Model Development Quantitative Analyst, Team Lead, Assistant Vice President

Organizational Overview

State Street Corporation is a leading global financial services provider headquartered in Boston, Massachusetts. It offers a broad range of services, including investment servicing, investment management, and data and analytics solutions, catering to institutional investors worldwide. State Stress is renowned for its expertise in managing complex financial operations, supporting clients such as asset managers, insurance companies, and pension funds. The company is committed to innovation, leveraging advanced technology to deliver cutting-edge solutions in risk management, compliance and efficiency.

State Street’s Centralized Modeling, Analytics and Operations (CMAO) provides quantitative modeling and analytical development expertise to service Financial Risk and Global Treasury. We operate our Analytic Library, a modern model development platform, to develop and execute models. We also support and operate several third party platforms for business processes. We provide macroeconomic scenarios to various forecasting including CECL, CCAR and Quarterly Stress Testing. We provide reporting, data governance and system change management for Financial Risk as well as 2nd line data risk management for Enterprise Risk Management (ERM).

Who we are looking for

This is a quant leadership position in State Street’s CMAO team within ERM. Candidates need to have a strong understanding of quantitative finance and statistics, accompanied by good coding skills in R, Python and/or other programming languages. 

The successful candidate will be responsible for managing a team of five other quants as well as directly contributing to the development and refinement of financial and non-financial risk models; including coding models , preparing model documentation, and liaising with business and model validation.

What you will be responsible for

As a Model Development Quantitative Analyst working for CMAO you will be responsible for various model development activities such as:

• Assisting in development, enhancement and maintenance of various risk models (Credit Risk, Business Risk, Climate Risk etc.)
• Providing guidance, mentorship, and performance feedback to a team of analysts in the model development team
• Suggesting and investigating available modelling approaches for given model uses, e.g., stress testing, capital adequacy assessments
• Assessing model theory and modelling assumptions as well as considering alternative modelling approaches
• Creating and/or enhancing model development code
• Preparation of technical documentation and the implementation plan
• Visualizing and articulating complex analyses to non-expert audiences, committees and senior management
• Collaborating with the model validation team to ensure compliance and accuracy

What we value

These skills will help you succeed in this role:

• Strong knowledge of quantitative finance and statistics
• Knowledge of ICAAP, Credit Risk, Business Risk and/or Climate Risk models would be an asset
• Good grasp of data analysis and data management
• Good coding skills with experience in either R, Python, Matlab,  SAS and/or SQL
• Ability to gain trust and respect of business partners
• Good communication skills
• Very good knowledge of English
• Ability to execute on competing priorities in a timely manner

Education & Preferred Qualifications

• At least 7 years of experience in roles related to quantitative finance or quantitative research (model validation, model development, model audit, ALM etc.), ideally with people management experience
• PhD in related disciplines or Master’s degree with extensive business knowledge and strong technical skills (e.g. Statistics, Econometrics, Financial Mathematics, Computer Science or Engineering);
• CFA, FRM or PRM designation a plus

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

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