The State Street Global Advisors (SSGA) Model Risk Officer (MRO) is a new role within the first line of defense, reporting to the SSGA Business Risk Management Executive (BRME). The MRO will work to establish and maintain a model oversight framework for SSGA’s first line management of model risk and end user developed tools (EUDTs). This includes development and maintenance of model and EUDT policies and procedures, the SSGA model and EUDT inventory, and governance and oversight of key elements of the overall program.
The SSGA MRO will serve as the primary liaison with the 2nd line, State Street Model Risk Management (MRM) team. The MRO will also partner with representatives from each of the first line business teams within SSGA, including portfolio management, trading, client sales/service, operations, and other business teams to enable efficient management and oversight over the models and EUDTs used within the organization. The MRO is responsible for timely reporting of status and escalation of issues to SSGA and MRM management, as well as firm and legal entity governance.
The SSGA MRO Will
- Establish strong and productive relationships with counterparts and contacts within the second line model risk function, and act as a liaison (as needed) between these teams and SSGA business
- Partner with representatives from each of the first line SSGA business teams to meet model and EUDT related requirements, acting as the main point of contact on model and EUDT related matters
- Ensure actions assigned to SSGA, including those related to model and EUDT issues, remediation, audit, and other requirements are addressed and resolved by providing coordination and/or subject matter support/expertise when needed
- Develop and maintain SSGA policies and procedures for the model and EUDT lifecycle to meet regulatory and corporate requirements
- Establish a process within SSGA to validate the model and EUDT inventory on an annual basis
- Establish governance and reporting around model risk and control framework
- Facilitate proper review and challenge of key model documentation
- Establish and maintain model risk controls in the GA control inventory
- Perform ongoing assurance over model risk controls
- Represent SSGA on Model Risk and EUDT governance and working groups as appropriate
A Successful Candidate Has
- 10+ years of financial services experience with a large financial services firm or advisory/consulting firm with significant risk, compliance, regulatory or related experience working through all stages of the model / EUDT lifecycle
- Solid knowledge of asset management, gained from experience interacting with portfolio managers, model researchers, developers and/or traders
- Well-developed leadership skills with the ability to influence across all levels of the organization
- Independent strategic thinker with strong organizational awareness and ability to facilitate and resolve conflicts; ability to make informed, risk optimized decisions under time pressure
- Ability to work independently and collaboratively with senior portfolio managers, operations, operational risk, trading, and other internal groups to drive results
- Excellent communication and interpersonal skills, with the ability speak with authority and tailor messages to a wide variety of audiences
- Understanding of model and EUDT lifecycle and IT general controls, along with expertise in related key risks and control best practices
- Commensurate technical and program management experience with the end-to-end model and EUDT lifecycle to adequately design, deploy, and maintain an effective program and review/challenge key deliverables
- Proven project management, organization, and analytical skills and attention to detail
- Advanced skills in MS Excel and PowerPoint required; knowledge and skill in Python, R, and/or other standard programming languages preferred
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 Global Advisors
What We Do. As the asset management arm of State Street Corporation, State Street Global Advisors has served the world’s governments, institutions and financial advisors for over four decades. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become one of the world’s largest asset managers with trillions of dollars under our care.
Our Mission. At State Street Global Advisors our mission is to invest responsibly to enable economic prosperity and social progress. We are driven by a desire to help our clients, and those who rely on them, achieve a better future. We have a long history of developing innovative investment strategies to provide our clients with reliable and transparent returns, cost-effectively, and without excessive risk.
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.
Company: State Street Global Advisors
Salary Range
$175,000 - $287,500 Annual
The 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.
Job Application Disclosure
It is unlawful in Massachusetts to require or administer a lie detector test as a condition of employment or continued employment. An employer who violates this law shall be subject to criminal penalties and civil liability.
State Street's Speak Up Line
Job ID: R-759600
