Quantitative Model Risk Analyst

REKRUITD; Illinois; Hybrid; USD 95,000 - 125,000; Full time

Job summary

REKRUITD is partnering with a financial services client to hire a Quantitative Model Risk Analyst for a full-time, permanent role in the Chicagoland area. The position supports independent oversight of models used for business, risk, compliance, and financial decisions, requiring strong quantitative skills and clear communication of risks.

Responsibilities include reviewing models, assessing design and data, performing testing, documenting conclusions, and collaborating with developers and

Qualifications

• 1–3 years of experience in quantitative analysis, model validation, data science, or similar area.
• Exposure to financial services models, particularly credit risk, CECL, liquidity, compliance, BSA/AML, or fair lending.
• Hands-on experience using Python for data analysis, modeling, or quantitative testing.

Responsibilities

• Review quantitative models and analytical methodologies used across banking and risk functions.
• Assess model design, assumptions, underlying data, calculations, implementation, controls, and performance.
• Use independent analysis to challenge model results and determine whether methodologies are appropriate for their intended use.
• Perform quantitative testing and develop comparison approaches to evaluate model accuracy and stability.
• Review models supporting lending and credit risk, financial forecasting, regulatory compliance, financial crime, and valuation.
• Evaluate traditional statistical models as well as newer ML/AI-based approaches.
• Document analyses and clearly communicate conclusions, identified risks and recommended improvements.
• Partner with model developers, business teams, and risk stakeholders to understand methodologies and resolve findings.
• Contribute to the broader model governance program, including reporting and regulatory support.
• Look for ways to make validation and review processes more efficient through improved tools and automation.

Skills

Python

Quantitative analysis

Model validation

Education

Master's or PhD in Mathematics/Statistics/Economics

Job description

***This is a hybrid position in the Chicagoland area. Candidates must be able to work onsite as required. Please apply only if you are currently located in the Chicagoland area or are able to commute to the worksite. This is not a remote position.***

REKRUITD is partnering with one of our financial services clients to hire a Quantitative Model Risk Analyst for a full-time, permanent opportunity.

This role is part of an enterprise risk function responsible for providing independent oversight of models used to support business, risk, compliance, and financial decisions. We are looking for someone with a strong quantitative foundation who can analyze how models are designed, evaluate whether they are performing as intended, and clearly communicate potential risks or areas for improvement.

• Review quantitative models and analytical methodologies used across a variety of banking and risk functions.
• Assess model design, assumptions, underlying data, calculations, implementation, controls, and ongoing performance.
• Use independent analysis to challenge model results and determine whether methodologies are appropriate for their intended use.
• Perform quantitative testing and develop comparison approaches to evaluate model accuracy and stability.
• Review models supporting areas such as lending and credit risk, financial forecasting, regulatory compliance, financial crime, and valuation.
• Evaluate traditional statistical models as well as newer machine learning and AI-based approaches.
• Document your analysis and clearly communicate conclusions, identified risks and recommended improvements.
• Partner with model developers, business teams, and risk stakeholders to understand methodologies and resolve findings.
• Contribute to the broader model governance program, including reporting and regulatory support.
• Look for ways to make validation and review processes more efficient through improved tools and automation.

Experience:

• 1–3 years of experience in quantitative analysis, model validation, model development, data science, or a similar area.
• Exposure to financial services models, particularly within areas such as credit risk, CECL, liquidity, compliance, BSA/AML, or fair lending.
• A Master's degree or PhD in Mathematics, Statistics, Economics, or another highly quantitative discipline.
• Hands-on experience using Python for data analysis, modeling, or quantitative testing.
• Strong analytical skills and the ability to independently evaluate complex methodologies.
• Strong written communication skills with the ability to turn technical analysis into clear conclusions.
• Exposure to machine learning or AI modeling is a plus.

About the Opportunity:

This position offers the opportunity to work across a broad range of models and business areas while continuing to develop expertise in model risk and quantitative validation within the financial services industry.