Model Risk Audit, AVP

State Street•Boston, MA

About The Position

State Street’s Corporate Audit is seeking a quantitative risk professional to serve as an Assistant Vice President focused on audits of models, quantitative tools, analytics, and artificial intelligence used across the company. The role combines quantitative model expertise with audit and risk-management skills to assess whether significant models are appropriately designed, implemented, validated, monitored, and governed. Candidates may come from model risk management, model validation, model development, quantitative risk, or model risk audit backgrounds; prior Internal Audit experience is not required. Under senior audit management, the Assistant Vice President will execute model-risk audits across planning, risk assessment, testing, stakeholder discussions, issue development, and reporting. The role also includes monitoring emerging model-risk themes, supporting the development of audit colleagues’ quantitative capabilities, and contributing to broader departmental initiatives. The successful candidate will develop knowledge of State Street’s products, services, data and technology infrastructure, risk-management processes, and regulatory obligations, while building relationships with teams across the company and its lines of defense.

Requirements

Master’s degree or higher in quantitative finance, statistics, mathematics, economics, financial engineering, computer science, or a related quantitative discipline.
At least five years of professional experience in model development, model validation, model risk management, quantitative risk, quantitative research, Internal Audit, or a related field within a financial institution or consulting organization.
Hands-on professional experience developing or reviewing a model across its lifecycle.
Technical depth in at least two model or risk areas, such as credit, market, capital, liquidity, counterparty, pricing, financial crime, Treasury, or investment management.
Working proficiency in Python, R, or a comparable statistical programming language, including the ability to review, run, modify, and analyze model code and outputs.
Ability to assess model risks and evaluate the design and effectiveness of related controls.
Strong quantitative judgment and ability to critically evaluate complex model methodologies, assumptions, data, code, and results.
Strong analytical, problem-solving, organizational, project-management, presentation, written, and verbal communication skills.
Ability to translate complex quantitative concepts into clear risk and business implications and communicate technical conclusions to quantitative and nontechnical stakeholders.
Sound judgment, intellectual curiosity, and confidence in providing constructive challenge.
Ability to manage multiple priorities, work independently, and deliver high-quality work in a fast-paced global environment.
Collaborative approach and ability to build effective relationships across functions and lines of defense.
Leadership potential and ability to develop the skills required to manage audit engagements through planning, testing, findings, stakeholder discussions, and reporting.

Nice To Haves

Experience leading or supporting model validation, model-risk assessments, regulatory reviews, or audit engagements.
Knowledge of model-risk regulations and guidance, including SR 11-7, SR 15-18, or comparable regulatory expectations.
Experience with State Street-relevant financial products, such as custody, credit facilities, securities finance, derivatives, foreign exchange, or investment management.
Experience with artificial intelligence, machine learning, or financial-crime models.
CFA, FRM, or a comparable professional designation.
Previous Internal Audit experience is not required.

Responsibilities

Lead or support model-risk audits across two or more areas, such as credit risk, market risk, capital, liquidity, counterparty risk, financial crime, pricing, Treasury, Investment Management, or Markets.
Plan and execute audits using Corporate Audit’s risk-based methodology and internal standards, industry practices, and regulatory guidance.
Assess the design and effectiveness of controls throughout the model lifecycle, including development, validation, implementation, change management, monitoring, use, and governance.
Review model documentation, implementation details, validation results, and ongoing monitoring results, both for individual models and in aggregate.
Draft audit workpapers, findings, memoranda, and reports explaining risks, root causes, business impacts, and recommended actions.
Communicate audit progress, conclusions, findings, and remediation expectations to audit management and key stakeholders.
Identify recurring and emerging model-risk themes from audit results, management-identified issues, validation findings, and ongoing risk monitoring.
Develop an understanding of State Street’s products, services, data, IT application and data infrastructure, risk-management processes, and regulatory obligations.
Build effective relationships across Model Risk Management, Model Validation, business teams, technology teams, and the three lines of defense.
Support knowledge sharing and cross-training to strengthen quantitative and model-risk capabilities across Corporate Audit.
Coordinate and facilitate global operation of the model risk audit team to meet team and individual priorities.
Support broader departmental initiatives and help develop the quantitative capabilities of audit colleagues.

Benefits

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