Who we are looking for
Model Validation team at State Street is looking for an enthusiastic junior or mid-level Quant who has passion for quantitative analysis and model risk management
Why this role is important to us
The Model Validation team in Hangzhou, China will cover the models used at State Street to make business and operating decisions—most notably regulatory and economic capital models, as well as insuring the implementation of Model Risk Governance Program guidelines and requirements. These models are in areas including wholesale credit risk (e.g., probability of default, loss given default, exposure measurement, and loan loss reserving); market risk (e.g., daily value at risk pricing models, counterparty credit risk, Asset Liability Management risk, and terms structure models); and operational risk. The position will be located in Hangzhou, China.
What you will be responsible for
As Officer you will
· Work with team members in Hangzhou under the supervision of the model validation lead in China, and support the US team to conduct model validation activities. Responsibilities include ensuring that model risks are correctly identified, assessed, and captured:
o Assessing model theory and model assumptions as well as considering model methods and potential options.
o Testing and confirming model results by using documented procedures for running the model(s).
o Reviewing code documentation for proper model implementation, including the possible simulation of results.
o Working with data validation members and information technology professionals to determine model data integrity.
o Performing model validation processes and performing independent model validation of significant models.
o Assessing the stability and robustness of models by conducting backtesting, sensitivity testing, and stress testing.
o Making recommendations and suggesting improvements related to the applicability of the different models assessed in meeting their objectives.
o Ensure compliance with the regulatory (SR11-7) and State Street quality requirements for model risk.
o Deliver the validation findings via management presentations and regular reports.
o Communicate with onsite validators, model developers and business to relay the issues and feedback and capture the action plans.
o Ensure quality checks and controls including standardization of assessments and dissemination of feedback across team members.
What we value
These skills will help you succeed in this role
· strong critical thinking, problem solving, and decision making skills
Education & Preferred Qualifications
· PhD or Master degree in related disciplines (e.g. Statistics, Econometrics, Mathematics, Physics, Computer Science or Engineering)
· < 3 years of work experience in model development or model validation
· Experience in performing quantitative analysis and building statistical/mathematical models.
· Proficient in one or more programming languages, such as SAS, R, Stata, Matlab, Python, VBA.
· Adequate knowledge of financial markets and products.
· Strong communication skills (verbal and written in English).
· Ability to communicate project plans/status in a clear, precise and timely manner.
· Ability to execute on competing priorities in a timely manner.
· Experience in model development and/or model validation in banking or relevant industry
· Ability to take initiative and meet deadlines