Who we are looking for
An experienced professional with a strong technical and quantitative aptitude to act as Quantitative Risk Director, Vice President. This role will report to senior model validation lead, within Model Risk Management Department.
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.
Want more jobs like this?
Get jobs in Boston, MA delivered to your inbox every week.
What you will be responsible for
As Quantitative Risk, VP you will
- Lead a team under the supervision of senior model validation lead to conduct model validation activities:
- Perform validations on models such as credit risk, market risk, climate risk, portfolio management, pricing, investment risk and AI models.
- Understand regulatory requirement such as Basel, CECL, IFRS9, CCAR, ICAAP and keep abreast of recent developments in academic research, industry practice and regulatory expectations as related to credit risk, market risk, investment risk, climate risk and AI.
- Streamline the existing validation and analytical process and improve execution efficiency to meet business needs
- Perform deep analysis on large scale datasets through applying statistical analysis or machine learning approaches.
- Conduct quantitative analysis to evaluate and quantify risks of various models.
- Communicate with model developers and business to relay the issues and feedback and capture the action plans.
- Prepare and present required reports/reviews to management and regulators.
What we value
These skills will help you succeed in this role
- Strong analytical and quantitative mindset; ability to take ownership and improve on existing risk models and methodologies
- Energetic/motivator: an enthusiastic individual with proven leadership skills and an ability to motivate a diverse, multi-level workforce and instill a sense of urgency on a range of evolving goals and objectives
- Organizational strengths: an ability to organize resources, processes and priorities to ensure business needs are met in a coordinated, responsive and timely manner, with minimal direction
- Confidence: a self-assured, experienced and knowledgeable individual able to quickly garner support for his/her views based on informed, well-presented direction or analysis, with a willingness to negotiate, and concede, when needed
- Communicator: clear, confident, self-assured communication style, coupled with an ability to react and adapt to various audiences and environments without diluting effectiveness
- Talent manager: an ability to quickly assess strengths and weaknesses of team members at all levels, and ability to identify developing talent and nurture accordingly.
Education & Preferred Qualifications
- Master or PHD degree in a quantitative disciplines (e.g. Finance, Statistics, Economics, Mathematics, Computer Science / Engineering, software engineering or equivalents). PhD is preferred
- 8+ years of experience in quantitative analytics including model development or independent model validation in a regulatory financial institution.
- Demonstrated solid knowledge of fixed income market or wholesale credit market and proficient understanding of industrial best practices of quantitative analytics in Credit Risk, or Market risk.
- Demonstrated modeling and analytical process engineering capabilities.
- Demonstrated experience working with Global Regulators in the banking or financial services sectors; proficient understanding of various regulations such as Basel, CECL, IFRS9, stress testing and CCAR
- Proven interpersonal and communication skills. Demonstrated ability to understand, visualize and communicate quantitative results to non-quant subject matter expert audiences; Proven experience leading a group of quantitative analysts with a moderate to large scope of responsibility
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:
$140.000 - $222.500 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