Model Risk Audit, Assistant Vice President
State Street provides financial services to institutional investors through investment management, custody, and servicing solutions.
About State Street
State Street helps institutional investors manage and safeguard assets through custody, fund administration, and investment management services. You can access front-to-back investment platforms, digital asset services, and global market solutions.
Skills
Candidate Availability
Required and preferred rules are kept separate and reflect the wording in the original posting.
About the Role
You will lead and execute model-risk audits across planning, risk assessment, testing, issue development and reporting. You will assess controls across the model lifecycle, review model documentation and validation results, draft audit workpapers and reports, and help build quantitative capabilities across the audit team.
Requirements
- Master's degree or higher in a quantitative discipline
- 5+ years developing, validating, implementing or reviewing quantitative models in financial services
- Hands-on model assessment experience
- Experience with back testing, benchmarking, sensitivity analysis, stress testing and challenger analysis
- Strong understanding of the model lifecycle
- Working proficiency in Python, R or similar
- Ability to assess model risk and controls
- Strong communication, problem-solving and project-management skills
- Leadership potential
Responsibilities
- Lead or support model-risk audits across areas such as credit risk, market risk, capital, liquidity and pricing
- Plan and execute audits per risk-based methodology and regulatory guidance
- Assess design and effectiveness of controls across the model lifecycle
- Review model documentation, validation and monitoring results
- Draft audit workpapers, findings, memoranda and reports
- Communicate audit progress and findings to management and stakeholders
- Identify recurring or emerging model-risk themes
- Build relationships across Model Risk Management, business and technology teams
- Support knowledge sharing and cross-training
- Coordinate global operation of the model risk audit team
Benefits
- 401K retirement savings plan with company match
- Medical, dental, vision, life and long-term disability insurance
- Paid time off including vacation, sick leave and short term disability
- Employee Assistance Program
- Paid volunteer days
- Annual performance-based incentive eligibility
- Tax advantaged savings plans
- Paid parental leave
