Who we are looking for

We are looking for a Model Risk Audit Manager, Assistant Vice President to manage audit engagements focused on review of models, tools or quantitative analytics used for financial risks, operational risks, financial crimes, as well as AI applications.In this role, under the direction of senior audit management of Enterprise Risk Management, you will execute and manage model audit engagement through all aspects of the audit (i.e., planning, assessments, testing and reporting) and conduct continuous monitoring of thematical model risk trends / opinion. You will also play a critical role in the cross training of audit staff and support various departmental initiatives. This role is based out of Bangalore, India.

This role can be performed in a hybrid model, where you can balance work from home and office to match your needs and role requirements.

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 regulators rely upon us to provide assurance that the bank operates in a manner that is compliant with key banking regulations to properly manage risks to the company and the global financial systems. To make that happen we need teams like yours to help navigate employees and the organization as a whole. In your role, 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 a Model Risk Audit Manager, Assistant Vice President you will:

Lead execution of model risk audits for financial risk management - including credit, market, capital, liquidity, as well as for financial crimes, Treasury, State Street Investment Management and Markets, etc.
Plan and execute audits according to the Corporate Audit's risk-based audit methodology and internal standards, industry practices and regulatory guidance (e.g. SR 11-7 on Model Risk Management, ECB guide to internal models, SR 15-18, etc.)
Review and assess model documentation and implementation details, model validation and ongoing monitoring results to assess the effectiveness of the model risk management control design and execution both on an individual model basis and in aggregate.
Perform continuous monitoring of residual model risks observed from model audit executions and management self-reported findings to identify and summarize thematical model risk trends for audit management
Communicate audit progress, findings, management awareness and recommendations effectively to audit senior management and provide feedback on expected remediation evidence with key stakeholders in the organization
Draft audit report that clearly communicates audit scope and approach, conclusion, including key risks, issues and their root causes, and impact to the firm.
Prepare or review audit workpapers to ensure execution in line with internal standards
Develop and maintain a thorough understanding of the operating environment of the responsible areas, including key business products / services, data and model infrastructure and lineage, key stakeholders roles, and pertinent regulatory requirements.
Establish and maintain healthy relationships with key stakeholders across the three lines of defense and assist management in understanding and implementing / maintaining internal control principles.
Coordinate and facilitate global operation of the model risk audit team to meet team and individual priorities

What we value

These skills will help you succeed in this role

Experience leading audit projects within the global financial services industry.
A high degree of professionalism with proven history of providing effective leadership to diverse teams across the globe.
The ability to manage complexity, effectively prioritize multiple tasks and work independently in a fast-paced environment.
Demonstrated ability to synthesize understanding of business processes into value added insights on model risk control environment.
Proven ability to research, interpret and apply regulatory requirements.
Excellent analytical, problem resolving, communication, interpersonal, organizational and presentation skills.
Advanced project management skills.
Fluency in English - written and spoken.

Education & Preferred Qualifications

Master's degree or above in quantitative finance, statistics, mathematics, or a related quantitative field.
5+ years of experience in a financial institution or a consulting firm, performing model development, model validation, auditing, quantitative research, etc.
Demonstrated experience working with input data, model assumptions, programing code / formulae, and performance testing to assess the model risks and evaluate the design and effectiveness of corresponding controls.
Demonstrated work exposure to financial services and products that State Street offers (e.g. custody, credit facilities, securities finance, derivatives, FX, etc.).
Demonstrated work experience to quantify or determine credit risks, market risk, counterparty risk, liquidity, pricing, artificial intelligence and/or financial crimes risks.
Working knowledge of at least a statistical / computer programing language: e.g. R, Python, etc.
Willingness to develop both quantitative and business auditing skills (e.g. governance, data, IT) to assess the end-to-end model risk management framework.
CFA and/or FRM preferred.

Additional requirements

While majority of the time you will work from your primary location, some domestic and international travel may be required to a variety of locations where State Street operates.

Are you the right candidate Yes!

We 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 Street

What 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/careers

About State Street

Across the globe, institutional investors rely on us to help them manage risk, respond to challenges, and drive performance and profitability. We keep our clients at the heart of everything we do, and smart, engaged employees are essential to our continued success.

We are committed to fostering an environment where every employee feels valued and empowered to reach their full potential. As an essential partner in our shared success, you'll benefit from inclusive development opportunities, flexible work-life support, paid volunteer days, and vibrant employee networks that keep you connected to what matters most. Join us in shaping the future.

As an Equal Opportunity Employer, we consider all qualified applicants for all positions without regard to race, creed, color, religion, national origin, ancestry, ethnicity, age, disability, genetic information, sex, sexual orientation, gender identity or expression, citizenship, marital status, domestic partnership or civil union status, familial status, military and veteran status, and other characteristics protected by applicable law.

Discover more information on jobs at

Read our

Business / Operational Audit - Assistant Vice President