State Street US | Global Credit Finance, Model Risk Officer, VP

Responsibilities

• State Street’s lending division, Global Credit Finance (GCF) is looking to hire for the role of 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 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.
• 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.
• The range quoted above applies to the role in the primary location specified.
• 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.
• Model and Tool Inventory
• Serve as a Business Team Owner and provide oversight of GCF’s EUDT inventory
• 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
• Establish and oversee the GCF governance framework for End User Developed Tools (EUDTs) and the responsible use of artificial intelligence within business-owned tools, processes, and solutions.
• Establish and maintain an inventory and oversight process for GCF-sponsored AI use cases and AI-enabled solutions, including generative AI, copilots, prompts, agents, machine learning capabilities, and AI functionality incorporated into business processes or technology solutions.
• Ensure proposed AI use cases are appropriately identified, documented, risk assessed, and submitted through applicable enterprise AI governance and approval processes before implementation or production use.
• Monitor changes in EUDT and AI-related policies, standards, regulatory expectations, and enterprise guidance; assess their impact on GCF; and translate new requirements into sustainable business procedures, controls, training, and management reporting.
• 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.
• Model Development, Documentation, and Implementation
• 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.
• 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.
• 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.

Requirements

• Proven record supporting, partnering, and/or interacting with internal business clients in regard to Models and Risk Management.
• Working knowledge of EUDT governance, artificial intelligence governance, data governance, and technology risk principles
• Strong leadership with high situational/organizational awareness and excellent interpersonal skills.
• Excellent problem solving and critical thinking.
• Experience interacting with regulators and participating in regulator examinations.

State Street US

State Street US is an employer hiring in India (sector: BFSI / Investments / Insurance). In its own words: "For us, success comes in the mark we make as an organization– for the industry, our clients, our communities and each other."

Its finance, accounts, audit and tax openings in India are mostly in Boston, Quincy, Clifton and Kansas City.

• Industry: BFSI / Investments / Insurance