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.
- Develop clear reporting on model risk, validation coverage, performance concerns, concentrations, dependencies, exceptions, and overdue remediation for management and governance committees.
- Help improve Mercury’s Model Risk Management Policy, standards, procedures, and templates.
- Use automation and analytical tools to make model inventory management, testing, monitoring, and reporting more efficient.
- Partner with Mercury’s Data and AI Governance teams to establish clear boundaries and handoffs between traditional model risk management and the governance of generative AI, agentic AI, and other analytical systems outside the formal model definition.
- Support regulatory examinations, Internal Audit reviews, and other assurance activities involving model risk.
What success looks like
- Mercury maintains a complete and reliable view of its material models and aggregate model risk.
- Critical models receive timely, technically credible, and risk-based independent 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.
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
Canadian employees (any location)
$157,400—$196,800 CAD