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Sr Quantitative Financial Analyst

3 months ago

Charlotte, 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


Minimum Education Requirement: Null

At Bank of America, models are used for a broad range of activities, including but not limited to valuation, risk management, capital and liquidity planning, stress testing, underwriting and other strategic or day-to-day decision-making purposes. Bank of America recognizes the risk and uncertainty associated with the use of its models and the need to effectively manage this risk both at an individual level and in the aggregate.

Enterprise Model Risk Management (MRM) Team provides oversight for model risk across Bank of America's model inventory. The MRM Team independently validates and challenges newly developed and existing models; is responsible for model risk assessments, limits and monitoring; communicates issues identified through validations to relevant businesses and governance and control functions; and escalates model use breaches and remediation plans to relevant governance committees.

Qualified candidate will join MRM Consumer Banking team as a senior quantitative finance analyst to conduct independent testing and review of complex consumer predictive models owned by Retail, Preferred Banking and Small Business.
• For models in Consumer Banking supporting front line unit business strategies and credit risk management, review, critical assessment, and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modelling choices, performance, and implementation.
• Development and execution of effective independent testing plans to critically challenge models through empirical analyses and alternative approaches.
• Review and critical assessment of ongoing model monitoring activities to proactively identify, evaluate, and mitigate emerging model risk themes.
• Writing of technical reports for distribution and presentation to model developers, model stakeholders, senior management, audit, and banking regulators
• Coaching of junior staff members while leading validation projects
• PhD or Master's degree in quantitative fields such as Statistics, Economics, Mathematics, Finance, Engineering, Computer Science, or equivalent.
• Background and experience with complex, loan-level predictive models and familiarity with consumer retail products such as home loans.
• Expertise in cross-sectional and time-series econometrics, analyzing large datasets using mathematical models, and statistical techniques such as Least Squares Regression, Logistics Regression, Hedonic Regressions, etc.
• Experience developing or validating models that rely on artificial intelligence and machine learning techniques.
• Deep understanding and knowledge of model performance measures
• Strong knowledge of financial instruments and financial risk management principles, and familiarity with applicable regulatory guidance on model risk management
• Strong coding ability in Python or R, knowledge of LaTex document preparation and Git Bitbucket is a plus
• Minimum of 5 years of experience with a PhD or 8 years of experience with a Master's degree in financial risk modelling or validation

Shift:
1st shift (United States of America)

Hours Per Week:
40