Model Risk Audit AVP - Quantitative Risk Leader

State Street Corporation; Boston (MA); On-site; USD 80,000 - 140,000; Full time

Benefits offered by this job

401K with match

Insurance coverage

Paid time off

Employee Assistance Program

Performance-based awards

Tax-advantaged savings plans

Job summary

State Street Corporation seeks a quantitative risk professional to join Corporate Audit as Model Risk Audit, Assistant Vice President. The role will lead and execute audits of models, analytics, and AI across the firm, shaping risk governance and assurance.

The ideal candidate brings hands-on experience in developing, validating, or reviewing models within financial services, with strong Python or R and model-risk expertise.

Qualifications

• Master’s degree or higher in quantitative finance, statistics, mathematics, economics, financial engineering, computer science, or related quantitative discipline.
• Five or more years of professional experience in model development, validation, risk management, quantitative risk, or related field within financial services.
• Hands-on experience developing or reviewing a model across its lifecycle.
• Technical depth in at least two model or risk areas such as credit, market, capital, liquidity, or financial crime.
• Working proficiency in Python, R, or a comparable programming language.
• Ability to assess model risks and evaluate the design and effectiveness of controls.
• Strong analytical and communication skills, with leadership potential for audit engagements.
• Experience leading or supporting model validation, regulatory reviews, or audits is a plus.
• Knowledge of model-risk regulations (e.g., SR 11-7, SR 15-18) is a plus.
• Experience with AI/ML or financial-crime models is a plus.
• CFA, FRM, or comparable designation is a plus.

Responsibilities

• Lead or support model-risk audits across multiple domains such as credit, market, capital, liquidity, and more.
• Plan and execute audits according to risk-based methodology and regulatory guidance.
• Assess the design and effectiveness of controls across the model lifecycle.
• Review model documentation, validation results, and governance.
• Draft audit workpapers, findings, memoranda, and reports.
• Communicate audit progress, conclusions, and remediation expectations to stakeholders.
• Identify recurring model-risk themes from audits and risk monitoring.
• Develop understanding of State Street products, data, IT infrastructure, and regulatory obligations.
• Build relationships across Model Risk Management, Validation, and business/technology teams.
• Coordinate and facilitate global operation of the model risk audit team.

Skills

Quantitative risk

Model risk

Python

R

Audit leadership

Communication skills

Education

Master’s degree or higher in quantitative discipline

CFA/FRM or comparable designation (plus)

Job description

State Street Corporation seeks a quantitative risk professional to join Corporate Audit as Model Risk Audit, Assistant Vice President. The role will lead and execute audits of models, analytics, and AI across the firm, shaping risk governance and assurance.

The ideal candidate brings hands-on experience in developing, validating, or reviewing models within financial services, with strong Python or R and model-risk expertise.