Model Risk Auditor, VP
Model Risk Audit Manager, Hangzhou, China (Positions for Corporate Audit Model Risk Team) Our Company
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With roughly $34 trillion assets under custody and administration and $3.1 trillion in assets under management as of 4Q2019, State Street Corporation (SSC) operates globally in more than 100 geographic markets, with over 30,000 employees worldwide. For more information, visit SSC's website at www.statestreet.com . Promoting a culture of excellence
With more than 30,000 employees worldwide, at SSC, our people are our greatest asset. We recognize that highly skilled, engaged and productive employees are essential to our success. Our company values reflect our commitment to employee engagement and corporate social responsibility - to help you build a fulfilling career. Around the world, we aim to be an employer of choice by offering competitive compensation and benefits, personal and professional development opportunities, and a work environment that promotes a diverse array of people, ideas and skills. We are a company that insists on, and rewards, performance excellence. We know our success hinges on attracting the best people to join us (i.e. people like you). Who we are looking for:
The Corporate Audit Model Risk Team is recruiting for a model risk audit manager to join our office in Hangzhou, China. He/she will lead a team of quantitative auditors to assess the risk and controls around quantitative models used within the business operations of State Street Corporation.
The Corporate Audit Model Risk Team provides model analytical support to audit engagements corporate wide. Model Risk Auditors assess the effectiveness of internal controls governing models, including inputs, model methodology/framework/processing, model outputs, key assumptions and limitations, and evaluate if models are well-governed and perform as documented in accordance with regulatory requirements in SR 11-7 and internal model risk management policies and standards. Responsibilities include and not limited to model code / excel formula review or test runs.
This Model Risk Audit Manager will lead a team of Model Risk Auditors to perform audits of various models used in State Street's business operations. He/she would support the US Model Risk Audit Team to expand coverage to the full spectrum of corporate model inventory on a sampling basis, with models in areas like: counterparty credit risk, wholesale credit risk, interest rate risk, market risk, operational risk, liquidity risk and valuation of financial instruments, etc. What you will be responsible for:
- Manage audits according to a risk-based audit approach, recommend model specific internal control improvements that may include operational enhancements, document the review result and prepare audit reports
- Coach and lead staffs in performing the independent model audits, including and not limited to input data testing, a code review (for model implementation and documentation), model output review (back testing, sensitivity analysis, etc.) and model fitness and purpose evaluation and review document
- Work with other auditors to assess data quality and their impact on the modeling process
- Facilitate effective communication and coordination with business management at all levels
- Communicate model control deficiencies to business management, receive management actions and track the remediation of the deficiencies
- Ensure quality checks and controls including standardization of audit review testing and dissemination of feedback across team members
- Maintain a solid understanding of the financial risk management practices and techniques, and develop knowledge of the company's operation to ensure that model risks are appropriately identified, assessed and mitigated
The candidate requires good analytical, interpersonal, time management, project management, research and communications skills. Qualifications
• Master's degree in Statistic, Financial Engineering, Economics, Finance, Mathematics, or a related quantitative finance field
- Candidates should have Financial Services industry experience with 5+ years of experience in Public Accounting, Advisory Services, Consulting, Internal Audit, or a modeling area. It's a plus to have exposure to risk analytics, model validation, risk consulting, counterparty credit risk, credit risk liquidity risk, interest Rate Risk and / or Treasury Risk.
About State Street What we do.
- Solid statistical knowledge and excellent quantitative modeling, analytical, research and programming skills (C++, R, Python, SQL, Matlab, Tableau)
- Understand the interest rate risk management in the banking book and trading book risk management. Understand the construction of risk metrics such as VaR, SVaR, CVaR, etc. Proven experience in the valuation of fixed-income securities
- Demonstrated knowledge of financial markets and products; high level knowledge of regulatory compliance requirements and risk management principles
- Strong written and verbal English communication skills
- Good project management skills, with the ability to work independently on multiple tasks and/or projects
- Professional certifications preferred (e.g. CFA, FRM, CPA)
State Street is one of the largest custodian banks, asset managers and asset intelligence companies in the world. From technology to product innovation we're making our mark on the financial services industry. For more than two centuries, we've been helping our clients safeguard and steward the investments of millions of people. We provide investment servicing, data & analytics, investment research & trading and investment management to institutional clients. Work, Live and Grow.
We make all efforts to create a great work environment. Our benefits packages are competitive and comprehensive. Details vary in locations, but you may expect generous medical care, insurance and savings plans among other perks. You'll have access to flexible Work Program to help you match your needs. And our wealth of development programs and educational support will help you reach your full potential. Inclusion, Diversity and Social Responsibility.
We truly believe our employees' diverse backgrounds, experiences and perspective are a powerful contributor to creating an inclusive environment where everyone can thrive and reach their maximum potential while adding value to both our organization and our clients. We warmly welcome the candidates of diverse origin, background, ability, age, sexual orientation, gender identity and personality. Another fundamental value at State Street is active engagement with our communities around the world, both as a partner and a leader. You will have tools to help balance your professional and personal life, paid volunteer days, matching gift program and access to employee networks that help you stay connected to what matters to you.\\
State Street is an equal opportunity and affirmative action employer. Discover more at StateStreet.com/careers