Head of Model Risk & Validation

PenFed Credit Union; Washington, Baltimore (District of Columbia, MD); Hybrid; USD 97,000 - 216,000; Full time

Job summary

PenFed is seeking a Hybrid Director of Model Risk Management in Tysons, VA, to lead validation for consumer banking and fraud risk. The role drives independent review and governance across retail lending and mortgage portfolios, delivering strategic insights to senior leadership.

Successful candidates will have a strong quantitative background, extensive model validation experience, and clear communication skills. AI tools experience is a plus; US work authorization is required.

Qualifications

• Bachelor's degree in Finance, Economics, Mathematics or Statistics is required.
• Advanced degree (MS/PhD) in a quantitative field is preferred.
• 7+ years in quantitative modeling or related risk management in a financial institution.
• 3+ years in direct management or supervisory leadership role.
• Experience overseeing creation, adjustment, validation and monitoring of ML models.
• Familiarity with Bureau data, large databases, and open-source tools (Python).
• Strong regulatory knowledge and experience with SR 26-2, SR 11-7.
• Experience in governance/second-line risk management and audits.
• Excellent communication to senior management; ability to present complex topics.
• Experience using AI tools is preferred.

Responsibilities

• Lead and oversee the model validation function for credit and fraud risk.
• Contribute to governance standards for consumer banking models.
• Provide analysis and reports to senior management.
• Perform independent validation, pre-implementation checks, and ongoing monitoring.
• Maintain relationships with model users, owners, and governance partners.
• Improve quantitative modeling approaches, including agentic AI and ML.
• Stay aware of market trends and regulatory developments affecting MRMs.

Skills

Model validation

Quantitative modeling

Leadership

Regulatory knowledge

Effective communication

Education

Bachelor's degree in Finance, Economics, Mathematics or Statistics

Advanced degree (Master's or Ph.D.) in a quantitative field

Tools

Python

Job description

PenFed is seeking a Hybrid Director of Model Risk Management in Tysons, VA, to lead validation for consumer banking and fraud risk. The role drives independent review and governance across retail lending and mortgage portfolios, delivering strategic insights to senior leadership.

Successful candidates will have a strong quantitative background, extensive model validation experience, and clear communication skills. AI tools experience is a plus; US work authorization is required.