Quantitative Risk Analyst, Assistant Vice President
About The Position
State Street Investment Management (State Street IM) Model Risk Management (MRM) function is seeking a Quantitative Risk Analyst to join its State Street IM Model Validation team based in Boston, MA. The Quantitative Risk Analyst will conduct model validation to ensure model risks are correctly identified, assessed, and managed across the global asset management business. Diverse product knowledge including index products, ETFs, responsible investing as well as experience in the general risk areas covering credit, liquidity, market and operational risk, securities finance, asset management, and stress testing is important. Specific tasks performed during model reviews include: Review the model workflow and identify gaps in model methodology, development, implementation, and usage process and documentation Challenge the model methodology by testing its assumptions and parameters; independently evaluate model performance and perform benchmarking; suggest areas for improvement Collaborate with portfolio managers, traders, researchers, model developers, IT, and Corporate Model Risk Management to conduct independent validation as well as annual reviews of models supporting State Street IM business and company-wide strategic initiatives Review and assess model changes and conduct targeted validation on significant model changes Evaluate remediation submissions and ongoing monitoring of models Identify, assess, and report model risks on individual model and aggregate level to management through validation reports and other MRM reporting
Requirements
- MS or PhD in Finance, Economics, Financial Engineering, Statistics, Math, or related field
- Excellent quantitative modeling, analytical, research, and programming skills (e.g., R, Python, MATLAB, SQL)
- Deep knowledge of economic theory and empirical finance across a broad range of products and asset classes
- Strong understanding of the asset management business and its modeling philosophy, including factor models
- Proven ability to leverage LLMs/GenAI or their applications in day-to-day work and model review activities
- Solid understanding of Model Risk Management Framework including SR 11-7 and other regulatory guidance related to the model risk management
- Strong written and verbal communication skills
- Strong project management skills exemplified by the ability to work independently on multiple projects and meet deadlines
Responsibilities
- Review the model workflow and identify gaps in model methodology, development, implementation, and usage process and documentation
- Challenge the model methodology by testing its assumptions and parameters; independently evaluate model performance and perform benchmarking; suggest areas for improvement
- Collaborate with portfolio managers, traders, researchers, model developers, IT, and Corporate Model Risk Management to conduct independent validation as well as annual reviews of models supporting State Street IM business and company-wide strategic initiatives
- Review and assess model changes and conduct targeted validation on significant model changes
- Evaluate remediation submissions and ongoing monitoring of models
- Identify, assess, and report model risks on individual model and aggregate level to management through validation reports and other MRM reporting
Benefits
- Employees are eligible to participate in State Street’s comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.
- For a full overview, visit https://hrportal.ehr.com/statestreet/Home.
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What This Job Offers
Job Type
Full-time
Career Level
Mid Level
