Business / Operational Audit - Assistant Vice President
State Street · Posted Oct 9
Investment servicing, custody, asset management, and trading solutions for institutional investors
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About the role
State Street is one of the largest custodian banks, asset managers and asset intelligence companies, and the Corporate Audit team provides assurance that the bank operates in compliance with key banking regulations to properly manage risks. The Model Risk Audit team reviews models, tools and quantitative analytics used for financial risks, operational risks, financial crimes and AI applications, and conducts continuous monitoring of thematic model risk trends. This Assistant Vice President role executes and manages model risk audit engagements through planning, assessments, testing and reporting, and supports cross-training of audit staff and departmental initiatives, based in Bangalore on a hybrid model.
What you will do
- Lead execution of model risk audits for financial risk management – including credit, market, capital, liquidity, as well as for financial crimes, Treasury, State Street Investment Management and Markets, etc.
- Plan and execute 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 to internal models, SR 15-18, etc.)
- Review and assess model documentation and implementation details, model validation and ongoing monitoring results to assess the effectiveness of the model risk management control design and execution both on an individual model basis and in aggregate.
- Perform continuous monitoring of residual model risks observed from model audit executions and management self-reported findings to identify and summarize thematical model risk trends for audit management
- 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
- Draft audit report that clearly communicates audit scope and approach, conclusion, including key risks, issues and their root causes, and impact to the firm.
- Prepare or review audit workpapers to ensure execution in line with internal standards
- 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 pertinent regulatory requirements.
- 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.
- Coordinate and facilitate global operation of the model risk audit team to meet team and individual priorities
Skills used in this role
What the employer is looking for
- Experience leading 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 insights on model risk control environment.
- Proven ability to research, interpret and apply regulatory requirements.
- Excellent analytical, problem resolving, communication, interpersonal, organizational and presentation skills.
- Advanced project management skills.
- Fluency in English - written and spoken.
- Master’s degree or above in quantitative finance, statistics, mathematics, or a related quantitative field.
- 5+ years of experience in a financial institution or a consulting firm, performing model development, model validation, auditing, quantitative research, etc.
- Demonstrated experience working with input data, model assumptions, programing code / formulae, and performance testing to assess the model 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, credit facilities, securities finance, derivatives, FX, etc.).
- Demonstrated work experience to quantify or determine credit risks, market risk, counterparty risk, liquidity, pricing, artificial intelligence and/or financial crimes risks.
- Working knowledge of at least a statistical / computer programing language: e.g. R, Python, etc.
- Willingness to develop both quantitative and business auditing skills (e.g. governance, data, IT) to assess the end-to-end model risk management framework.
Preferred qualifications
- CFA and/or FRM preferred.
Benefits and support
- Generous medical care, insurance and savings plans
- Flexible Work Programs
- Development programs and educational support
- Paid volunteer days
- Matching gift programs
- Access to employee networks
About State Street
State Street Corporation is a leading global financial services holding company providing institutional investors with investment servicing, investment management, and investment research and trading. Operating in more than 100 geographic markets worldwide, the company manages and administers trillions of dollars in assets through its core divisions like State Street Global Advisors and State Street Alpha. Headquartered in Boston, Massachusetts, it traces its origins back to 1792.
- Industry
- Financial Services
- Company size
- 51000+ employees
- Founded
- 1792-06-25
- Location
- Boston, Massachusetts, USA
- Funding stage
- Public Company
Leadership
Chairman and Chief Executive Officer
John Woods
Chief Financial Officer
Mostapha Tahiri
President of State Street Alpha & Chairman of Asia Pacific
Ann Fogarty
Enterprise Chief Operating Officer
President and Chief Executive Officer of State Street Investment Management
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