Model Risk Audit, AVP

State Street • Boston, MA

10d • $80,000 - $140,000

About The Position

State Street is seeking a quantitative risk professional to join Corporate Audit as an Assistant Vice President, leading and executing audit engagements focused on models, quantitative tools, analytics, and artificial intelligence used across the organization. The role is suited to candidates with hands-on experience developing, validating, implementing, or reviewing models in financial services. Candidates may come from Model Risk Management, Model Validation, Model Development, Quantitative Risk, or Model Risk Audit, and are expected to develop audit-management capabilities.

Under senior audit management’s direction, the role executes model-risk audits across planning, risk assessment, testing, stakeholder discussions, issue development, and reporting. It evaluates model design, implementation, validation, monitoring, and governance, while monitoring emerging model-risk themes and helping strengthen quantitative capabilities across Corporate Audit. The role works with teams across Model Risk Management, Model Validation, business, technology, and the three lines of defense in a global environment.

Corporate Audit provides independent assurance over governance, risk management, and controls supporting State Street’s global businesses. Models and quantitative analytics inform decisions in areas including financial risk management, financial crime prevention, Treasury, Markets, and Investment Management. The position applies quantitative model expertise alongside audit and risk-management skills to assess whether significant models are appropriately controlled throughout their lifecycle.

Requirements

• Master’s degree or higher in quantitative finance, statistics, mathematics, economics, financial engineering, computer science, or a related quantitative discipline.
• Five or more 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 analytical, problem-solving, organizational, project-management, presentation, and communication skills.
• Ability to manage multiple priorities, work independently, and deliver high-quality work in a fast-paced global environment.
• Strong written and verbal communication skills, including the ability to explain technical conclusions to quantitative and nontechnical stakeholders.
• Leadership potential and the ability to develop skills to manage audit engagements through planning, testing, findings, stakeholder discussions, and reporting.
• Previous Internal Audit experience is not required.

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.

Responsibilities

• Lead or support model-risk audits covering at least two areas, such as credit risk, market risk, capital, liquidity, counterparty risk, financial crime, pricing, Treasury, Investment Management, or Markets.
• Plan and execute audits in accordance with Corporate Audit’s risk-based methodology and internal standards, industry practices, and relevant regulatory guidance.
• Assess the design and effectiveness of controls across model 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 impact, and recommended actions.
• Communicate audit progress, conclusions, findings, and remediation expectations to audit management and key stakeholders.
• Identify recurring or emerging model-risk themes from audit results, management-identified issues, validation findings, and ongoing risk monitoring.
• Develop 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.

Benefits

• 401(k) retirement savings plan with company match.
• Insurance coverage including basic life, medical, dental, vision, and long-term disability, with other optional coverages available.
• Paid time off including vacation, sick leave, short-term disability, and leave for family-care responsibilities.
• Access to an Employee Assistance Program.
• Eligibility for annual performance-based incentive awards, except for certain sales roles subject to sales incentive plans.
• Eligibility for certain tax-advantaged savings plans.
• Inclusive development opportunities, flexible work-life support, paid volunteer days, and employee networks.

What This Job Offers

• Job Type: Full-time
• Career Level: Manager