Enterprise Risk Management - Summer Internship 2025 at State Street in Boston, Massachusetts

Job Description:

Enterprise Risk Management Financial Risk team is currently looking for Summer Interns to support several varied project areas where the candidate will be involved, enabling the candidate to see a very broad range of areas and activities within the bank. The Financial Risk team has 5 open positions in groups noted below:

Centralized Modeling, Analytics and Operations - Global Markets Modeling:

• Support the CMAO team in providing modeling and analytics solutions to assess counterparty credit risk and market risk


• Support credit VaR model development and testing for the State Street Global Markets Security Finance portfolio


• Support the CMAO Team with reporting (daily, weekly, monthly, ad hoc) and general BAU functions

• Participant in model and algorithm design, development, and implementation using advanced numerical and computational techniques.


• Develop methodologies, algorithms and diagnostic tools for testing model stability and performance.


• Support IT integration, QA/UAT and deployment of risk library, operationalizing and productizing resulting models and solutions


• Engage business risk managers, clients and other partners to present the model, technology platform and tools.

• Assist in running the credit risk models/methodologies (e.g., PD/LGD/EAD) used in critical risk management processes such as CECL/BASEL/Quarterly Stress Testing.


• Perform model output analysis by working with sector credit risk experts and economists to ensure results align logically with the given economic scenarios and portfolio characteristics.


• Conduct sensitivity analysis to evaluate the impact on credit risk metric or model output to variations in key inputs; draw meaningful conclusions on the robustness of credit risk tools in relation to intended usage scenarios.


• Conduct attribution analysis to identify and quantify the impact of factors (e.g., scenarios, portfolio composition, model overlays) on observed or forecasted outcomes.

• Support the GTRM Team with reporting (daily, weekly, monthly, ad hoc) and general BAU functions


• Analyze material factors that affect interest rate risk (IRR) exposures, including underlying drivers of risk change


• Support and enhance the assessment, monitoring and reporting of interest rate risks


• Engage in key IRR framework enhancement projects. Provide insightful opinions to help drive the direction of projects and influence the final outcomes


• Perform and document analyses and processes for the enhancement of the team's overall framework


• Support management's decision making process by providing data-driven, transparent, and comprehensive analyses on IRR topics.

• Support the Market Risk Team with reporting (daily, weekly, monthly, ad hoc) and general BAU functions


• Provide risk oversight & escalation for global FX trading business, including daily monitoring of market risk measures, trading activity and counterparty credit exposures.


• Develop framework for FX risk guidelines, limit structures, and other governance items.


• Real-time engagement with FX trading desk and senior management (CRO) to monitor current trading, hedging strategies and recognize market developments.


• Actively identify, evaluate, measure, communicate, enhance and enforce risk.

• Education: Undergraduate in economics/mathematics/statistics/engineering


• Technical: Strong programming skill: Python/R/SQL/Power BI


• Soft skills: Attention to detail, organized, proactive, not afraid to escalate issues/ask questions


• Organizational: Good communication skills and the ability to follow a structured approach to work

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.

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