What are the responsibilities and job description for the Model Risk Management, Vice President position at State Street?
Who we are looking for
As part of State Street’s Model Risk Management (MRM) function, the Model Risk Governance Team is charged with a number of responsibilities including owning the firm’s model risk management framework (including the Policy, Guidelines, and Procedures), performing/overseeing model validation review activities, providing guidance on appropriate model usage in the business context, managing the firm’s model inventory, evaluating ongoing model performance testing, performing quality assurance functions, and evaluating regulatory requirements.
Why this role is important to us
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. To make that happen we need teams like yours to help navigate employees and the organization as a whole. In your role you will strive for cutting-edge solutions, that are straightforward and scalable. 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.
What you will be responsible for
State Street is seeking a Vice President to join its Model Risk Governance Team based in Boston, MA. The VP of Model Risk Governance will be responsible for coordination, planning, and execution of regulatory, control, audit, and risk initiatives and deliverables across a wide range of model risk activities. Possible examples of work product include enhanced Board of Directors reporting, further refinement of the evaluation and assessment of aspects of model risk, Model Risk Committee forward agenda planning and management, regulatory compliance assessments of SR 11-7 and additional global regulations, ensuring model guideline compliance with emerging machine learning-based models, coordination of audits and regulatory exams, management of the model validation team responsible for performing Tier 3 and 4 validations/QA, and performing/overseeing quality assurance on various functions across MRM.
What we value
These skills will help you succeed in this role
- Demonstrated ability to win trust and respect of colleagues and business partners
- High results orientation and can-do attitude
- Detail oriented with strong issue identification and gap assessment skills
- Strong analytical abilities and reasoning skills
- Team player in a fast-paced, high-energy environment
- Ability to handle multiple concurrent tasks and changing priorities
- Excellent organization skills , including attention to detail
Education & Preferred Qualifications
- A minimum of a Bachelor’s degree
- 6 years of program management, risk management, or consulting experience preferred
- 3 years of experience within Model Risk Management or working with models is strongly preferred
- Experience working with an internal audit function and/or any regulator strongly preferred
- Proficiency in Excel / PowerPoint / MS Applications
Additional requirements
- Excellent written communication skills (a writing sample may be required)
- Experience with project management software and approaches required
- Strong communication, presentation, and influencing skills demonstrated across boundaries and multiple layers within an organization – from model owner teams to senior executives
About State Street
What we do. State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation, we’re making our mark on the financial services industry. For more than two centuries, we’ve been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients.
Work, Live and Grow. We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary by location, but you may expect generous medical care, insurance and savings plans, among other perks. You’ll have access to flexible Work Programs to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential.
Inclusion, Diversity and Social Responsibility. We truly believe our employees’ diverse backgrounds, experiences and perspectives are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift programs and access to employee networks that help you stay connected to what matters to you.
State Street is an equal opportunity and affirmative action employer.
Discover more at StateStreet.com/careers
Salary Range:
$120,000 - $187,500 Annual
The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.
Job Application Disclosure:
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
State Street's Speak Up Line
Salary : $120,000 - $187,500
