Job Description

State Street Global Markets (Musiness Risk & Controls team is looking for a Vice President () to join the teamodel Risk Governance & Advisory team in Boston. SSGM Model Risk Governance & Advisory team provides solutions to SSGM business units including Securities Finance FX Sales & Trading Portfolio Solutions Global Link and Global Credit Finance allowing business units to address Model Risk regulatory requirements.

Job Description

Support the groupeadership with the management and execution Model Risk regulatory requirements for all active and in development Quantitative Models support Model Governance Infrastructure implementation and contribute to help increase awareness of model risk within SSGM business community. The VP is responsible for multiple facets of the overall project management process including:

Preparation and delivery of engagement status updates to internal and external stakeholders;

Workflow management to ensure deliverables are prepared according to their timelines;

Quality control of all work product (including programming code and technical reports).

The VP is also responsible for project execution including:

Development and review of IRR PD LGD and EL models;

Supervision and review of junior analystsrk;

Justifying modeling assumptions and model results to model validation groups and regulatory bodies.

Key Responsibilities

Engage with corporate validation team for each class of models to be validated (FX Sales & Trading Portfolio Solutions Securities Finance) establish validation workflow and metrics for the validation outcome that are consistent with the main model purpose as well as approaches that are relevant.

Establish based on class of model considered appropriate benchmarking and backtesting techniques that would be reflective of the main model purpose horizon required hedging implications and other important factors that might be relevant for holistic assessment of model performance

Assume a key role in determining Model methodology develop customized solutions to perform independent model testing documenting the development methodology and implementation process.

Identify key model risks by stress testing based on various market conditions and develop a plan to implement and monitor controls on an ongoing basis

Manage a team of analysts in the identification of model owner needs and issues in the execution of engagement-specific statistical and/or cash flow modeling and analyses and in the preparation of final model deliverables;

Own the quality control process for engagement-related deliverables (including programming code presentations and technical reports) ensuring materials comply with firm guidelines and group-specific quality standards;

Ensure engagement completion by delegating tasks coaching and guiding junior staff and proactively resolving issues during project execution

Qualifications

Demonstrated track record leading project management for multiple (5+) engagements for large (US$200 billion plus in total assets) financial services companies simultaneously including:

Developing project plans to identify required quantitative analyses and to establish timelines for client deliverables.

Managing multiple junior analysts in the execution of the quantitative analyses supporting each project-related deliverable;

Reviewing deliverables for accuracy compliance with internal guidelines and compliance with client expectations;

Reviewing ad hoc client requests for compliance with contractual documentation prioritizing and executing ad hocrequests in the context of other client deliverables and liaising with internal management as necessary;

Conducting periodic project status update meetings with internal and external stakeholders.

Demonstrated ability to interface with model validation groups compliance groups and regulatory bodies in order to explain and defend the assumptions and quantitative methodologies embedded and/or leveraged in the models developed or reviewed by the group;

Demonstrated familiarity with key regulatory frameworks and their corresponding requirements including:

Basel II;

Basel III;

CCAR;

DFAST.

Demonstrated experience with best-practice model risk management and validation techniques and requirements including:

OCC 2011-1;

SRR 11-7.

Familiarity with the three lines of defense model including goals policies and procedures relevant to each line of defense and previous experience developing and reviewing model governance documents.

Previous professional experience developing statistical models (including ordinary linear regression and binomial classification models) relating to IRR PD LGD and EL modeling for large (US$5-20 billion-plus) retail or wholesale portfolios;

Previous professional experience developing and validating models used to support reporting related to key regulatory frameworks including Basel II Basel III CCAR and DFAST;

Previous professional experience developing or validating trading credit exposure models (and other trading book models) for asset managers or asset owners;

Previous professional experience reviewing model risk management policies and credit risk guidelines opining on modelsmpliance with such guidelines and remediating models (when necessary) to ensure compliance with guidelines;

Proven track record in the development of extensive (80-100 page-plus) model validation and model development technical documentation for consumption by internal validation groups courts of law supervisory authorities and other regulatory entities;

Demonstrated knowledge of database management and manipulation including knowledge of SQL