Risk Management - Model Risk Program Associate
On-site · New York City, New York, United States
Job Summary
As a Quant Model Risk Associate in the Model Risk Governance and Review team, assess and mitigate risks associated with complex models used for valuation, risk measurement, capital calculation, and decision-making. Perform thorough reviews of credit, interest rate, and equity pricing models, evaluate model behavior for suitability, develop and implement alternative model benchmarks, and design robust performance metrics. Ensure models remain fit for purpose and compliant with internal and regulatory standards; serve as the primary point of contact for new model implementations and changes; collaborate with model developers, Risk, and Valuation Control Groups to provide guidance on model risk management, validation standards, and regulatory expectations.
Required Qualifications
- Advanced degree (MSc, PhD, or equivalent) in a quantitative discipline such as mathematics, statistics, financial engineering, or related field
- Advanced knowledge of probability theory, stochastic processes, statistics, partial differential equations, and numerical analysis with application to financial modeling and risk assessment
- Deep understanding of option pricing theory and quantitative models for pricing and hedging derivatives, including familiarity with stochastic calculus and risk-neutral valuation
- Strong analytical and problem-solving skills; ability to formulate insightful questions, identify model limitations, and escalate issues appropriately
- Excellent written and verbal communication skills; ability to explain complex quantitative concepts to technical and non-technical stakeholders
- Proficient programming skills in languages such as C/C++, Python, or similar, with experience implementing numerical algorithms and developing model prototypes
- Demonstrated curiosity and ownership; ability to work collaboratively in a team-oriented environment
- One to three years’ experience in front office model development or model review, validation, and governance within financial services, with understanding of credit, interest rate, and equity pricing models
- Experience in a front office or model risk quantitative role
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