Senior Model Risk Analyst

Federal Home Loan Bank of Boston; Boston (MA); Hybrid; USD 98,000 - 150,000; Full time

Job summary

Federal Home Loan Bank of Boston is seeking a Senior Model Risk Analyst to strengthen its Model Risk Management framework. You will independently lead validations, assess methodologies, and advise on governance and regulatory requirements.

The role requires deep quantitative expertise, collaboration with auditors and regulators, and the ability to communicate findings clearly. The position offers hybrid work in Boston with on-site onboarding.

Qualifications

• Master’s degree in finance, economics, mathematics, statistics, or a related quantitative field.
• PhD, CFA, FRM, or similar designation is a plus.
• Seven or more years of experience in model risk management, model validation, or related field.
• Experience with financial institution models (IR risk, valuation, liquidity, mortgage, etc.).
• Ability to interact with auditors, regulators, and model owners.

Responsibilities

• Lead and execute model validations and risk reviews for complex models.
• Review methodologies, data sources, controls, and performance monitoring frameworks.
• Design quantitative analyses including benchmarking, stress testing, and back-testing.
• Develop validation reports and present findings to management and regulators.
• Mentor junior analysts and contribute to governance improvements.
• Support regulatory examinations and internal audits.

Skills

Model risk management

Statistics & econometrics

Programming: Python/R/MATLAB/SAS/SQL

Technical report writing

Regulatory guidance knowledge

Cross-functional collaboration

Education

Master's degree in finance/economics/math/statistics/quant field

PhD or CFA/FRM a plus

Tools

PolyPaths

Summit

Principia

Yield Book

Numerix

Bloomberg

Moody’s

Job description

Senior Model Risk Analyst

Location Boston

Position Summary

The Senior Model Risk Analyst will play a critical role in implementing and enhancing the Bank’s Model Risk Management framework, policies, procedures, and governance practices. As part of the second line of defense, the Senior Analyst will provide independent review, effective challenge, and oversight of models, modeling processes, and designated calculations used across the Bank.

The Senior Model Risk Analyst will independently lead reviews of complex financial, risk management, treasury, interest rate, liquidity, credit, valuation, accounting, mortgage, stress testing, and forecasting models used throughout the Bank, and will support the Bank’s model risk management approach to emerging technologies, including artificial intelligence and machine learning, as applicable. Responsibilities include assessing model conceptual soundness, assumptions, limitations, data, implementation, controls, documentation, performance, and compliance with regulatory expectations.

The Senior Model Risk Analyst will routinely interact with model owners, senior management, external validators, auditors, regulators, vendors, and peers across the Federal Home Loan Bank System. The position requires substantial technical expertise, independent judgment, and strong communication skills.

The ideal candidate will demonstrate a deep understanding of quantitative analysis, financial modeling, model governance, and regulatory expectations related to model risk management.

In this role, you will help strengthen the Bank’s ability to identify, measure, monitor, and control model risk. You will partner with model owners and stakeholders while maintaining independence, support clear and actionable validation outcomes, and contribute to enhancements in model governance, validation planning, performance monitoring, issue remediation, and risk reporting.

This role will have a hybrid work schedule in our Boston office in accordance with the Bank’s Hybrid Work Program. More time will be expected in the office to support onboarding initially.

Anticipated Pay Range

The anticipated base pay range for this role is $97,750 - $149,500

This role is based in Boston with weekly in-office expectations. The base pay posted represents the annual base pay range or hourly wage range that we expect to offer for this job opportunity. The actual base salary offer will depend on a variety of factors including relevant experience, required skills and other relevant factors. The range noted here is not indicative of all positions in the job grade within which this position falls.

All Bank full‑time positions are eligible to participate in our annual incentive program and our robust total rewards offerings, in addition to the base pay.

For more information, visit Careers – FHLBank Boston (https://www.fhlbboston.com/about-us/careers/)

Specific Responsibilities

• Independently lead and execute model validations and targeted model risk reviews for complex models, modeling processes, vendor models, and designated calculations.
• Review and challenge model methodologies, assumptions, data sources, implementation approaches, controls, documentation, limitations, and performance monitoring frameworks.
• Design and execute quantitative analyses including benchmarking, sensitivity testing, scenario analysis, stress testing, attribution analysis, outcomes analysis, and back-testing.
• Evaluate model documentation, governance processes, change management practices, data quality, implementation evidence, and ongoing monitoring results.
• Develop and present comprehensive validation reports, conclusions, and findings to model owners, senior management, committees, auditors, and regulators.
• Serve as a subject matter expert on model risk management policies, procedures, standards, regulatory guidance, and industry practices.
• Support regulatory examinations and internal audit reviews related to model risk management activities.
• Assist in developing enhancements to model governance practices, model inventory processes, validation methodologies, risk reporting, automation, evidence management, and performance monitoring.
• Mentor junior analysts and provide technical guidance, peer review, and knowledge sharing within the Model Risk Management team.
• Conduct research on emerging modeling techniques, financial markets, model risk management practices, artificial intelligence, machine learning, automation, and regulatory developments.
• Participate in cross-functional projects and committees involving model risk, quantitative analytics, technology, data governance, and enterprise risk management.
• Perform other duties as assigned.

Knowledge/Skills

• Strong knowledge of model risk management, model validation practices, and model governance frameworks.
• Strong understanding of statistics, econometrics, quantitative finance, risk modeling, and predictive analytics.
• Strong proficiency in programming or analytical tools such as Python, R, MATLAB, SAS, SQL, or similar tools used for data analysis, statistical analysis, model development, or independent validation.
• Excellent written and verbal communication skills, including the ability to prepare clear technical reports and present conclusions to senior management and governance committees.
• Strong organizational skills with the ability to manage multiple concurrent projects and deadlines.
• Knowledge of regulatory guidelines and industry standards for model risk management, including FHFA Advisory Bulletins 2013-07 and 2022-03, SR 11-7/OCC 2011-12, SR 26-2, or similar model risk regulatory guidance.
• Experience interacting with auditors, regulators, senior management, model owners, and third-party validation providers.
• Must be able to work both independently and as part of a team.

Education

• Master’s degree in finance, economics, mathematics, statistics, financial engineering, data science, or a related quantitative field; a bachelor’s degree with significant relevant experience may be considered.
• Ph.D. in a relevant discipline, CFA, FRM, or similar professional designation is a plus.

Experience

• Generally, seven or more years’ experience in model risk management, model validation, quantitative analytics, financial modeling, model development, or related discipline.
• Demonstrated experience independently leading model validations and producing formal validation reports.
• Experience with financial institution models, including interest rate risk, asset/liability management, valuation, liquidity, mortgage, credit risk, accounting, forecasting, stress testing, or fair value models.
• Experience building validation tools, automation solutions, dashboards, data quality routines, or analytical models.
• Experience with vendor platforms such as PolyPaths, Summit, Principia, Yield Book, Numerix, Bloomberg, Moody’s, or similar systems is a plus.
• Experience supporting regulatory examinations and internal audit reviews related to model risk management activities.

As an Equal Opportunity Employer, we strongly encourage applicants from every ethnicity, color, religion, gender, age, national origin, disability, veteran or parental status and sexual orientation.

Nothing in this job description restricts management’s right to assign or reassign duties and responsibilities to this job at any time.