Quantitative Risk AnalystState Street Investment Management (State Street IM) Model Risk Management (MRM) function is seeking a Quantitative Risk Analyst to join its State Street IM Model Validation team based in Boston, MA. The Quantitative Risk Analyst will conduct model validation to ensure model risks are correctly identified, assessed, and managed across the global asset management business. Diverse product knowledge including index products, ETFs, responsible investing as well as experience in the general risk areas covering credit, liquidity, market and operational risk, securities finance, asset management, and stress testing is important.Specific tasks performed during model reviews include:Review the model workflow and identify gaps in model methodology, development, implementation, and usage process and documentationChallenge the model methodology by testing its assumptions and parameters; independently evaluate model performance and perform benchmarking; suggest areas for improvementCollaborate with portfolio managers, traders, researchers, model developers, IT, and Corporate Model Risk Management to conduct independent validation as well as annual reviews of models supporting State Street IM business and company-wide strategic initiativesReview and assess model changes and conduct targeted validation on significant model changesEvaluate remediation submissions and ongoing monitoring of modelsIdentify, assess, and report model risks on individual model and aggregate level to management through validation reports and other MRM reportingJob Qualifications:MS or PhD in Finance, Economics, Financial Engineering, Statistics, Math, or related fieldExcellent quantitative modeling, analytical, research, and programming skills (e.g., R, Python, MATLAB, SQL)Deep knowledge of economic theory and empirical finance across a broad range of products and asset classesStrong understanding of the asset management business and its modeling philosophy, including factor modelsProven ability to leverage LLMs/GenAI or their applications in day-to-day work and model review activitiesSolid understanding of Model Risk Management Framework including SR 11-7 and other regulatory guidance related to the model risk managementStrong written and verbal communication skillsStrong project management skills exemplified by the ability to work independently on multiple projects and meet deadlinesSalary Range:$90,000 - $157,500 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.Employees are eligible to participate in State Street's comprehensive benefits program, which includes: our retirement savings plan (401K) with company match; insurance coverage including basic life, medical, dental, vision, long-term disability, and other optional additional coverages; paid-time off including vacation, sick leave, short term disability, and family care responsibilities; access to our Employee Assistance Program; incentive compensation including eligibility for annual performance-based awards (excluding certain sales roles subject to sales incentive plans); and, eligibility for certain tax advantaged savings plans.