Senior Quantitative Finance Analyst

7 days ago

Jersey City, New Jersey, United States Bank of America Full time
Job Description:

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We're devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us

Job Description:
This job is responsible for conducting quantitative analytics and complex modeling projects for specific business units or risk types. Key responsibilities include leading the development of new models, analytic processes, or system approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations may include the ability to influence strategic direction, as well as develop tactical plans.

Responsibilities:
  • Performs end-to-end market risk stress testing including scenario design, scenario implementation, results consolidation, internal and external reporting, and analyzes stress scenario results to better understand key drivers
  • Leads the planning related to setting quantitative work priorities in line with the bank's overall strategy and prioritization
  • Identifies continuous improvements through reviews of approval decisions on relevant model development or model validation tasks, critical feedback on technical documentation, and effective challenges on model development/validation
  • Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite
  • Leads and provides methodological, analytical, and technical guidance to effectively challenge and influence the strategic direction and tactical approaches of development/validation projects and identify areas of potential risk
  • Works closely with model stakeholders and senior management with regard to communication of submission and validation outcomes
  • Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches
Skills:
  • Critical Thinking
  • Quantitative Development
  • Risk Analytics
  • Risk Modeling
  • Technical Documentation
  • Adaptability
  • Collaboration
  • Problem Solving
  • Risk Management
  • Test Engineering
  • Data Modeling
  • Data and Trend Analysis
  • Process Performance Measurement
  • Research
  • Written Communications
Bank of America has an opportunity for a Senior Quantitative Finance Analyst within the Alternative Modelling Group & Quantitative Solutions (AMG-QS), a Global Risk Analytics (GRA) team.
Global Risk Analytics (GRA) is a sub-line of business within Global Risk Management (GRM). The GRA team provides quantitative capabilities supporting global risk management and capital management and develops a consistent set of risk and capital models and analytical tools that support decision making across the bank.

As part of GRA - Alternative Modelling Group & Quantitative Services (AMG-QS) builds alternative models, using innovative methods, which challenge and benchmark risk and capital champion models across the enterprise; and has a vision to challenge what is possible across Risk and Capital Modelling.

The role will involve leading the development and enhancement of the next generation of Risk and Capital models to improve the bank's risk management capability. This is a challenging and intellectually stimulating role driving a dynamic team that is used to delivering in a timely manner across the Enterprise.

Overview of the Role:
This highly technical role will report directly to the Head of AMGQS as the Technical Program Delivery lead for the team, with primary responsibility for delivery of the team's strategic program of work. The work crosses multiple lines of business to drive the development of next generation risk and capital models; including champion and challenger, using traditional regression methods and next-generation modelling techniques; and includes a strong regulatory component. Examples of current strategic projects include:
  • Enhancements to Physical Climate Risk modelling supporting forthcoming regulatory stress testing exercises and other regulatory engagements.
  • Credit Risk Modelling project to replace an external vendor model with an innovative internal model for use as part of ICAAP process.
  • Fundamental Review of Trading Book (FRTB) Default Risk Charge (DRC) component, replacing existing IRC/CRM capability applicable to a number of legal entities and under close regulatory scrutiny.
  • Adoption of new target infrastructure, and build out of end-to-end process capabilities, for a growing number of models in AMGQS (Climate Risk, Consumer and Wholesale Challenger, Capital models, etc).
  • The role will also be the coordination function for all regulatory engagements across the team, ensuring we are well prepared and at the right standard. This also includes developing other members of the team to face-off against the regulators, particularly through the annual ICAAP and CCAR processes.
  • Provide insight and thought leadership into the development of new models, analytic processes or systems approaches through leveraging a broad technical background across different modelling types, as well as experience of infrastructure and coding.
  • Promote the adoption of GRA best practices for model development, implementation and governance.
  • This is a leadership role where the right candidate will be able to influence a broad cross section of stakeholders inside and outside the organization.
Minimum Education Requirement: Masters' Degree, PhD preferred

Required Qualifications:
  • Highly numerical degree (Masters required and PhD level desirable) in Statistics, Financial Mathematics, Applied Mathematics, Economics, Physics or Engineering
  • Knowledge of regulatory frameworks including CCAR, DFAST, CECL, DFAST, ICAAP
  • 7+ years of relevant work experience or equivalent educational training
  • Technical skills: Statistics, Probability Theory, Econometrics, Financial Mathematics
  • Ability to develop quantitative models and handle large data sets
  • Proven leadership abilities, working across organizational lines
  • Strong programming skills; SQL, Python, Latex
  • Strong technical writing and clear verbal communication skills
  • Experience of, and ability to work under pressure and deliver to tight deadlines
  • Ability to work independently, multitask and prioritize multiple projects
  • Curiosity and willingness to develop and work on new ways of modelling
  • Capable of providing leadership to junior quantitative analysts
Desired Qualifications:
  • Experience in the areas of credit risk modelling, market risk modelling.
  • Strong stakeholder engagement skills with an ability to work with colleagues in other functions (business, risk and model validation).
  • Organized, practical and execution focused with project management experience
  • Self-motivated and intellectually curious about both the role, supporting technologies and the wider bank.
Shift:
1st shift (United States of America)

Hours Per Week:
40

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