Head of Model Risk Management, Mercury
$226.6-296.2k
Salary dependent on location. Plus equity (stock options).
Banking services for startups
Open for applications
Banking services for startups
501-1000 employees
Open for applications
$226.6-296.2k
Salary dependent on location. Plus equity (stock options).
501-1000 employees
Company mission
To make scaling tech companies simpler with a personalized banking stack for startups, and power the next generation of companies that will shape the American industry.
Role
Who you are
- The ideal candidate will bring expertise in both quantitative modeling and regulatory compliance, with a focus on the financial crime space
- Bachelor’s degree or relevant industry experience in a quantitative field such as Finance, Statistics, Mathematics, Computer Science, or Economics. A Master’s degree or PhD is preferred
- 10+ years of experience in model risk management, financial crime compliance, or a related field, with a focus on AML and sanctions, with at least 5+ years of experience in a direct people management role
- Strong knowledge of regulatory requirements and industry standards related to AML, sanctions, and financial crime compliance
- Proficiency in quantitative modeling techniques, statistical analysis, and machine learning methodologies
- Experience working with AML transaction monitoring systems and sanctions screening tools
- Excellent verbal and written communication and collaboration skills, with the ability to influence, motivate, and guide teams through complex situations and present complex information clearly to senior leadership and regulators
- Certifications such as CAMS (Certified Anti-Money Laundering Specialist) or CRCM (Certified Regulatory Compliance Manager)
- Experience with regulatory technology solutions for AML and sanctions screening
- Familiarity with risk management frameworks such as SR 11-7 and other model governance standards
- Ability to make decisions quickly and with sometimes limited information, and comfort in an ambiguous, fast-paced, and rapidly changing business and regulatory environment
- Ambitious sense of curiosity and willingness to explore how compliance and risk management impacts Mercury’s products and our customers outside of one’s comfort zone, such as new markets or financial products
- Respect for and interest in financial rules and regulations, as well as an eagerness to innovate and drive the industry forward
What the job involves
- The BSA/AML & Sanctions compliance team serves as the oversight function for the overall AML & Sanctions program
- Head of Model Risk Management, you will drive and own oversight of Mercury’s AML & Sanctions detection rules/models
- You will be responsible for oversight of the development, validation, and ongoing monitoring of models used to detect anti-money laundering (AML) activities and ensure sanctions compliance
- This role will also ensure that the rules/models Mercury deploys meet regulatory standards and internal policy requirements, providing assurance to senior management and partners that our AML and sanctions rules/models are robust, accurate, and compliant with legal requirements
- Lead the development, implementation, and management of the model risk management framework for AML and sanctions compliance
- Develop strategies to enhance model governance, including risk identification, model validation, and ongoing monitoring processes
- Provide thought leadership and guidance on emerging risks, regulatory developments, and advancements in AML/sanctions model techniques
- Represent Mercury’s Model Risk Management controls to our financial partners and internal stakeholders
- Support the overall BSA/AML and Sanctions program through special projects as designated by leadership
- Oversee the end-to-end lifecycle of AML and sanctions models, including design, validation, implementation, and performance monitoring
- Support cross-functional teams, responsible for creating new models, to understand documentation requirements and testing requirements prior to model deployment
- Review and validate model assumptions, methodology, data integrity, and documentation, ensuring regulatory compliance
- Establish and enforce best practices for model validation, challenge processes, and periodic model recalibration
- Assess the risks associated with the use of models, identifying weaknesses and recommending improvements
- Develop controls and testing strategies to ensure model outputs align with AML and sanctions compliance objectives
- Monitor model performance and manage remediation of model deficiencies
- Serve as the primary point of contact with partners and internal audit teams regarding model risk management for AML and sanctions
- Collaborate with the compliance, legal, and technology teams to ensure models meet regulatory requirements
- Provide regular updates to senior leadership on the effectiveness and risks associated with the firm’s AML and sanctions models
- Ensure models comply with relevant regulations, including but not limited to OFAC, FATF, FinCEN, FFIEC and other global financial crime frameworks
- Prepare and present findings from model validations, audits, and regulatory reviews to leadership on a regular cadence
Our take
Frustrated by the archaic, fee-laden banking services offered to entrepreneurs, the founders of Mercury set out to create a better solution. They envisioned a platform that was dynamic, tech-driven, and free from unnecessary fees.
Mercury delivers on this vision by automating business payment processes, offering FDIC-insured accounts, and providing full API access, empowering entrepreneurs with greater control and efficiency. This approach stands in stark contrast to traditional startup banking, which often burdens young businesses with high fees and limited functionality.
By prioritizing user experience and offering a free service tier, Mercury has attracted over 100,000 businesses and achieved a $1B valuation in 2021. As a rising unicorn in the stagnant world of startup banking, mercury is poised for continued growth, constantly adding new features and expanding its team to further disrupt the industry.
Kirsty
Company Specialist at Welcome to the Jungle
Insights
Few candidates hear
back within 2 weeks
50% employee growth in 12 months
Company
Funding (last 2 of 4 rounds)
Jul 2021
$120m
SERIES B
Sep 2019
$20m
SERIES A
Total funding: $150.9m
Company benefits
- Health, dental, & vision
- 12+ weeks of paid parental leave
- $600 USD custom WFH equipment setup
- Unlimited vacation policy (with a mandatory minimum)
- Retirement matching up to 4% of base salary (401k/RRSP)
- Paid 6-week sabbatical after the 5-year mark
- Annual $1K USD learning & development budget
- Unlimited book budget
- Weekly $100 USD food budget
- Monthly $100 USD wellness budget
- Monthly $50 USD cellphone reimbursement
- Pet-friendly offices with free tea & lunch
Company values
- Think actively: Question processes. Give thoughtful feedback. Find the best way to do something instead of going by how it’s always been done
- Be super helpful: Practice intentionality and accountability. Go above and beyond to solve problems, and do it as a team
- Act with humility: Treat everyone with respect. Leave egos at the door
- Appreciate quality: Work with the best equipment. Avoid cutting corners. Take pride in crafting a lasting product
- Maximize efficiency: Minimize unnecessary meetings and bureaucracy. Work together to get the job done right
- Focus on product: Ask yourself how the product can be better today than it was yesterday
Company HQ
SoMa, San Francisco, CA
Articles
Leadership
Jason Zhang
(COO)Studied Biology at Stanford before spending over 4 years at Heyzap in Business Development.
Immad Akhund
(CEO)Graduated from the University of Cambridge, then worked as a Software Developer at Aquila and Bloomberg. Also founded Clickpass and Heyzap, and was a Part-time Partner at Y Combinator.
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