Model Risk Manager

Model Risk Manager

Company Description

Block is one company built from many blocks, all united by the same purpose of economic empowerment. The blocks that form our foundational teams — People, Finance, Counsel, Hardware, Information Security, Platform Infrastructure Engineering, and more — provide support and guidance at the corporate level. They work across business groups and around the globe, spanning time zones and disciplines to develop inclusive People policies, forecast finances, give legal counsel, safeguard systems, nurture new initiatives, and more. Every challenge creates possibilities, and we need different perspectives to see them all. Bring yours to Block.

Job Description

Square Financial Services, Inc ("SFS" or the "Bank") is Block, Inc.'s bank. We opened in March 2021 and provide lending and FDIC insured deposits services to small businesses on a nationwide basis.

We are seeking a Model Risk Management Manager to own and drive all model risk management activities from a second line of defense. This position will report directly to the Chief Risk Officer and will manage a small team of modeling analysts.  This role will be dedicated to implementing policies and procedures that ensure regulatory compliance with SR 11-7 and promoting industry best practices in model development and model performance monitoring.  This role will be expected to not only develop and execute the SFS’s Model Risk Management framework; but also perform model validations and work closely with model developers and key stakeholders.

You Will:

  • Own all policies, procedures, and reporting related to SFS’s model risk management program
  • Oversee the work and performance of the model risk management department’s analysts
  • Develop and maintain effective working relationships with key stakeholders, ensuring effective communication and understanding of model validation findings
  • Own requests and communications for regulatory exams and internal audits to address and prevent recurrence of identified gaps and deficiencies
  • Develop and providing appropriate reporting to senior management and the Board of Directors related to the performance of the model risk management program
  • Conduct independent model validation and provide a comprehensive effective challenge of models by partnering with model owners and developers, following Bank policies, regulatory requirements, and industry best practices
  • Write validation reports documenting the independent validation process including important observations, recommendations, and associated remedial actions
  • Review ongoing model performance monitoring reports to ensure satisfactory performance and suggest corrective actions where required
  • Monitor the remedial actions taken by model owners and developers to ensure model validation findings are addressed in a timely manner


You Have:

  • Master’s or Ph.D. degree in a quantitative discipline such as mathematics, statistics, data science, economics, finance, computer science, or any related field
  • 7+ years of experience in model development, model validation, and/or quantitative analysis
  • 3+ years of experience in model development or model validation in banking or fintech
  • 2+ years of managerial experience
  • Familiarity with one or more of the following areas of models: underwriting, loss forecast, asset liability management, FP&A, and BSA/AML
  • In-depth knowledge of statistical and machine learning modeling techniques and quantitative methods used in model validation
  • Proficiency in Python, SQL, and GitHub
  • Excellent technical writing and verbal communication skills
  • Experience in model risk management and related regulatory guidance such as SR 11-7
  • Experience in developing challenger models, especially machine learning models
  • Strong organizational skills with the ability to prioritize and manage multiple projects simultaneously

Additional Information

Block takes a market-based approach to pay, and pay may vary depending on your location. U.S. locations are categorized into one of four zones based on a cost of labor index for that geographic area. The successful candidate’s starting pay will be determined based on job-related skills, experience, qualifications, work location, and market conditions. These ranges may be modified in the future.

Zone A: USD $167,300 - USD $204,500
Zone B: USD $155,600 - USD $190,200
Zone C: USD $147,200 - USD $180,000
Zone D: USD $138,900 - USD $169,700

To find a location’s zone designation, please refer to this resource. If a location of interest is not listed, please speak with a recruiter for additional information.

Full-time employee benefits include the following:

  • Healthcare coverage (Medical, Vision and Dental insurance)
  • Health Savings Account and Flexible Spending Account
  • Retirement Plans including company match 
  • Employee Stock Purchase Program
  • Wellness programs, including access to mental health, 1:1 financial planners, and a monthly wellness allowance 
  • Paid parental and caregiving leave
  • Paid time off (including 12 paid holidays)
  • Paid sick leave (1 hour per 26 hours worked (max 80 hours per calendar year to the extent legally permissible) for non-exempt employees and covered by our Flexible Time Off policy for exempt employees) 
  • Learning and Development resources
  • Paid Life insurance, AD&D, and disability benefits 
  • Additional Perks such as WFH reimbursements and free access to caregiving, legal, and discounted resources 

These benefits are further detailed in Block's policies. This role is also eligible to participate in Block's equity plan subject to the terms of the applicable plans and policies, and may be eligible for a sign-on bonus. Sales roles may be eligible to participate in a commission plan subject to the terms of the applicable plans and policies. Pay and benefits are subject to change at any time, consistent with the terms of any applicable compensation or benefit plans.

US and Canada EEOC Statement

We’re working to build a more inclusive economy where our customers have equal access to opportunity, and we strive to live by these same values in building our workplace. Block is a proud equal opportunity employer. We work hard to evaluate all employees and job applicants consistently, without regard to race, color, religion, gender, national origin, age, disability, pregnancy, gender expression or identity, sexual orientation, citizenship, or any other legally protected class.

We believe in being fair, and are committed to an inclusive interview experience, including providing reasonable accommodations to disabled applicants throughout the recruitment process. We encourage applicants to share any needed accommodations with their recruiter, who will treat these requests as confidentially as possible. Want to learn more about what we’re doing to build a workplace that is fair and square? Check out our I+D page.

Additionally, we consider qualified applicants with criminal histories for employment on our team, and always assess candidates on an individualized basis.

Block, Inc. (NYSE: SQ) is a global technology company with a focus on financial services. Made up of Square, Cash App, Spiral, TIDAL, and TBD, we build tools to help more people access the economy. Square helps sellers run and grow their businesses with its integrated ecosystem of commerce solutions, business software, and banking services. With Cash App, anyone can easily send, spend, or invest their money in stocks or Bitcoin. Spiral (formerly Square Crypto) builds and funds free, open-source Bitcoin projects. Artists use TIDAL to help them succeed as entrepreneurs and connect more deeply with fans. TBD is building an open developer platform to make it easier to access Bitcoin and other blockchain technologies without having to go through an institution.

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