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Model Risk Manager

MercurySan Francisco, CA, New York, NY, Portland, OR, or Remote within Canada or United StatesEnterprise Risk
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Salary
$142,900 — $160,700 USD
Job type
Full-time
Work mode
Remote
Experience
Senior · 5+ yrs
Posted
9 Oct 2026
Status
Open · checked 7d ago

About this role

Mercury is seeking a Model Risk Manager to help build and operate a practical model risk management program in San Francisco, New York, Portland, or remotely within Canada or the United States, suiting professionals experienced in quantitative risk analytics and model validation. This hands-on position provides independent review and effective challenge throughout the model lifecycle across credit underwriting, fraud prevention, financial forecasting, and other operational areas.

Role Overview

Mercury is looking for a Model Risk Manager to help build and operate a practical, risk-based Model Risk Management program as the company scales and prepares for life as a regulated bank. Models support decision-making across credit underwriting, portfolio management, fraud prevention, BSA/AML, CECL, finance, liquidity, pricing, and operational processes. This role requires moving comfortably between technical analysis, regulatory expectations, and business context to conduct model validations and improve inventory and monitoring practices.

Key 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, implementation, and performance through testing like outcomes analysis, benchmarking, back-testing, and sensitivity testing.
Provide constructive challenges to model developers and owners while maintaining effective working relationships with the first line of defense.
Maintain a complete model inventory, tracking model ownership, risk ratings, dependencies, limitations, and validation status.
Review ongoing monitoring plans and results, including performance thresholds, overrides, data drift, and model changes.
Evaluate vendor models and third-party analytical products for transparency, performance, limitations, and control capabilities.
Document validation conclusions, identify issues, recommend remediation, and track findings to resolution.
Develop clear reporting on model risk, validation coverage, and performance concerns for management and governance committees.
Improve internal Model Risk Management policies, standards, procedures, and templates.
Use automation and analytical tools to improve the efficiency of model inventory management, testing, and monitoring.
Partner with Data and AI Governance teams to establish boundaries for generative AI and agentic AI systems.
Support regulatory examinations, Internal Audit reviews, and assurance activities.

Requirements

Minimum of 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 a related field.
Strong knowledge of model risk management principles and 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 machine learning, scorecards, or complex vendor and spreadsheet models.
Proficiency with SQL and Python from a data analytics lens.
Strong written and verbal communication skills with exceptional attention to detail.
Sound judgment, intellectual curiosity, and a practical, risk-based mindset.

Nice to Have

Experience helping build or materially enhance a model risk management program.
Familiarity with bank regulatory examinations, charter readiness, or risk program implementations in growing financial institutions.
Knowledge of Haskell.
Master’s degree or PhD in a related field.

Skills and Tools

SQL
Python
Machine learning methods (such as XGBoost and random forests)
Scorecards
Vendor models (such as Alloy and Firco)
Spreadsheet-based models
Haskell

Salary and Benefits

Base salary range of $142,900 to $160,700 USD.
Total rewards package includes base salary, equity such as stock options or RSUs, and benefits.

About the Company

Mercury is a financial technology company offering banking services through partner banks including Choice Financial Group, Column N.A., and Evolve Bank & Trust, which are Members FDIC. The organization prides itself on being an Equal Employment Opportunity employer that values diversity and inclusion.

How to Apply

Interested candidates should apply directly on the official Mercury careers page.

Skills and tech stack

SQLPythonXGBoostRandom ForestsAlloyFircoHaskellMachine LearningGenerative AI

Questions candidates ask

What is the salary range for the Model Risk Manager position at Mercury?

The target base salary range is $142,900 to $160,700 USD, supplemented by equity and benefits as part of the total rewards package.

Where is this position located?

The role is available in San Francisco, CA; New York, NY; Portland, OR; or as a remote position within Canada or the United States.

What educational qualifications are required?

A Bachelor’s degree in Statistics, Mathematics, Physics, Computer Science, Engineering, Financial Engineering, or a related field is required. A Master’s degree or PhD is preferred.

How many years of experience are required for this role?

Candidates must have 5 or more years of relevant experience in model validation, model development, quantitative risk analytics, or a related discipline.

What technical skills are expected from applicants?

Proficiency with SQL and Python from a data analytics lens is required, alongside experience with machine learning techniques, scorecards, and vendor models.

Ready to apply?

The application is on the official Mercury careers page.

Apply on company site