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Wholesale Non-CRE Credit Risk Modeling Lead, Vice President

3 months ago

Boston, Massachusetts, United States State Street Full time

Wholesale Non-CRE Credit Risk Modeling Lead, Vice President

Boston/New Jersey/Stamford

Who we are looking for

An experienced, senior level professional with a strong technical and quantitative aptitude to act as Vice President and Wholesale Non-CRE Credit Risk Modeling based in Boston, New Jersey, Stamford. This role will report to the Head of Credit Risk Modeling & Analytics as part of the Centralized Modeling, Analytics, and Operations Group, within Enterprise Risk Management's Financial Risk Organization.

Why this role is important to us

The team you will be joining plays an important role in the overall success of the organization. Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. To make that happen we need teams like yours to help navigate employees and the organization as a whole. In your role you will strive for cutting-edge solutions, that are straightforward and scalable. You will help us build resilience and execute day to day deliverables at our best. Join us if making your mark in the financial services industry from day one is a challenge you are up for.

What you will be responsible for

As Wholesale Non-CRE Credit Risk Modeling you will:

  • Lead wholesale credit risk modeling team (non-CRE) to develop PD/LGD/EL models and to provide quantitative support to credit risk analytical processes including CCAR, CECL/IFRS9, BASEL.
  • Review and enhance credit risk analytical methodology including modeling choices in line with expanding business and regulatory requirements
  • Develop models to meet the model use requirements
  • Review and verify key model assumptions with model owners
  • Review model outputs with properly justified opinions and judgments by experts from credit risk managers to capture forward-looking financial market and macro-economic outlooks
  • Implement internally developed models on risk analytical library platform
  • Streamline the existing modeling and analytical process; increasing the pace of execution to meet the needs of the business
  • Effectively manage a team of quantitative modelers in a hybrid environment to deliver results
  • Work in close partnership with credit risk officers to ensure that robust and economic meaning credit risk model can be developed and model limitation and assumptions can be properly identified and clarified to justify the model overlays.
  • Work in close partnership with the three lines of defense functions, such as model governance, Corporate Audit and Financial Regulatory Assurance to ensure appropriate governance and control infrastructure for credit risk analytics
  • Prepare and present required reports/reviews to model risk management, senior management and global regulators

What we value

These skills will help you succeed in this role:

  • Strong analytical and quantitative mindset; ability to take ownership and improve on existing risk models and methodologies
  • Energetic/motivator: an enthusiastic individual with proven leadership skills and an ability to motivate a diverse, multi-level workforce and instill a sense of urgency on a range of evolving goals and objectives
  • Organizational strengths: an ability to organize resources, processes and priorities to ensure business needs are met in a coordinated, responsive and timely manner, with minimal direction
  • Confidence: a self-assured, experienced and knowledgeable individual able to quickly garner support for his/her views based on informed, well-presented direction or analysis, with a willingness to negotiate, and concede, when needed
  • Communicator: clear, confident, self-assured communication style, coupled with an ability to react and adapt to various audiences and environments without diluting effectiveness
  • Talent manager: an ability to quickly assess strengths and weaknesses of team members at all levels, and ability to identify developing talent and nurture accordingly, and an ability to deliver clear, honest

Education & Preferred Qualifications

  • MS but prefer PhD in a quantitative field such as statistics, economics, mathematic finance or equivalent
    • 10+ years (for MS) or 7+ years (for PhD) of experience in wholesale credit risk model development in a regulatory financial institution
    • Hands-on modeling development experience with strong programing skills such as Python, R, etc.
    • Must have direct working experience in developing wholesale rating migration models covering sectors such as corporate, financial institution, fund, leverage loans, municipality, insurance, sovereign, etc.
    • Experiences in developing and executing models in analytical library platform
    • Demonstrated proficient understanding of industrial best practices of credit model development
    • Demonstrated experience working with Global Regulators in the banking or financial services sectors; proficient understanding of various regulations such as BASE/CCAR/CECL/IFRS9. Experience working on ICAAP and climate risk model is a plus.
    • Proven interpersonal and communication skills at both the manager level and regulator level
    • Proven ability to manage a team of junior and senior quantitative modelers and professionals

Salary Range:

$ $ Annual

The range quoted above applies to the role in the primary location specified. If the candidate would ultimately work outside of the primary location above, the applicable range could differ.