Global Credit Finance, Model Risk Officer, VP

STATE STREET CORPORATION; Boston (MA); On-site; USD 110,000 - 189,000; Full time

Benefits offered by this job

401K with company match

Insurance coverage

Paid time off

Employee Assistance Program

Job summary

State Street Corporation seeks a high‑caliber Model Risk Officer for Global Credit Finance in Boston. You will lead the governance of model risk, coordinate with MRM and CMA, and work with Front Office to identify models and tiering. The role emphasizes documentation, monitoring, and regulatory alignment.

You will train senior leadership, own tool inventory, ensure proper approvals, and oversee AI and EUDT governance while guiding model change management and ongoing validation activities.

Qualifications

• Bachelor’s degree in Finance, Risk Management or related field.
• 10+ years of proven experience in Risk Management/Model governance.
• Working knowledge of EUDT governance, AI governance, data governance, and technology risk principles.

Responsibilities

• Train division leadership on the MRM Framework and requirements.
• Own model and tool inventory processes and ensure correct tiering under MRM policies.
• Oversee EUDT and AI governance, identify and document AI use cases for governance.
• Lead annual Inventory Certification with evidence of completeness and accuracy.
• Ensure development, documentation, and implementation of models align with MRM requirements.
• Manage model use approvals, tracking of users, and communicate changes to MRM.
• Coordinate Model Review/Validation workflows and involvement of stakeholders.
• Act as delegate at the State Street Model Risk Committee and monitor changes.

Skills

Model risk management

Quantitative analysis

Data governance

AI governance

Leadership

Regulatory interaction

Stakeholder management

Education

Bachelor's degree in Finance/Risk Management

10+ years in Risk Management/Model governance

Job description

Who we are looking for

State Street’s lending division, Global Credit Finance (GCF) is looking to hire for the role of Model Risk Officer, a key position responsible for the creation and implementation of the GCF model risk governance function. The role will act as a liaison between GCF and MRM and other business partners and ensure the adherence of GCF’s model risk function to the model risk guidelines as outlined by the Regulator and interpreted and implemented by the State Street Model Risk Management function. The Model Risk Officer will work with the Front Office to identify models and tools, help with model tiering, understand nuanced differences between models and tools, be the GCF advocate in interactions with both MRM and CMA, help with model documentation and ongoing monitoring. The role will also offer an opportunity to develop and apply technical model development and implementation skills. The role will report to the GCF Head of Business Intelligence and Strategy.

What you will be responsible for

Training Supports the division senior leadership (EVP and SVPs) in ensuring that they and their teams are properly trained on the Model Risk Management (MRM) Framework and apply the principles as required. This aspect of the role includes creating/maintaining operating procedures to ensure all business team members are adequately trained in the Model Risk Management principles and requirements as appropriate for their role.

Model and Tool Inventory Establish and own the model and tool identification process within the business unit and sign off on business team’s model decisions for all tools: Serve as a Business Team Owner and provide oversight of GCF’s EUDT inventory Works with the business team’s Tool/Application Inventory to ensure it: includes all tools (EUDT, Third Party, IT applications) Includes the populated model decision tree, date of first use, version in use, and list of legal entities with permission to use model output. Includes related identifiers which identify the tool elements in other systems (Model Risk Governance (MRG) MRG, GMAS, TPRM, AIW, etc.) Reviews and approves all production changes for tools, to ensure tools are evaluated against the model determination decision tree at every material change. Ensures model determination is performed at the start of development of any new tool, before the tool goes into first use, and prior to use of any changes to the tool. Ensures that any tool designated as a model is validated and approved for use to deployment/use in compliance with MRM Policy. Reviews and approves the tiering decisions made by the business teams for new models, ensuring sufficient supporting information / justification are captured and the proposed tier is consistent with the MRM Tiering Framework EUDT and AI Governance.

