Markets Senior Quantitative Analyst, Vice President

State Street•Boston, MA

1d•Onsite

About The Position

State Street Markets (SSM) is seeking a Vice President (VP) to join its Model Risk team in Boston. The SSM Model Risk team provides solutions to various SSM business units, including Financing Solutions, FX Sales & Trading, Portfolio Solutions, Global Link, State Street Associates, and SSM Market Surveillance. The primary goal is to help these units meet Model Risk requirements from internal oversight functions and external regulators. The VP will collaborate with model owners to lead the execution of Model Risk regulatory requirements for all active and developing quantitative models and will support Model Governance Infrastructure implementation under the supervision of the SSM Model Risk Global Head. This role involves overall project management and execution, including the development, review, and documentation of front office models, justifying modeling assumptions and results to internal validation groups, and delivering status updates to stakeholders. The team is part of State Street Global Markets (SSGM), which focuses on enhancing and preserving client portfolio values through technology, optimized trading, and linking asset classes and markets globally.

Requirements

Strong understanding of quantitative analysis methods in relation to financial institutions
Advanced programming skills in at least one supported statistical programming environment (Python, R, or MATLAB)
A demonstrated ability to multi-task and operate in a fast-paced, deadline-oriented environment
Strong verbal and written communication skills, with ability to articulate ideas, analysis and complex concepts effectively to individuals from various backgrounds and ability to facilitate discussions and resolve conflicts between various stakeholders with competing interests
Graduate degree in a quantitative discipline (Financial Mathematics, Financial Engineering, Mathematics, Statistics, or a related field)
5 to 8 years of working experience in model risk field preferred

Nice To Haves

Intermediate programming skills in VBA and other languages
Java experience is a plus
Knowledge of financial markets (securities lending, equities and derivatives, FX or electronic trading, etc.) is a plus
High level understanding of capital and liquidity related regulations

Responsibilities

Lead the execution of engagement-specific statistical/financial modeling and analyses, and in preparation of final model deliverables
Lead on supporting SSM Risk and Capital Optimization team on quantitative analyses related to monitoring, forecasting and remediation of risk and regulatory resources
Assume a key role in developing customized solutions to perform independent model testing, document the development methodology and implementation process
Establish, based on class of model considered, appropriate benchmarking and back-testing techniques that would be reflective of the main model’s purpose, horizon required, hedging implications and other important factors that might be relevant for holistic assessment of model performance
Identify key model risks, by stress testing model inputs and parameters
Demonstrate the stability of model over a variety of alternate specifications and range of input values which model is expected to operate
Evaluate extreme values for inputs to identify any boundaries of model effectiveness
Collaborate with model owner in designing and implementing suitable and effective model ongoing monitoring plan including performance metrics, thresholds, and escalation plan
Develop comprehensive first line of defense documentation including model development, implementation, and ongoing monitoring documents
Work with model owners and developers on updating models to meet requirements from internal model validation group
Work on AI and GenAI related projects
Conduct post-implementation review of SSM proprietary trading algos
Review code and strategy changes to make sure they are in line with expectation and in compliance of FX Global Code
Independent testing of selected key components of trading algos
Communication with quants and developers to understand strategy changes
Justifying modeling assumptions and model results to internal model validation group and external regulators
Preparation and delivery of engagement status updates to key stakeholders

Benefits

Retirement savings plan (401K) with company match
Insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages
Paid-time off including vacation, sick leave, short term disability, and family care responsibilities
Access to our Employee Assistance Program
Incentive compensation including eligibility for annual performance-based awards
Eligibility for certain tax advantaged savings plans
Inclusive development opportunities
Flexible work-life support
Paid volunteer days
Vibrant employee networks