http://www.ederman.com/new/docs/fen-interview.html gives a pretty high-level overview of RM Quant at an investment bank. Derman talks a lot more about some of the model review issues presented in his papers on model risk (standard references in the industry). Keep in mind that model risk isn't well-defined and that many models that have to be reviewed/validated are probably a farcry from say Black-Scholes. I used to think bank loan modeling seemed pretty complicated but I've been told by an MD in model review that it gets far worse (though he couldn't elaborate at the time since he was probably required to give me math problems).
Quants in RM generally build and maintain VaR-based models, so it's important for risk-monitoring purposes that they're doing a good job.
