Reserve Bank of Australia

The Manager, Model Risk will lead the second line oversight of model risk across the Bank, ensuring that models used for financial, market, and economic analysis are robust, fit-for-purpose, and compliant with internal governance and regulatory expectations. This role is critical in safeguarding the integrity of model-based decision-making and supporting the Bank’s broader risk management framework.

This role is ideal for a risk professional with strong delivery capability, stakeholder engagement skills, and a passion for enabling secure and resilient technology and data environments.

Responsibilities:

• Lead independent validation and review of key models (e.g. market risk, credit risk, stress testing, economic forecasting, capital adequacy).

• Develop and maintain the Model Risk Management Framework, policies, and procedures in line with relevant standards.

• Provide second line challenge and oversight of model development, implementation, and performance monitoring.

• Collaborate with model owners, developers, and internal audit to ensure effective model governance and lifecycle management.

• Monitor regulatory developments (e.g. APS 117, FRTB, IFRS 9) and assess their impact on model risk practices.

• Prepare and present model risk reports to senior management, risk committees, and the Board.

• Support the development of model risk appetite and key risk indicators (KRIs).

• Mentor staff and contribute to a culture of analytical excellence and continuous improvement.

Experience

• 8+ years of experience in model risk, quantitative risk, or financial modelling within a financial institution or regulator.

• Tertiary qualifications in a quantitative discipline (e.g. mathematics, statistics, finance, economics, actuarial science).

• Strong understanding of model governance, validation techniques, and regulatory expectations.

• Experience with financial risk models (e.g. VaR, stress testing, credit risk, IRRBB).

• Excellent analytical, communication, and stakeholder engagement skills.

• Familiarity with APRA Prudential Standards (e.g. APS 113, APS 117).

• Experience with programming languages such as Python, R, or MATLAB.

• Prior experience in a central bank or regulatory environment.

Your team 

Reporting to the Senior Manager Financial, Market and Model Risk, within the Risk Management team (Line 2), you will play a leading role in establishing effective Line 2 review, challenge, and insight across the Bank’s material risk classes. Establishing strategic and trusted relationships across the Bank is fundamental to the team’s success. The Risk Management team supports the consistent and effective application of the Bank's framework for managing risk and compliance obligations, both at the enterprise level and for individual business units across the Bank. It also advises on and implements the risk management framework governing the Bank’s operations in financial markets.

Be More

Working for an organisation that truly makes a difference to the people of Australia, we can offer development and career opportunities in a collaborative environment that supports your growth, wellbeing and promotes flexibility. Your individual growth and success drives the RBA forward as an organisation. Be more means you can do more, for yourself and for Australia.

Why RBA?

The RBA makes an important contribution to the Australian economy through the pursuit of national economic policy objectives and associated activities in financial markets and banking. We also issue Australia's banknotes and operate infrastructure critical to the payments system, all of which contribute to the welfare of the Australian people.

Made up of specialists across a wide range of fields, our people, values, and culture play a critical role in achieving our objectives. Striving to be Open & Dynamic, we consider and incorporate different perspectives, work across teams and are transparent with each other, whilst delivering quality together effectively and focusing on outcomes by prioritising, testing, learning, and refining as we go.

Our people conduct themselves with a high degree of integrity, while striving for excellence in the work they perform and the outcomes they achieve. We encourage intelligent inquiry, and we treat one another with respect while promoting the public interest through our efforts.

We know it is the growth and success of our people that drives the RBA forward. Come and make a bigger contribution while you build and develop your own skills too, because being more means you can do more, for yourself and for Australia.

The Reserve Bank of Australia is committed to equity, diversity and inclusion through key initiatives.  We welcome and encourage applicants from diverse backgrounds to apply, including Aboriginal and Torres Strait Islander peoples, culturally and linguistically diverse background, those living with a disability and from the LGBTQ+ community.  We are committed to making the recruitment process fair and equitable for all our candidates.

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