State Street India | Business / Operational Audit - Assistant Vice President

Responsibilities

• We are looking for a Model Risk Audit Manager, Assistant Vice President to manage audit engagements focused on 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 of Enterprise Risk Management, you will execute and manage model audit engagement through all aspects of the audit (i.e., planning, assessments, testing and reporting) and conduct continuous monitoring of thematical model risk trends / opinion.
• You will also play a critical role in the cross training of audit staff and support various departmental initiatives.
• The team you will be joining plays an important role in the overall success of the organization.
• 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.
• 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
• Work, Live and Grow.

Education & preferred qualifications

• 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.
• Willingness to develop both quantitative and business auditing skills (e.g. governance, data, IT) to assess the end-to-end model risk management framework.
• We truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them.
• Experience leading audit projects within the global financial services industry.
• 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.

State Street

State Street Corporation is a US financial services company headquartered in Boston, Massachusetts, with roots that go back to 1792. It is one of the world's largest custody banks and asset servicers: pension funds, mutual funds, insurers and other institutional investors rely on it for custody, fund accounting and fund administration, middle-office and data services, while its investment management arm, known for the SPDR exchange-traded funds, manages money for institutions and individuals.

In India, State Street works mainly through State Street Corporate Services Mumbai Private Limited, with offices in Bengaluru, Hyderabad, Mumbai, Pune, Chennai, Coimbatore, Gurugram, Noida and GIFT City. These teams serve State Street's global clients in fund accounting, NAV calculation, fund administration and financial reporting, reconciliations, transfer agency, regulatory reporting, risk and technology — work that suits B.Com, M.Com, CA, CMA, CFA and MBA (Finance) profiles.

• Industry: Financial services — custody, fund services and investment management
• Headquarters: Boston, Massachusetts, USA
• In India: Offices in Bengaluru, Hyderabad, Mumbai, Pune, Chennai, Coimbatore, Gurugram, Noida and GIFT City (Gandhinagar)