State Street Risk Director, Vice President in Boston, Massachusetts
Risk Director – VP
Regional Marketing Statement
State Street Corporation (NYSE: STT) is the world's leading provider of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $28 trillion in assets under custody and administration and $2 trillion in assets under management, State Street operates globally in more than 100 geographic markets and employs approximately 30,000 people worldwide. For more information, visit State Street's website at www.statestreet.com.
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With more than 30,000 employees across 29 countries, at State Street, our people are our greatest asset. We recognize that highly skilled, engaged and productive employees are essential to our success. Our company values reflect our commitment to employee engagement, Global Inclusion and corporate social responsibility — to help you build a fulfilling career. Around the world, we aim to be an employer of choice by offering competitive compensation and benefits, personal and professional development opportunities, and a work environment that promotes a diverse array of people, ideas and skills.
We’re a company that insists on, and rewards, performance excellence. We know our success hinges on attracting the best people to join us — people like you.
State Street supports flexible work arrangements where determined feasible, consistent with business and operational needs. Subject to an individualized assessment of these considerations, roles may be identified as potentially suited for a flexible work arrangement. Requests for a flexible work arrangement can be made upon hire. All employees at State Street have the ability to request flexible work arrangements, with the final decision based solely on business discretion and subject to management approval.
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Global Treasury Risk Management (GTRM), a team within State Street’s Enterprise Risk Management (ERM) department, is looking for a risk professional with strong analytical, problem-solving and communication skills. The primary focus for the position will be risk oversight of balance sheet management and related projects that span treasury risk disciplines.
GLOBAL TREASURY RISK MANAGEMENT OVERSIGHT
Banking is a risk-taking business. The goal of ERM is to ensure that State Street’s risks are proactively identified, well-understood, and prudently managed in support of our business strategy. As such, ERM provides risk oversight, support, and coordination to ensure consistent identification, measurement and management of all risks possible in providing products and services to our clients. GTRM acts as the business-aligned risk function focused on these responsibilities for the activities of the Global Treasury (GT) department.
State Street Global Treasury’s mission is sustainable growth in net interest income driven by the monetization of liabilities from custody clients and the overall management of the corporation’s balance sheet, both while managing risk consistent with the company’s risk appetite and regulatory constraints. GT core functions include managing the investment portfolio, the balance sheet, asset-liability risk, liquidity risk, funding and liability pricing, capital structure, and rating agency relationships.
POSITION PRIMARY DUTIES AND RESPONSIBILITIES
The position will have a primary focus on projects related to interest rate risk (IRR) in the banking book from a second line of defense perspective. This includes implementation of an enhanced risk framework covering relevant risks; most importantly earnings-at-risk (NII risk) and economic value of equity risk. The individual will provide an independent assessment of the overall accuracy, effectiveness, and reliability of the IRR management framework. The candidate will participate in special projects and review GT business initiatives to ensure objectives are met within the firm’s overall risk appetite.
The candidate will develop knowledge in interest rate risk management and the Global Treasury business, including deeper knowledge of the investment portfolio, deposit modeling, and regulatory environment. As a member of GTRM’s team focusing on interest rate risk oversight, primary responsibilities are as follows:
- Comprehensive review of IRR management framework to evaluate the appropriateness, accuracy, and effectiveness of the management process
- Analyze material factors that affect IRR exposures, including underlying change drivers of reported risk results
- Conduct regular independent verification of IRR results and attribution analysis to ensure the quality and transparency of reported risk results
- Engage in key IRR framework enhancement projects. Provide insightful opinions to help drive the direction of projects and influence the final outcomes. Provide independent assessment of risk impact due to modeling changes or process improvements
- Develop and establish risk limits, guidelines and policies, as needed; identify potential risks not covered by existing IRR framework
- Review IRR appetite statement, policy, and guidelines on an annual basis. Update these documents to reflect latest board/executive management approved changes
- Support management’s decision making process by providing data-driven, transparent, and comprehensive analyses on IRR/ALM topics
- QRM subject matter expert, providing analytical services and advice to management and peer groups
- Collaborate with GTRM colleagues, GT business partners and other relevant areas of the bank to assess market events and regulatory changes impact on interest rate risk, liquidity risk and mark-to-market risk
- Ensure appropriate reporting and governance exists to communicate relevant risk information to senior management
- Provide feedback and guidance on methodologies, techniques, models and tools to ensure alignment with internal and regulatory guidelines
QUALIFICATION AND SKILLS
- At least 10 years of experience in roles related to asset-liability management with a focus on interest rate risk; exposure to regulatory concerns a plus
- Undergraduate degree in Finance, Economics, Business or quantitative field with a proven affinity to financial services; graduate degree or professional designations such as CFA or FRM are a plus
- Good understanding of financial instruments, in particular of interest rate and foreign exchange products, both cash and derivatives instruments
- Strong verbal and written communication skills, with ability to articulate effectively ideas and analysis to senior management
- Proficiency with asset liability management systems, such as QRM or Bancware
- Proficiency in the use of standard MS Office software: Excel, Access, Word, Power Point
- Hands-on and results oriented, willingness to work in a position with uneven and high priority project work
- Willingness and ability to master concepts quickly
Ability to gain trust and respect of business partners
Posted 5 Days Ago
- Full time