evaluating or managing third‑party or vendor‑developed models.
• Prior exposure to model risk environments in banking, payments, or clearing/market infrastructure.
• Experience mentoring junior analysts or leading small teams.