Global Credit Finance Model Risk Officer, VP at State Street in Boston, Massachusetts

Job Description:

Who we are looking for

GCF is looking to hire for the newly created role of a Model Risk Officer, a key position responsible for the creation and implementation of the GCF model risk governance function. The role will act as a liaison between GCF and MRM and other business partners and ensure the adherence of GCF's model risk function to the model risk guidelines as outlined by the Regulator and interpreted and implemented by the State Street Model Risk Management function.

The Model Risk Officer will work with the Front Office to identify models and tools, help with model tiering, understand nuanced differences between models and tools, be the GCF advocate in interactions with both MRM and CMA, help with model documentation and ongoing monitoring.

The role will also offer an opportunity to develop and apply technical model development and implementation skills.

The role will report to the GCF Head of Business Intelligence and Strategy.

What you will be responsible for

Training

Supports the division senior leadership (EVP and SVPs) in ensuring that they and their teams are properly trained on the Model Risk Management (MRM) Framework and apply the principles as required. This aspect of the role includes creating/maintaining operating procedures to ensure all business team members are adequately trained in the Model Risk Management principles and requirements as appropriate for their role.

Model and Tool Inventory

Establish and own the model and tool identification process within the business unit and sign off on business team's model decisions for all tools:

• Works with the business team's Tool/Application Inventory to ensure it: includes all tools (EUDT, Third Party, IT applications), Includes the populated model decision tree, date of first use, version in use, and list of legal entities with permission to use model output, Includes related identifiers which identify the tool elements in other systems (Model Risk Governance (MRG) MRG, GMAS, TPRM, AIW, etc.)


• Reviews and approves all production changes for tools, to ensure tools are evaluated against the model determination decision tree at every material change.


• Ensures model determination is performed at the start of development of any new tool, before the tool goes into first use, and prior to use of any changes to the tool.


• Ensures that any tool designated as a model is validated and approved for use to deployment/use in compliance with MRM Policy.


• Reviews and approves the tiering decisions made by the business teams for new models, ensuring sufficient supporting information / justification are captured and the proposed tier is consistent with the MRM Tiering Framework.

Supports the GCF leadership's Annual Inventory Certification Process:

• Work with business to execute annual Inventory Certification in accordance with operating procedures and provide MRM with evidence to ensure the completeness and accuracy of model inventory and associated model attributes as required by MRM in the MRG system (e.g., model stakeholders, model inventory, organization, materiality, use, proposed tier, validation status, implementation details, model changes, compensating controls, model developer / team, legal entity use, model users, and other attributes relayed in the SVP Dashboard.


• Supports the business through the annual Inventory Certification process, including attesting on an annual basis that appropriate business procedures and controls are in place which satisfy MRM guidelines and that any model newly identified during the Inventory Certification Process has been reported to MRM.

Ensures that all model owners adhere to the proper requirements for development, documentation, and implementation of all models in a manner consistent with the MRM Model Development Requirements and submission requirements. Educate or facilitate the education of model developers/implementers as to the MRM requirements.

Model Use

Ensures that all models are communicated to MRM and validated/approved with conditions by MRM prior to use, that the use of model output is restricted to approved uses, that compensating controls, if required, are correctly applied and maintained, that all uses and users are tracked, and that any new potential uses are documented and communicated to MRM prior to use via the model change request workflow.

Ensures that Model Owners communicate changes in validation status, model use approvals/restrictions and the use of compensating controls to appropriate parties, including Sr. Leadership and Model Users.

Ensures that all model overlays are subject to an internal review process with management signoff to ensure overlay requests follow the MRM Guidelines and that a member of MRM is present at overlay committee approval meetings.

Model Monitoring

Ensures that all model ongoing monitoring submissions are subject to internal review process with management signoff to ensure the model complies with MRM Model Ongoing Monitoring Requirements including review of relevant documentation and execution procedures.

Ensures that overlay usage is pre-approved, remains compliant to terms of the approval, and is documented in the Model Risk Governance (MRG) Platform.

Model Change Management

Responsible for approving all production changes for models, to ensure MRM approval is in place and MRM Inventory is updated to reflect such changes.

Ensures that all changes to models are properly tracked (with version numbers), documentation updated (with version number) and changes communicated to MRM prior to use via the model change request workflow. Ensures that the model tier is re-evaluated annually, and at each material change, to ensure alignment with the MRM Tiering Framework.

Model Review/Validation

Facilitated the model validation process as needed between model developers and validation teams. Follow through as needed to ensure appropriate remediation steps, if identified, are implemented.

Model Retirement

As part of the inventory management, ensures that activity status changes, such as retirements, are relayed to MRM in advance, and that model determination exercise is performed for replacement tools to ensure any replacement tools identified as models are relayed to MRM and validated prior to use.

Model Risk Committee

Act as a delegate/Proxy for the Head of Global Credit Finance or Head of Business Intelligence and Strategy as needed at the State Street Model Risk Committee.

These skills will help you succeed in this role

• Proven record supporting, partnering, and/or interacting with internal business clients in regard to Models and Risk Management.


• Strong leadership with high situational/organizational awareness and excellent interpersonal skills.


• Outstanding work ethic and drive for increasing responsibility.


• Highly organized and with a "roll-up their sleeves to get things done" mindset.


• Excellent problem solving and critical thinking.


• Experience interacting with regulators and participating in regulator examinations.


• Technical skills in data management, model development, quantitative analysis.

• Bachelor's degree, in Finance/Risk Management or associated field.


• 10+ years of proven experience in Risk Management/ Model governance

We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don't necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.

About State Street

What we do. 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 by location, but you may expect generous medical care, insurance and savings plans, among other perks. You'll have access to flexible Work Programs 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 perspectives 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 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 programs 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

Salary Range:
$100,000 - $167,500 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.