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Model Risk Manager

Mercury· Enterprise Risk
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Hybrid (San Francisco, CA), Hybrid (New York, NY), Hybrid (Portland, OR), Hybrid (Remote (Canada or USA))$0Full-timePosted 1w ago

About the role

Mercury seeks a Model Risk Manager to build and operate a practical, risk-based Model Risk Management program across a fast-moving fintech environment, conducting independent model validation, challenging assumptions, and coordinating governance with risk, data, engineering, product, finance, compliance, and internal audit.

Responsibilities

  • Perform independent validations and reviews of internally developed and third-party models across areas such as credit, fraud, BSA/AML, CECL, finance, liquidity, pricing, and operational risk.
  • Evaluate each model’s methodology, assumptions, data quality and lineage, implementation, and performance through reviews and testing (outcomes analysis, benchmarking, back-testing, and sensitivity testing) scaled to risk.
  • Provide credible and constructive challenges to model developers, owners, and users while maintaining effective working relationships with 1LOD.
  • Assess model risk and materiality based on inherent risk, purpose, exposure, use, and potential impact.
  • Maintain a complete and accurate model inventory (ownership, risk rating, dependencies, limitations, validation status, monitoring requirements, open issues).
  • Review ongoing monitoring plans and results (performance thresholds, overrides, data drift, model changes, fit-for-purpose conditions).
  • Evaluate vendor models and third-party products (documentation, transparency, performance, limitations, customization, monitorability).
  • Document validation conclusions, identify issues, recommend remediation, and track through resolution.
  • Support controlled model use when validation is incomplete, establishing limitations, compensating controls, monitoring, and approvals.
  • Develop reporting on model risk, validation coverage, performance concerns, concentrations, dependencies, exceptions, and overdue remediation for management and governance committees.
  • Help improve Model Risk Management Policy, standards, procedures, and templates.
  • Use automation and analytical tools for inventory management, testing, monitoring, and reporting.
  • Coordinate with Data and AI Governance to delineate boundaries between traditional MRM and governance of generative/agentic AI and other analytical systems outside the formal model definition.
  • Support regulatory examinations, Internal Audit reviews, and other assurance activities involving model risk.

Qualifications

  • 5+ years of relevant experience in model validation, model development, quantitative risk analytics, or a related discipline within banking, fintech, financial services, or consulting.
  • Bachelor’s degree in Statistics, Mathematics, Physics, Computer Science, Engineering, Financial Engineering or related field; Master’s or PhD preferred.
  • Strong knowledge of model risk management principles and current regulatory expectations, including SR 26-2.
  • Experience validating or developing models in areas such as BSA/AML, fraud, financial forecasting, CECL, capital, liquidity, and credit underwriting, using methodologies like machine learning (e.g., XGBoost, random forests), scorecards, complex vendor models, and complex spreadsheet-based models.
  • Proficiency with SQL and Python; ability to independently collect evidence and perform data analytics.
  • Strong written and verbal communication; ability to explain model risk to data scientists and regulators, and translate findings for 1LOD product/business teams.
  • Exceptional attention to detail across documentation, code, testing artifacts, and quantitative analysis.
  • Sound judgment with a practical, risk-based mindset; ability to challenge senior stakeholders constructively.
  • High ownership, intellectual curiosity, comfort operating in a fast-evolving environment with broad role boundaries.

Skills

Required:Model validationRegulatory knowledgePythonSQL

Benefits

  • Total rewards package includes base salary, equity (stock options/RSUs), and benefits.
  • Salary ranges posted: US NYC/LA/Seattle/SF Bay Area: $166,600—$208,300; US outside those areas: $149,900—$187,500; Canada: $157,400—$196,800 CAD.
Last updated Oct 14, 2026. Interested? Apply on the company site.
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About Mercury

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