Model Risk Manager
Mercury · Remote · San Francisco, CA, New York, NY, Portland, OR, or Remote within Canada or United States · $166.6k–$208.3k
Posted by Mercury on their careers site · View the original posting
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The posting, as Mercury wrote it
About the role
Mercury is looking for a Model Risk Manager to help build and operate a practical, risk-based Model Risk Management program as we continue to scale and prepare for life as a regulated bank.
Models support an increasingly broad range of decisions across Mercury, including credit underwriting, portfolio management, fraud prevention, BSA/AML, CECL, finance, liquidity, pricing, and operational processes. This role will provide independent review and effective challenge throughout the model lifecycle while helping Mercury apply governance proportionate to the actual risk of each model.
This is a hands-on role for someone who can move comfortably between technical analysis, regulatory expectations, and business context. You will conduct model validations, challenge assumptions and limitations, improve our model inventory and monitoring practices, and work closely with teams across Risk Ops, Data, Engineering, Product, Finance, Compliance, and Internal Audit.
Showing up as a true collaborator, advisor and partner to the business will be key as we continue to build out this function and work towards our collective goals at Mercury. You should be comfortable operating in a fast-moving environment where the objective is not governance for its own sake, but helping Mercury use models safely, responsibly, and effectively.
What you’ll do
- 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 and lineage, implementation, and performance through reviews and testings such as outcomes analysis, benchmarking, back-testing, and sensitivity testing scaled to its risk and materiality.
- Provide credible and constructive challenges to model developers, owners, and users while maintaining effective working relationships with 1LOD.
- Assess model risk and materiality based on a model’s inherent risk, purpose, exposure, use, and potential impact.
- Help maintain a complete and accurate model inventory, including model ownership, risk rating, dependencies, limitations, validation status, monitoring requirements, and open issues.
- Review ongoing monitoring plans and results, including performance thresholds, overrides, data drift, model changes, and conditions that could make a model no longer fit for purpose.
- Evaluate vendor models and other third-party analytical products, including available documentation, transparency, performance, limitations, customization, and Mercury’s ability to monitor and control their use.
- Document validation conclusions clearly, identify issues, recommend proportionate remediation, and track findings through resolution.
- Support controlled model use when validation cannot be completed before implementation by helping establish appropriate limitations, compensating controls, monitoring, and approvals.
[…]
ependent review.
- Model limitations, performance concerns, and remediation needs are clearly understood and acted upon.
- Model owners view Model Risk as a rigorous and constructive partner that improves decisions without creating unnecessary friction.
- Mercury’s Model Risk Management program is scalable, practical, and ready to withstand regulatory and independent assurance review.
*Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group, Column N.A., and Evolve Bank & Trust, Members FDIC.
Mercury values diversity & belonging and is proud to be an Equal Employment Opportunity employer. All individuals seeking employment at Mercury are considered without regard to race, color, religion, national origin, age, sex, marital status, ancestry, physical or mental disability, veteran status, gender identity, sexual orientation, or any other legally protected characteristic. We are committed to providing reasonable accommodations throughout the recruitment process for applicants with disabilities or special needs. If you need assistance, or an accommodation, please let your recruiter know once you are contacted about a role.
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Total Rewards
The total rewards package at Mercury includes base salary, equity (stock options/RSUs), and benefits.
Our salary and equity ranges are highly competitive within the SaaS and fintech industry and are updated regularly using the most reliable compensation survey data for our industry. New hire offers are made based on a candidate’s experience, expertise, geographic location, and internal pay equity relative to peers.
Our target new hire base salary ranges for this role are the following :
US employees in New York City, Los Angeles, Seattle, or the San Francisco Bay Area:
$166,600 — $208,300 USD
US employees outside of New York City, Los Angeles, Seattle, or the San Francisco Bay Area:
$149,900 — $187,500 USD