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Vice President of Wholesale Non-CRE Credit Risk Modeling

2 months ago


Dorchester Center, United States State Street Corporation Full time
Wholesale Non-CRE Credit Risk Modeling, Vice President

Location

Overview

We are seeking a seasoned professional with extensive technical and quantitative expertise to take on the role of Vice President in Wholesale Non-CRE Credit Risk Modeling. This position is integral to our Centralized Modeling, Analytics, and Operations Group within the Financial Risk Organization.

Importance of the Role

The team you will be part of is crucial to the overall effectiveness of our organization. Institutional investors globally depend on our insights to manage risk, tackle challenges, and enhance performance. Your contributions will be vital in developing innovative, scalable solutions that foster resilience and optimize daily operations.

Key Responsibilities

As the Vice President of Wholesale Non-CRE Credit Risk Modeling, your responsibilities will include:
  • Leading the wholesale credit risk modeling team to create Probability of Default (PD), Loss Given Default (LGD), and Expected Loss (EL) models, while providing quantitative support for credit risk analytical processes.
  • Enhancing credit risk analytical methodologies to align with evolving business and regulatory demands.
  • Developing models that fulfill the necessary usage requirements.
  • Reviewing and validating key model assumptions in collaboration with model owners.
  • Assessing model outputs with expert opinions to capture forward-looking financial and macroeconomic trends.
  • Implementing internally developed models on the risk analytical library platform.
  • Streamlining existing modeling and analytical processes to improve execution speed in response to business needs.
  • Effectively managing a team of quantitative modelers in a hybrid work environment.
  • Collaborating closely with credit risk officers to ensure the development of robust credit risk models and to clarify model limitations and assumptions.
  • Working with model governance, Corporate Audit, and Financial Regulatory Assurance to maintain a strong governance and control framework for credit risk analytics.
  • Preparing and presenting necessary reports and reviews to model risk management and senior leadership.
Qualifications and Skills

The following skills will contribute to your success in this position:
  • Strong analytical and quantitative skills with a proactive approach to improving existing risk models and methodologies.
  • Proven leadership abilities and the capacity to inspire a diverse workforce.
  • Exceptional organizational skills to manage resources and priorities effectively.
  • Confidence in presenting informed analyses and negotiating when necessary.
  • Excellent communication skills, adaptable to various audiences.
  • Ability to assess team strengths and weaknesses, nurturing talent effectively.
Education & Experience

Preferred qualifications include:
  • A Master's degree, with a preference for a PhD in a quantitative discipline such as statistics, economics, or mathematical finance.
  • 10+ years of experience (or 7+ years for PhD holders) in wholesale credit risk model development within a regulatory financial institution.
  • Hands-on experience in model development with strong programming skills in languages such as Python or R.
  • Direct experience in developing wholesale rating migration models across various sectors.
  • Experience in executing models within an analytical library platform.
  • Comprehensive understanding of best practices in credit model development.
  • Experience working with global regulators in the banking or financial services sectors, with knowledge of regulations such as BASEL, CCAR, CECL, and IFRS9.
  • Strong interpersonal and communication skills at both managerial and regulatory levels.
  • Proven ability to lead a team of quantitative modelers.
Salary Range:
Competitive annual salary.