Head of Model Risk Management, Senior Vice President

Role Summary:State Street is hiring a Senior Vice President, as part of the ERM & Compliance leadership team, who will be accountable for leading the company on managing model risk comprehensively and in line with Board-approved risk appetite.The Head of Model Risk Management role involves development and implementation of a centralized, global, institutional model risk framework. The framework must be consistent with applicable regulatory requirements including SR 11-7 and simultaneously satisfy the commercial model risk objectives of State Street itself. Additionally, the framework must include all relevant elements of the model life cycle including model definition, identification and risk rank, model development, model validation, model implementation, model use, ongoing performance monitoring assessment, model changes and periodic review and revalidation. Successful implementation will include centrally developed and governed first and second line of defense controls applied, enforced, and evidenced for each element of the model life cycle process.  The Head of Model Risk is also responsible for providing company-wide leadership, support, and oversight to enable the effective understanding and management of model risk across the company. This includes operating a governance forum to oversee the effective execution of model risk activities globally.The Head of Model risk will oversee a global group of professionals globally in North America, Europe and Asia with an end state organizational design reflecting the requirements of the model life cycle including model identification, inventory, governance and validation.This role will collaborate globally across business and corporate function teams to develop and implement enhanced processes or frameworks to manage model risk. This role will also work closely with the third lines of defense, global regulatory authorities and report to various senior level governance fora on the effectiveness of firmwide model risk management.Other Key ResponsibilitiesServe 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 estimatesKeep the Board of Directors, Chief Risk Officer and business stakeholders apprised on whether model risk is being appropriately managed across the companyDevelop and manage model risk lifecycle across model development, implementation and utilizationOversee and execute model risk and validation activities across all businesses in order to confirm the company meets regulatory standards and effectively manages model risk, globallyImplement an operating model that distinctively covers Governance, Model Inventory and Validation activitiesDevelop and maintain policies and procedures for the management of model riskIndependently evaluate compliance with policies and other related model risk management program and framework requirements Produce a periodic risk assessment of model risk across the companyPerform initial pre-implementation validations, annual model reviews, targeted scope validations and the required validations of all modelsAdminister policies and processes for model monitoring, evaluating ongoing model performance and related internal controlsProvide consultation for the creation of metrics and setting of thresholdsWork 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 frameworkEngage with regulatory authorities globally and assist with the regulatory examination processes related to areas of subject matter expertiseQualifications:Minimum of 15 years of related experience within the financial services industry including time spent managing in an executive capacityStrong data analysis and model risk management skillsPrior experience with model risk concepts, analytical applications and database tools in financial servicesProven track record of managing an enterprise program  Strong problem solving and critical thinking skillsProven interpersonal and communication skills at both the executive and board levelExcellent judgement/solution orientedRisk focused and service oriented mindsetAbility to interact globally with a variety of internal and external stakeholdersAbility to work in a fast paced, outcomes focused environmentExperience managing a global team of senior professionalsSignificant model development experienceDeep knowledge of model risk management regulatory requirements including SR 11-7Significant model validation experienceAdvanced technical degree (PhD preferred) in mathematics, hard sciences, engineering, economics or financeAre you the right candidate? YesWe truly believe in the power that comes from the diverse backgrounds and experiences our employees bring with them. Although each vacancy details what we are looking for, we don’t necessarily need you to fulfil all of them when applying. If you like change and innovation, seek to see the bigger picture, make data driven decisions and are a good team player, you could be a great fit.About State StreetWhat 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/careersSalary Range: $225,000 - $337,500 AnnualThe 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.SummaryLocation: Boston, MassachusettsType: Full time