Model Risk Audit, AVP

State Street; Boston (MA); On-site; USD 140,000 - 190,000; Full time

Job summary

State Street is seeking a Model Risk Audit, Assistant Vice President, to lead audits of models and quantitative tools across the firm. The role emphasizes risk assessment, governance, and effective communication with stakeholders.

You will monitor emerging model-risk themes and advance audit capabilities within Corporate Audit. Ideal candidates have hands-on experience in model development, validation, or risk management in financial services and demonstrate leadership potential for end-to-end

Qualifications

• Master's degree in a quantitative field and relevant risk experience.
• Experience with model development, validation, or risk management.

Responsibilities

• Lead or support model-risk audits across credit, market, liquidity, and other areas.
• Plan and execute audits using the corporate risk-based methodology.
• Assess design and effectiveness of controls across the model lifecycle.
• Review model documentation, validation results, and governance.
• Draft workpapers, findings, memoranda, and audit reports.
• Communicate progress, findings, and remediation expectations to stakeholders.
• Develop quantitative capabilities and cross-train audit teams.

Skills

Quantitative judgment

Audit-management

Stakeholder communication

Leadership potential

Model risk analysis

Education

Master's degree or higher in quantitative finance, statistics, mathematics, economics, financial engineering, computer science, or related quantitative discipline

Job description

Who We Are Looking For

We are seeking a quantitative risk professional to join Corporate Audit as Model Risk Audit, Assistant Vice President. The role will lead and execute audit engagements focused on models, quantitative tools, analytics, and artificial intelligence used across State Street.

The successful candidate will bring strong hands-on experience developing, validating, implementing, or reviewing models within a professional financial-services environment. Candidates coming from Model Risk Management, Model Validation, Model Development, Quantitative Risk, or Model Risk Audit will be considered based on their technical experience, leadership potential, and ability to develop audit-management skills.

Under the direction of senior audit management, the Assistant Vice President will execute model-risk audits across planning, risk assessment, testing, stakeholder discussions, issue development, and reporting. The individual will also monitor emerging model-risk themes, help develop the quantitative capabilities of audit colleagues, and support broader departmental initiatives.

Why This Role Is Important to Us

Corporate Audit provides independent assurance over the governance, risk management, and control processes supporting State Street's global businesses.

Models and quantitative analytics influence critical decisions across financial risk management, financial crime prevention, Treasury, Markets, and Investment Management. As the use of advanced analytics and artificial intelligence expands, independent assessment of model design, implementation, validation, monitoring, and governance becomes increasingly important.

In this role, you will combine quantitative model expertise with audit and risk-management skills to evaluate whether significant models are appropriately designed, implemented, validated, monitored, and governed.

What you will be responsible for

As a Model Risk Audit Manager, Assistant Vice President you will:

• Lead or support model-risk audits covering two or more areas such as credit risk, market risk, capital, liquidity, counterparty risk, financial crime, pricing, Treasury, Investment Management, Markets.


• Plan and execute audits according to the Corporate Audit's risk-based audit methodology and internal standards, industry practices and regulatory guidance (e.g. SR 11-7/26-2 on Model Risk Management, ECB guide to internal models, SR 15-18, etc.)


• Assess the design and effectiveness of controls across the model lifecycle, including development, validation, implementation, change management, monitoring, use, and governance.


• Review and assess model documentation and implementation details, model validation and ongoing monitoring results to assess the effectiveness of the model risk management control design and execution both on an individual model basis and in aggregate.


• Draft clear audit workpapers, findings, memoranda, and reports that explain the risks, root causes, business impact and recommended actions.


• Communicate audit progress, conclusions, findings, and remediation expectations to audit management and key stakeholders.


• Identify recurring or emerging model-risk themes through audit results, management-identified issues, validation findings, and ongoing risk monitoring.


• Develop an understanding of State Street's products, services, data, IT application / data infrastructure, risk-management processes, and regulatory obligations.


• Build effective relationships across Model Risk Management, Model Validation, business teams, technology teams, and the three lines of defense.


• Support knowledge sharing and cross-training to strengthen quantitative and model-risk capabilities across Corporate Audit.


• Coordinate and facilitate global operation of the model risk audit team to meet team and individual priorities.

What We Value

• Strong quantitative judgment and the ability to critically evaluate complex model methodologies, assumptions, data, code, and results.


• Intellectual curiosity and the ability to understand unfamiliar models, products, and risks.


• Leadership potential and the willingness to develop end-to-end audit-management capabilities.


• The ability to translate complex quantitative concepts into clear risk and business implications.


• Strong written and verbal communication skills, including the ability to discuss technical conclusions with quantitative and nontechnical stakeholders.


• Sound judgment and the confidence to provide constructive challenge.


• The ability to manage multiple priorities, work independently, and deliver high-quality work in a fast-paced global environment.


• A collaborative approach and the ability to build effective relationships across functions and lines of defense.

Qualifications

• Master's degree or higher in quantitative finance, statistics, mathematics, economics, financial engineering, computer science, or a related quantitative discipline.


• Five or more years of professional experience in model development, model validation, model risk management, quantita