Quantitative Risk Officer and Risk Model Developer

State Street is seeking a Quantitative Risk Officer and Credit Risk Modeler to develop, validate, and implement credit risk models for wholesale portfolios and regulatory use cases. This onsite role in Clifton, New Jersey focuses on governance, reporting, and collaboration across lines of defense to support CCAR, CECL, IFRS9, BASEL, Ratings, and ICAAP initiatives across exposures such as Commercial Real Estate, Corporate, Private Equity Fund, and Private Credit.

Responsibilities

• Develop credit risk models (PD, LGD, EL) to support analytical processes for State Street’s wholesale portfolios, including CRE, Corporate, PE Fund, and Private Credit exposures.
• Build credit portfolio risk models for CCAR, CECL, IFRS9, BASEL, Ratings, ICAAP use cases, as well as economic capital.
• Review and enhance credit risk analytical methodology to align with expanding business and regulatory requirements.
• Review and verify key model assumptions with model owners.
• Assess model outputs with justified opinions by credit risk managers to capture forward-looking market and macro-economic outlooks.
• Implement internally developed models on the risk analytical library platform.
• Streamline modeling and analytics processes to accelerate delivery to the business.
• Collaborate with the three lines of defense, including model governance, Corporate Audit, and Financial Regulatory Assurance to ensure governance and control infrastructure for credit risk analytics.
• Prepare and present required reports and reviews to model risk management, senior management, and global regulators.

Requirements

• MS or PhD in statistics or econometrics or equivalent; preferred research areas include survival analysis/event history analyses or related fields with substantial programming in Python, R, C, C++, or SQL.
• Undergraduate training in mathematics and probability theory (measure theory) and strong knowledge of stochastic calculus is a plus.
• Strong programming skills in Python, R, C, C++, SQL, etc.
• Experience working with model development teams, analytical library development teams, and technology groups.
• Motivation to apply statistical and econometric methodologies to address credit risk modeling challenges in the financial industry.

Technologies

• Python, R, C, C++, SQL

Benefits

• 401K with company match
• Basic life insurance
• Medical insurance
• Dental insurance
• Vision insurance
• Long-term disability
• Paid time off including vacation, sick leave, short term disability, and family care responsibilities
• Employee Assistance Program
• Incentive compensation including eligibility for annual performance-based awards
• Tax-advantaged savings plans

Salary

USD 75,000 - 123,750 per year.

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.

Location

Clifton, New Jersey (onsite)