Business / Operational Audit - Assistant Vice President

State Street; Bengaluru; Hybrid; INR 2,000,000 - 3,000,000; Full time

Job summary

State Street is seeking a Model Risk Audit Manager, Assistant Vice President, to lead model risk audits that focus on financial and operational risks. This role, based in Bangalore, combines on-site and remote work options while overseeing audits throughout all phases including planning, execution, and reporting.

The ideal candidate will have a Master’s degree and over 5 years of relevant experience in financial institutions or consulting, alongside strong analytical and project management skills. The position emphasizes teamwork, communication, and the ability to adapt in a complex environment.

Qualifications

• Master's degree or above in quantitative finance, statistics, mathematics, or related field.
• 5+ years in financial services performing model development, validation, or auditing.
• Experience with programming and performance testing to assess model risks.

Responsibilities

• Lead execution of model risk audits for financial risk management.
• Review model documentation and implementation for risk management controls.
• Communicate audit progress and findings to senior management.

Skills

Audit project management

Complexity management

Analytical skills

Fluency in English

Education

Master’s degree in quantitative finance

5+ years of experience in financial institution

Tools

R

Python

Job description

Who We Are Looking For

We are looking for a Model Risk Audit Manager, Assistant Vice President to manage audit engagements focused on models, tools, or quantitative analytics used for financial risks, operational risks, financial crimes, and AI applications. In this role, under the direction of senior audit management of Enterprise Risk Management, you will execute and manage model audit engagements through all aspects of the audit (planning, assessment, testing, and reporting) and conduct continuous monitoring of model risk trends. You will also play a critical role in cross‑training audit staff and supporting departmental initiatives. This role is based out of Bangalore, India and can be performed in a hybrid model.

Why this role is important to us

The team you will join plays an important part in our organization’s overall success. Across the globe, institutional investors rely on us to manage risk, respond to challenges, and drive performance. Regulators depend on us to provide assurance that the bank operates in compliance with key banking regulations. Your work will help build resilience and execute day‑to‑day deliverables at our best.

What You Will Be Responsible For

• Lead execution of model risk audits for financial risk management – including credit, market, capital, liquidity, financial crimes, Treasury, State Street Investment Management, and Markets.
• Plan and execute audits according to the Corporate Audit’s risk‑based audit methodology, internal standards, industry practices and regulatory guidance (e.g., SR 11-7, ECB guide to internal models, SR 15-18).
• Review and assess model documentation and implementation details, model validation and ongoing monitoring results to evaluate the effectiveness of model risk management controls at both individual and aggregate levels.
• Perform continuous monitoring of residual model risks and summarize thematic trends for audit management.
• Communicate audit progress, findings, and recommendations effectively to senior management and key stakeholders.
• Draft audit reports that clearly communicate scope, approach, conclusions, key risks, issues, root causes, and impact.
• Prepare or review audit workpapers to ensure execution aligns with internal standards.
• Develop and maintain a thorough understanding of the operating environment of responsible areas, including key business products, data and model infrastructure, stakeholder roles, and regulatory requirements.
• Establish and maintain healthy relationships with key stakeholders across the three lines of defense and assist management in implementing internal control principles.
• Coordinate and facilitate the global operation of the model risk audit team to meet team and individual priorities.

What We Value

• Experience leading audit projects within the global financial services industry.
• High degree of professionalism and proven leadership of diverse teams across the globe.
• Ability to manage complexity, prioritize tasks, and work independently in a fast‑paced environment.
• Demonstrated ability to synthesize business processes into value‑added insights on model risk control.
• Proven skill in researching, interpreting, and applying regulatory requirements.
• Excellent analytical, problem‑solving, communication, interpersonal, organizational, and presentation skills.
• Advanced project management skills.
• Fluency in English – written and spoken.

Education & Preferred Qualifications

• Master’s degree or above in quantitative finance, statistics, mathematics, or a related field.
• 5+ years of experience in a financial institution or consulting firm performing model development, validation, auditing, or quantitative research.
• Experience working with input data, model assumptions, programming code or formulae, and performance testing to assess model risks and evaluate control design.
• Exposure to financial services products offered by State Street (e.g., custody, credit facilities, securities finance, derivatives, FX).
• Experience quantifying or determining credit, market, counter‑party, liquidity, pricing, AI, or financial crime risks.
• Working knowledge of at least one statistical or programming language (e.g., R, Python).
• Willingness to develop both quantitative and business auditing skills to assess end‑to‑end model risk management.
• CFA and/or FRM preferred.

Additional Requirements

While the majority of the time you will work from your primary location, some domestic and international travel may be required to various State Street locations.

Equal Opportunity Statement

State Street is an equal opportunity and affirmative action employer. We consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

Job ID: R-791592