Quantitative Analyst, AVP

State Street•Boston, MA

6d•$90,000 - $157,500

About The Position

State Street Markets (SSM) is seeking an Assistant Vice President to join its Model Risk team in Boston. The team supports SSM business units—including Financing Solutions, FX Sales & Trading, Portfolio Solutions, Global Link, State Street Associates, and Market Surveillance—in meeting model risk requirements from internal oversight functions and external regulators. The AVP collaborates with model owners to execute regulatory requirements for active and in-development quantitative models and supports implementation of Model Governance Infrastructure under the supervision of the SSM Model Risk Global Head. The role involves managing and executing projects, developing, reviewing, and documenting front-office models across SSM business units, explaining modeling assumptions and results to the internal model validation group and external regulators, providing engagement updates to stakeholders, and managing workflows to meet deadlines. The AVP also works with different business lines and the internal model validation group.

Requirements

Graduate degree in a quantitative discipline, such as Financial Mathematics, Financial Engineering, Mathematics, Statistics, or a related field.
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.
Intermediate programming skills in VBA and other languages.
Ability to multitask and work in a fast-paced, deadline-oriented environment.
Strong verbal and written communication skills, including the ability to explain ideas, analyses, and complex concepts to people from various backgrounds and facilitate discussions and resolve conflicts among stakeholders with competing interests.

Nice To Haves

Java experience.
Knowledge of financial markets, such as securities lending, equities and derivatives, FX, or electronic trading.
High-level understanding of capital- and liquidity-related regulations.
Three to five years of experience in the model risk field is recommended.

Responsibilities

Support model owners with engagement-specific statistical and financial modeling and analyses, and preparation of final model deliverables.
Support the Markets Risk and Capital Optimization team with capital- and liquidity-related quantitative analyses.
Develop customized solutions for independent model testing and document development methodologies and implementation processes.
Establish benchmarking and back-testing techniques appropriate to each model class, purpose, horizon, hedging implications, and other relevant factors.
Identify key model risks by stress testing model inputs and parameters.
Assess model stability across alternate specifications and expected input ranges, including evaluating extreme input values to identify boundaries of model effectiveness.
Collaborate with model owners to design and implement effective ongoing monitoring plans, including performance metrics, thresholds, and escalation plans.
Develop first-line-of-defense documentation covering model development, implementation, and ongoing monitoring.
Work with model owners and developers to update models to meet internal model validation group requirements.
Conduct post-implementation reviews of SSM proprietary trading algorithms, including reviewing code and strategy changes for alignment with expectations and compliance with the FX Global Code.
Independently test selected key components of trading algorithms.
Communicate with quantitative analysts and developers to understand strategy changes.
Justify modeling assumptions and model results to the internal model validation group and external regulators.
Prepare and deliver engagement status updates to key stakeholders.
Manage workflows to ensure deliverables are completed according to timelines.

Benefits

Retirement savings plan (401(k)) with company match.
Insurance coverage including basic life, medical, dental, vision, long-term disability, and 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, with 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.
Employee networks.