Head of Model Risk Management, Senior Vice President (onsite)
State Street
- Boston, MA
- Permanent
- Full-time
- Serve as a subject matter expert on developing and implementing an enterprise program and framework on quantitative methods, systems or approaches that applies statistical, economic, financial or mathematical theories, techniques and assumptions to process input data into quantitative estimates
- Keep the Board of Directors, Chief Risk Officer and business stakeholders apprised on whether model risk is being appropriately managed across the company
- Develop and manage model risk lifecycle across model development, implementation and utilization
- Oversee and execute model risk and validation activities across all businesses in order to confirm the company meets regulatory standards and effectively manages model risk, globally
- Implement an operating model that distinctively covers Governance, Model Inventory and Validation activities
- Develop and maintain policies and procedures for the management of model risk
- Independently evaluate compliance with policies and other related model risk management program and framework requirements
- Produce a periodic risk assessment of model risk across the company
- Perform initial pre-implementation validations, annual model reviews, targeted scope validations and the required validations of all models
- Administer policies and processes for model monitoring, evaluating ongoing model performance and related internal controls
- Provide consultation for the creation of metrics and setting of thresholds
- Work collaboratively with Corporate functions and Business aligned risk teams to evaluate the operational impact and readiness to successfully scale and implement an enterprise-wide program and framework
- Engage with regulatory authorities globally and assist with the regulatory examination processes related to areas of subject matter expertise
- Minimum of 15 years of related experience within the financial services industry including time spent managing in an executive capacity
- Strong data analysis and model risk management skills
- Prior experience with model risk concepts, analytical applications and database tools in financial services
- Proven track record of managing an enterprise program
- Strong problem solving and critical thinking skills
- Proven interpersonal and communication skills at both the executive and board level
- Excellent judgement/solution oriented
- Risk focused and service oriented mindset
- Ability to interact globally with a variety of internal and external stakeholders
- Ability to work in a fast paced, outcomes focused environment
- Experience managing a global team of senior professionals
- Significant model development experience
- Deep knowledge of model risk management regulatory requirements including SR 11-7
- Significant model validation experience
- Advanced technical degree (PhD preferred) in mathematics, hard sciences, engineering, economics or finance