Quantitative Analyst, Officer

State Street; Boston (MA); On-site; USD 70,000 - 119,000; Full time

Job summary

State Street Markets (SSM) in Boston is seeking an Officer for the SSM Model Risk team. The role involves collaborating with model owners, executing regulatory requirements, and delivering model deliverables.

You will help with back-testing techniques, risk analyses, and documentation to support internal oversight and external regulators. The position requires graduate education in a quantitative field and proficiency in statistical programming environments with strong communication skills for

Qualifications

• Strong understanding of quantitative methods used in financial institutions.
• Experience with modeling and financial analysis tools.
• Ability to explain modeling choices to validation teams.

Responsibilities

• Support model owners in execution of engagement-specific modeling and deliverables.
• Assist capital and liquidity related quantitative analyses for Markets Risk.
• Develop and document model testing, benchmarking and back-testing methodologies.
• Collaborate to design ongoing monitoring plans with performance metrics and thresholds.
• Produce first line of defense documentation for model development and monitoring.
• Coordinate with quants and developers on updates to meet validation requirements.

Skills

Quantitative analysis

Programming skills

Communication

Education

Graduate degree in quantitative discipline

Tools

Python

R

MATLAB

VBA

Java

Job description

State Street Markets (“SSM”) is looking for an Officer to join the SSM Model Risk team in Boston. SSM Model Risk team provides solutions to SSM business units, including Financing Solutions, FX Sales & Trading, Portfolio Solutions, Global Link, State Street Associates, and Market Surveillance, allowing business units to address Model Risk requirements from internal oversight functions and external regulators.

The Officer will collaborate with model owner(s) in execution of Model Risk regulatory requirements for all active and in development quantitative models and will support Model Governance Infrastructure implementation under supervision of SSM Model Risk Global Head. The Officer is responsible for multiple facets of the overall project management and execution process, including:

• Development, review, and documentation of front office models within different SSM business units
• Justifying modeling assumptions and model results to internal model validation group
• Preparation and delivery of engagement status updates to key stakeholders
• Workflow management to ensure deliverables are prepared according to their timelines

The Officer will collaborate with different business lines, and engage with internal model validation group.

Key Responsibilities

• Support model owners in the execution of engagement-specific statistical/financial modeling and analyses, and in preparation of final model deliverables
• Support Markets Risk and Capital Optimization team on capital and liquidity related quantitative analyses
• Assume a key role in developing customized solutions to perform independent model testing, document the development methodology and implementation process, specifically:
  • Establish, based on class of model considered, appropriate benchmarking and back-testing techniques that would be reflective of the main model’s purpose, horizon required, hedging implications and other important factors that might be relevant for holistic assessment of model performance
  • Identify key model risks, by stress testing model inputs and parameters
  • Demonstrate the stability of model over a variety of alternate specifications and range of input values which model is expected to operate. Evaluate extreme values for inputs to identify any boundaries of model effectiveness
• Collaborate with model owner in designing and implementing suitable and effective model ongoing monitoring plan including performance metrics, thresholds, and escalation plan
• Develop comprehensive first line of defense documentation including model development, implementation, and ongoing monitoring documents
• Work with model owners and developers on updating models to meet requirements from internal model validation group
• Conduct post-implementation review of SSM proprietary trading algos, including:
  • Review code and strategy changes to make sure they are in line with expectation and in compliance with the FX Global Code
  • Independent testing of selected key components of trading algos
  • Communication with quants and developers to understand strategy changesJustifying modeling assumptions and model results to internal model validation group and external regulators
  • Preparation and delivery of engagement status updates to key stakeholders

Desired Skills & Experience

• Strong understanding of quantitative analysis methods in relation to financial institutions
• Advanced programming skills in at least one supported statistical programming environment (Python, R, or MATLAB), with intermediate programming skills in VBA and other languages. Java experience is a plus
• Knowledge of financial markets (security lending, equities and derivatives, FX or electronic trading, etc.) is a plus
• High level understanding of capital and liquidity related regulations
• A demonstrated ability to multi-task and operate in a fast-paced, deadline-oriented environment
• Strong verbal and written communication skills, with ability to articulate ideas, analysis and complex concepts effectively to individuals from various backgrounds and ability to facilitate discussions and resolve conflicts between various stakeholders with competing interests
• Graduate degree in a quantitative discipline (Financial Mathematics, Financial Engineering, Mathematics, Statistics, or a related field)
• 0 to 3 years of experience in the model risk field is preferred

Salary Range:

$70,000 - $118,750 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.

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.

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Job Application Disclosure:

It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.