Senior Model Risk Analyst

Senior Model Risk Analyst

Location Boston

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.

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 ()

• 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,…