Quantitative Risk Officer and Risk Model Developer

State Street; Clifton (NJ); On-site; USD 75,000 - 123,750; Full time

Benefits offered by this job

401K with match

Comprehensive benefits

Paid time off

Job summary

State Street in the United States is seeking a strong quantitative modeler to join as an Officer and Credit Risk Modeler based in New Jersey, Connecticut, or Boston. You will develop credit risk models for wholesale portfolios and contribute to risk analytics.

The role emphasizes advanced modeling, collaboration across risk teams and regulators, and implementing models on our analytics platform. A MS or PhD in statistics/econometrics with programming expertise is preferred.

Qualifications

• MS or PhD in statistics or econometrics, with survival analysis/event history a plus.
• Strong programming in Python/R/C/C++/SQL.
• Experience with model development teams and analytical library development.
• Interest in applying statistics to credit risk in finance.

Responsibilities

• Develop credit risk models (PD/LGD/EL) for wholesale portfolios.
• Develop portfolio risk models for CCAR/CECL/IFRS9/BASEL/ICAAP use cases.
• Review and enhance modeling methodology in line with regulatory needs.
• Review model outputs with justification from credit risk experts.
• Implement models on risk analytics library platform.
• Streamline the modeling process to increase execution speed.
• Collaborate with three lines of defense for governance and control.
• Prepare and present reports to model risk management and regulators.

Skills

PD models

LGD models

EL models

Quantitative analysis

Regulatory knowledge

Education

MS or PhD in statistics/econometrics

Mathematics probability background

Tools

Python

R

C++

SQL

Job description

Who We Are Looking For

A strong quantitative modeler to join the team as an Officer and Credit Risk Modeler based in New Jersey, Connecticut, or Boston. This role is part of the Centralized Modeling, Analytics and Operations Group within Enterprise Risk Management’s Financial Risk Organization.

Why this role is important to us

The team you will be joining plays a critical role in the organization’s overall success. Across the globe, institutional investors rely on us to manage risk, respond to complex challenges, and drive performance and profitability. To deliver on that mission, we need teams like yours—teams that help the organization operate effectively, adapt quickly, and remain resilient. In this role, you will focus on developing cutting‑edge solutions that are both scalable and practical, while contributing to strong day‑to‑day execution. Join us if you are motivated to make a meaningful impact in the financial services industry from day one.

What You Will Be Responsible For

• Develop credit risk models (PD/LGD/EL) to provide quantitative support to credit risk analytical processes for State Street’s wholesale portfolios, including Commercial Real Estate (CRE), Corporate, Private Equity (PE) Fund and Private Credit (PC) exposures, etc.
• Develop credit portfolio risk models for CCAR/CECL/IFRS9/BASEL/Ratings/ICAAP use cases, as well as for economic capital.
• Review and enhance credit risk analytical methodology including modeling choices in line with expanding business and regulatory requirements.
• Review and verify key model assumptions with model owners.
• Review model outputs with properly justified opinions and judgments by experts from credit risk managers to capture forward‑looking financial market and macro‑economic outlooks.
• Implement internally developed models on risk analytical library platform.
• Streamline the existing modeling and analytical process; increasing the pace of execution to meet the needs of the business.
• Work in close partnership with the three lines of defense functions, such as model governance, Corporate Audit and Financial Regulatory Assurance to ensure appropriate governance and control infrastructure for credit risk analytics.
• Prepare and present required reports/reviews to model risk management, senior management and global regulators.

What We Value

• Strong analytical and quantitative mindset; ability to take ownership and improve on existing risk models and methodologies.
• Energetic/motivator: an enthusiastic individual with proven leadership skills and an ability to motivate a diverse, multi-level workforce and instill a sense of urgency on a range of evolving goals and objectives.
• Organizational strengths: an ability to organize projects, processes and priorities to ensure business needs are met in a coordinated, responsive and timely manner, with minimal direction.
• Confidence: a self‑assured, experienced and knowledgeable individual able to quickly garner support for his/her views based on informed, well‑presented direction or analysis, with a willingness to negotiate, and concede, when needed.
• Communicator: clear, confident, self‑assured communication style, coupled with an ability to react and adapt to various audiences and environments without diluting effectiveness.

Education & Preferred Qualifications

• MS or PhD in statistics or econometrics or equivalent, prefer research area in survival analysis/event history analyses or related areas; Prefer research area that involves heavy programming work with strong programming skills in Python/R/C/C++/SQL etc.
• Undergraduate training in mathematics and probability theory (measure theory) with good knowledge of stochastic calculus is a big plus.
• Strong programming skills in Python/R/C/C++/SQL etc.
• Demonstrated experiences working with model development teams, analytical library development team and technology.
• Motivated and fascinated in how to apply statistics and econometric methodologies to resolve credit risk modeling challenges in financial industry.

Salary Range

$75,000 - $123,750 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 a 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.

Equal Opportunity Employer Statement

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

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.