Model Risk Senior Audit Manager, Vice President

Job description

****Who We Are Looking For**** We are looking for a Model Risk Senior Audit Manager, Vice President to join our model risk audit team, to oversee audit engagements focusing on the review of models, tools or quantitative analytics used for financial risks, operational risks, financial crimes, as well as AI applications. In this role, under the direction of senior audit management for Enterprise Risk Management, you will perform model universe risk assessment, draft multi-year audit plan, oversee or lead audit project execution (i.e., planning, assessments, testing and reporting) and continuous monitoring. You will also play a critical role in the ongoing development of audit staff, resource scheduling and support various departmental initiatives. This role is based out of Bangalore in India. **Why this role is important to us** The team you will be joining plays an important role in the overall success of the organization. Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability; regulators rely upon us to provide assurance that the bank operates in a manner that is compliant with key banking regulations to properly manage risks to the company and the global financial systems. To make that happen we need teams like yours to help navigate employees and the organization as a whole. In your role, you will help us build resilience and execute day to day deliverables at our best. Join us if making your mark in the financial services industry from day one is a challenge you are up for. ****What You Will Be Responsible For**** As a Model Risk Senior Audit Manager, Vice President you will: - Oversee execution and delivery of quantitative model review for measuring credit risk, market risk, counterparty credit risk, pricing, liquidity, stress testing, throughout audit planning, assessment and reporting phases. - Plan and oversee audits according to the Corporate Audit’s risk-based audit methodology and internal standards, industry practices and regulatory guidance (e.g. SR 11-7 on Model Risk Management, ECB guide / BaFin requirement on internal models) - Execute model risk audit strategy including assessing model inventory and model classes across the firm, developing risk-based audit plans, and performing continuous monitoring of latest internal model risk management practices and industry trends. - Review audit workpapers and issues to ensure audit procedures and conclusion on model technical details are sufficient and in line with internal standards and/or regulatory expectations. - Manage and update model team staff schedules to meet audit plan demand including proper skillsets and experience level. - Proactive development of team members, enabling the achievement of goals and objectives. - Collaborate with audit teams in Enterprise Risk Management, Compliance, Global Treasury, etc., to provide model risk expertise support for various business domain and risk stripes, including model governance, validation, and/or specific technical topics. - Communicate audit progress, findings, management awareness and recommendations effectively to audit senior management and provide feedback on expected remediation evidence with key stakeholders in the organization - Develop and maintain a thorough understanding of the operating environment of the responsible areas, including key business products / services, data and model infrastructure and lineage, key stakeholders roles, and regulatory environment. - Establish and maintain healthy relationships with key stakeholders across the three lines of defense and assist management in understanding and implementing / maintaining internal control principles. ****What We Value**** These skills will help you succeed in this role - Experience leading and supervising audit projects, within the global financial services industry. - A high degree of professionalism with proven history of providing effective leadership to diverse teams across the globe. - The ability to manage complexity, effectively prioritize multiple tasks and work independently in a fast-paced environment. - Demonstrated ability to synthesize understanding of business processes into value added feedback on model risk and control environment. - Proven ability to research, interpret and apply regulatory requirements. - Excellent analytical, problem resolving, interpersonal, and organizational skills. - Strong written and verbal communication, presentation, and technical writing skills. - Advanced project management skills. - Fluency in English - written and spoken. ****Education & Preferred Qualifications**** - Master’s degree or above in quantitative finance, financial engineering, economics, statistics, mathematics or a related quantitative field. - 10+ years of experience in a financial institution, research agency or consulting firm, engaged in model development, model validation, auditing, quantitative research. - Demonstrated experience in review of model input data, key assumptions, code, and model performance testing to assess the key model development risks and evaluate the design and effectiveness of corresponding controls. - Demonstrated work exposure to financial services and products that State Street offers (e.g. custody, securities finance, derivatives, FX, etc.). - Demonstrated work experience to quantify or determine credit risks, market risk, counterparty risk, liquidity, pricing and/or financial crimes risks. - Working knowledge of at least one development language: e.g. R, Python and/or Matlab. - CFA and/or FRM preferred. ****Additional Requirements**** While majority of the time you will work from your primary location, some domestic and international travel may be required to a variety of locations where State Street operates. Are you the right candidate? Yes! We truly believe in the power that comes from the diverse backgrounds and experiences our e