Model Risk Audit, AVP

State Street • Boston, MA

23h • $80,000 - $140,000 • Hybrid

About The Position

We are looking for a Model Risk Audit Manager, Assistant Vice President to manage audit engagements focused on review of models, tools or quantitative analytics used for financial risks, operational risks, financial crimes, as well as AI applications. In this role, under the direction of senior audit management of Enterprise Risk Management, you will execute and manage model audit engagement through all aspects of the audit (i.e., planning, assessments, testing and reporting) and conduct continuous monitoring of thematical model risk trends / opinion. You will also play a critical role in the cross training of audit staff and support various departmental initiatives. This role is based out of Boston, Massachusetts. This role can be performed in a hybrid model, where you can balance work from home and office to match your needs and role requirements. The team you will be joining plays an important role in the overall success of the organization. Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability; regulators rely upon us to provide assurance that the bank operates in a manner that is compliant with key banking regulations to properly manage risks to the company and the global financial systems. To make that happen we need teams like yours to help navigate employees and the organization as a whole. In your role, you will help us build resilience and execute day to day deliverables at our best. Join us if making your mark in the financial services industry from day one is a challenge you are up for.

Requirements

• Experience leading audit projects within the global financial services industry.
• A high degree of professionalism with proven history of providing effective leadership to diverse teams across the globe.
• The ability to manage complexity, effectively prioritize multiple tasks and work independently in a fast-paced environment.
• Demonstrated ability to synthesize understanding of business processes into value added insights on model risk control environment.
• Proven ability to research, interpret and apply regulatory requirements.
• Excellent analytical, problem resolving, communication, interpersonal, organizational and presentation skills.
• Advanced project management skills.
• Fluency in English - written and spoken.
• Master’s degree or above in quantitative finance, statistics, mathematics, or a related quantitative field.
• 5+ years of experience in a financial institution, consulting firm, engaging in model development, model validation, auditing, quantitative research, etc.
• Demonstrated experience working with input data, model assumptions, programing code / formulae, and performance testing to assess the model risks and evaluate the design and effectiveness of corresponding controls.
• Demonstrated work exposure to financial services and products that State Street offers (e.g. custody, credit facilities, securities finance, derivatives, FX, etc.).
• Demonstrated work experience to quantify or determine credit risks, market risk, counterparty risk, liquidity, pricing, artificial intelligence and/or financial crimes risks.
• Working knowledge of at least a statistical / computer programing language: e.g. R, Python, etc.
• Willingness to develop both quantitative and business auditing skills (e.g. governance, data, IT) to assess the end-to-end model risk management framework.

Nice To Haves

• CFA and/or FRM preferred.
• Additional requirements While majority of the time you will work from your primary location, some domestic and international travel may be required to a variety of locations where State Street operates.

Responsibilities

• Lead execution of model risk audits for financial risk management – including credit, market, capital, liquidity, as well as for financial crimes, Treasury, State Street Investment Management and Markets, etc.
• Plan and execute audits according to the Corporate Audit’s risk-based audit methodology and internal standards, industry practices and regulatory guidance (e.g. SR 11-7 on Model Risk Management, ECB guide to internal models, SR 15-18, etc.)
• Review and assess model documentation and implementation details, model validation and ongoing monitoring results to assess the effectiveness of the model risk management control design and execution both on an individual model basis and in aggregate.
• Perform continuous monitoring of residual model risks observed from model audit executions and management self-reported findings to identify and summarize thematical model risk trends for audit management
• Communicate audit progress, findings, management awareness and recommendations effectively to audit senior management and provide feedback on expected remediation evidence with key stakeholders in the organization
• Draft audit report that clearly communicates audit scope and approach, conclusion, including key risks, issues and their root causes, and impact to the firm.
• Prepare or review audit workpapers to ensure execution in line with internal standards
• Develop and maintain a thorough understanding of the operating environment of the responsible areas, including key business products / services, data and model infrastructure and lineage, key stakeholders’ roles, and pertinent regulatory requirements.
• Establish and maintain healthy relationships with key stakeholders across the three lines of defense and assist management in understanding and implementing / maintaining internal control principles.
• Coordinate and facilitate global operation of the model risk audit team to meet team and individual priorities

Benefits

• Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our 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 (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.

What This Job Offers

• Job Type: Full-time
• Career Level: Mid Level
• Number of Employees: 5,001-10,000 employees