EUDT and AI Governance Establish and oversee the GCF governance framework for End User Developed Tools (EUDTs) and the responsible use of artificial intelligence within business-owned tools, processes, and solutions. Act as a liaison between GCF business teams and the applicable EUDT, Artificial Intelligence, Model Risk Management, Technology, Cybersecurity, Privacy, Legal, and Compliance governance functions. Establish and maintain an inventory and oversight process for GCF-sponsored AI use cases and AI-enabled solutions, including generative AI, copilots, prompts, agents, machine learning capabilities, and AI functionality incorporated into business processes or technology solutions. Ensure proposed AI use cases are appropriately identified, documented, risk assessed, and submitted through applicable enterprise AI governance and approval processes before implementation or production use. Evaluate whether tools and solutions may be subject to multiple governance frameworks, including EUDT, AI, model risk, data, privacy, cybersecurity, third-party risk, and technology-development requirements, and coordinate the required reviews with the applicable subject-matter experts. Promote the responsible use of AI by ensuring that approved tools are used only for authorized purposes and that AI-assisted outputs receive human review, validation, and challenge appropriate to the use case and potential business impact. Monitor changes in EUDT and AI-related policies, standards, regulatory expectations, and enterprise guidance; assess their impact on GCF; and translate new requirements into sustainable business procedures, controls, training, and management reporting.

Annual Inventory Certification Supports the GCF leadership’s Annual Inventory Certification Process: Work with business to execute annual Inventory Certification in accordance with operating procedures and provide MRM with evidence to ensure the completeness and accuracy of model inventory and associated model attributes as required by MRM in the MRG system (e.g., model stakeholders, model inventory, organization, materiality, use, proposed tier, validation status, implementation details, model changes, compensating controls, model developer / team, legal entity use, model users, and other attributes relayed in the SVP Dashboard. Supports the business through the annual Inventory Certification process, including attesting on an annual basis that appropriate business procedures and controls are in place which satisfy MRM guidelines and that any model newly identified during the Inventory Certification Process has been reported to MRM.

Model Development, Documentation, and Implementation Ensures that all model owners adhere to the proper requirements for development, documentation, and implementation of all models in a manner consistent with the MRM Model Development Requirements and submission requirements. Educate or facilitate the education of model developers/implementers as to the MRM requirements.

Model Use Ensures that all models are communicated to MRM and validated/approved with conditions by MRM prior to use, that the use of model output is restricted to approved uses, that compensating controls, if required, are correctly applied and maintained, that all uses and users are tracked, and that any new potential uses are documented and communicated to MRM prior to use via the model change request workflow. Ensures that Model Owners communicate changes in validation status, model use approvals/restrictions and the use of compensating controls to appropriate parties, including Sr. Leadership and Model Users. Ensures that all model overlays are subject to an internal review process with management signoff to ensure overlay requests follow the MRM Guidelines and that a member of MRM is present at overlay committee approval meetings.

Model Monitoring Ensures that all model ongoing monitoring submissions are subject to internal review process with management signoff to ensure the model complies with MRM Model Ongoing Monitoring Requirements including review of relevant documentation and execution procedures. Ensures that overlay usage is pre-approved, remains compliant to terms of the approval, and is documented in the Model Risk Governance (MRG) Platform.

Model Change Management Responsible for approving all production changes for models, to ensure MRM approval is in place and MRM Inventory is updated to reflect such changes. Ensures that all changes to models are properly tracked (with version numbers), documentation updated (with version number) and changes communicated to MRM prior to use via the model change request workflow. Ensures that the model tier is re-evaluated annually, and at each material change, to ensure alignment with the MRM Tiering Framework.

Model Review/Validation Facilitated the model validation process as needed between model developers and validation teams. Follow through as needed to ensure appropriate remediation steps, if identified, are implemented.

Model Retirement As part of the inventory management, ensures that activity status changes, such as retirements, are relayed to MRM in advance, and that model determination exercise is performed for replacement tools to ensure any replacement tools identified as models are relayed to MRM and validated prior to use.

Model Risk Committee Act as a delegate/Proxy for the Head of Global Credit Finance or Head of Business Intelligence and Strategy as needed at the State Street Model Risk Committee.

What we value

• Proven record supporting, partnering, and/or interacting with internal business clients in regard to Models and Risk Management.
• Working knowledge of EUDT governance, artificial intelligence governance, data governance, and technology risk principles
• Strong leadership with high situational/organizational awareness and excellent interpersonal skills.
• Outstanding work ethic and drive for increasing responsibility.
• Highly organized and with a “roll-up their sleeves to get things done” mindset.
• Excellent problem solving and critical thinking.
• Experience interacting with regulators and participating in regulator examinations.
• Technical skills in data management, model development, quantitative analysis.

Education & Preferred Qualifications

• Bachelor’s degree, in Finance/Risk Management or associated field.
• 10+ years of proven experience in Risk Management/ Model governance

Salary Range

Salary Range: $110,000 - $188,750 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.

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.

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success. We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future. As an Equal Opportunity 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.

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success. We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you’ll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future. As an Equal Opportunity 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 Application Disclosure

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