JOB DESCRIPTION
State Street Investment Management (State Street IM) Model Risk Management (MRM) function is seeking a Quantitative Risk Analyst to join its State Street IM Model Validation team based in Boston, MA. The Quantitative Risk Analyst will conduct model validation to ensure model risks are correctly identified, assessed, and managed across the global asset management business. Diverse product knowledge including index products, ETFs, responsible investing as well as experience in the general risk areas covering credit, liquidity, market and operational risk, securities finance, asset management, and stress testing is important.
Specific tasks performed during model reviews include:
Review the model workflow and identify gaps in model methodology, development, implementation, and usage process and documentation
Challenge the model methodology by testing its assumptions and parameters; independently evaluate model performance and perform benchmarking; suggest areas for improvement
Collaborate with portfolio managers, traders, researchers, model developers, IT, and Corporate Model Risk Management to conduct independent validation as well as annual reviews of models supporting State Street IM business and company-wide strategic initiatives
Review and assess model changes and conduct targeted validation on significant model changes
Evaluate remediation submissions and ongoing monitoring of models
Identify, assess, and report model risks on individual model and aggregate level to management through validation reports and other MRM reporting
Job Qualifications:
MS or PhD in Finance, Economics, Financial Engineering, Statistics, Math, or related field
Excellent quantitative modeling, analytical, research, and programming skills (e.g., R, Python, MATLAB, SQL)
Deep knowledge of economic theory and empirical finance across a broad range of products and asset classes
Strong understanding of the asset management business and its modeling philosophy, including factor models
Proven ability to leverage LLMs/GenAI or their applications in day-to-day work and model review activities
Solid understanding of Model Risk Management Framework including SR 11-7 and other regulatory guidance related to the model risk management
Strong written and verbal communication skills
Strong project management skills exemplified by the ability to work independently on multiple projects and meet deadlines
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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