Who we are looking for
We are looking for a Model Risk Audit Manager, Assistant Vice President to manage audit engagements focused on the review of models, tools or quantitative analytics used for credit risk, market risk, counterparty risk, stress testing and liquidity risk. In this role, under the direction of senior audit management, you will execute and manage models related audit engagements through all aspects of the audit (i.e., planning, assessments, testing and reporting). You will also play a critical role in the ongoing development of audit staff and support various departmental initiatives. This role can be based out of Munich (Germany), Milan (Italy) or Krakow/Gdansk (Poland).
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.
Want more jobs like this?
Get jobs delivered to your inbox every week.
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; 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.
What you will be responsible for
As a Model Risk Audit Manager, Assistant Vice President you will:
- Support execution of model risk audits for capital planning, risk management, stress testing, as well as manage and support global audit execution process for Enterprise Risk Management, Global Treasury, Global Markets
- Plan, oversee and execute audits according to the Division's risk-based audit methodology, other internal standards, industry practices and regulatory guidance (e.g. SR 11-7 on Model Risk Management, ECB guide / BaFin requirement on internal models)
- Review and assess model input & output, documentation, model validation and ongoing monitoring results to assess the effectiveness of the model lifecycle control design and execution
- Communicate potential and identified findings and recommendations with audit management and engage in negotiating solutions with key stakeholders in the organization
- Draft audit reports that clearly communicate overall conclusion, including key risks, identified issues / gaps and their root cause, and impact to the organization.
- Review audit workpapers to ensure execution in line with internal standards and that conclusions are properly supported.
- Develop and maintain a thorough understanding of the operating environment of the assigned areas, including key business products, data infrastructure and lineage, roles and responsibilities of various group, and regulatory environment.
- Establish and maintain healthy relationships with key stakeholders across the 3 lines of defense and assist management in understanding and implementing / maintaining internal control principles.
- further develop skills in control assessment around the end-to-end model risk management framework
- Contribute to change initiatives through active participation in working groups and adoption of practices in day-to-day responsibilities.
- Coach and mentor audit staff as part of their ongoing development.
What we value
These skills will help you succeed in this role
- A high degree of professionalism with proven history of providing effective leadership to diverse teams.
- The ability to manage complexity, effectively prioritize multiple tasks and work independently in non-routine situations and in a fast-paced environment.
- Understanding of the businesses/platforms where the models are being used
- Excellent analytical, problem resolving, communication (written and verbal), interpersonal, organizational and presentation skills.
- Demonstrated ability to synthesize understanding of business processes into value added feedback on risk and control environment.
- Proven ability to research, interpret and apply regulatory requirements.
- Fluency in English - written and spoken.
- Fluency in German and/or other languages is a plus.
Education & Preferred Qualifications
- Bachelor's degree or above in accounting, finance, economics, or a related quantitative field.
- 5+ years of experience in a public accounting / consulting firm or a financial institution.
- Work experience with model risk management process (e.g. model governance, model development / implementation, model validations and ongoing usage)
- Has work experience related to financial market and products (e.g. loans, repo, derivatives, FX, structured products, etc.).
- Has work exposure to credit risks, market risk, counterparty risk, liquidity risk and/or pricing.
- Working knowledge with a programing language: e.g. R, Python and/or Matlab is preferred.
- Certification (CFA, FRM) preferred.
- Willingness to develop deep skills in control assessment around the end-to-end model risk management framework.
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.
Are you the right candidate? Yes!
We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.
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
State Street's Speak Up Line