Senior Quantitative Financial Analyst

1 week ago

Wilmington, Delaware, United States Bank of America Full time

Senior Quantitative Financial Analyst - AML Models

Location: Various locations

Job Overview:

At Bank of America, our mission is to enhance financial well-being through meaningful connections. We are committed to Responsible Growth, which shapes our operations and our commitment to clients, employees, communities, and shareholders alike.

We strive to create an inclusive and diverse workplace, valuing individuals from various backgrounds and experiences. Our investment in our employees and their families is reflected in our competitive benefits, designed to support their overall well-being.

Bank of America recognizes the importance of collaboration while also providing flexibility to our workforce. Our approach to flexibility varies based on the roles within our organization.

Joining Bank of America means embarking on a rewarding career with opportunities for personal and professional growth, as well as the chance to make a significant impact.

Position Summary:

The Senior Quantitative Financial Analyst will play a vital role in the Corporate Audit function, focusing on various models utilized for anti-money laundering (AML) transaction monitoring, economic sanctions, and fraud detection. This position involves evaluating the conceptual integrity, data inputs and outputs, assumptions, limitations, and appropriate application of these models.

The analyst will oversee and execute assigned audit tasks, providing daily coaching and guidance to team members. The role requires executing audit strategies that emphasize risk-based auditing, including defining audit scope, developing audit programs, and establishing testing procedures. Critical thinking and sound judgment are essential for effectively influencing management to enhance the control environment.

Key Responsibilities:

  • Conduct comprehensive audits of various models, with a focus on AML transaction monitoring, economic sanctions, and fraud detection. This includes assessing the accuracy of model inputs, assumptions, methodologies, and outcomes.
  • Evaluate the organization's model risk management framework and the controls associated with model development, validation, implementation, and ongoing monitoring.
  • Collaborate with model users, developers, risk managers, and other stakeholders to gain a thorough understanding of the models under audit and the associated risks.
  • Communicate findings through formal audit templates, reports, and presentations to stakeholders. Work effectively as part of a team with other quantitative analysts.
  • Participate in the planning and execution of internal audit assignments related to models, ensuring adherence to the audit division's methodology.
  • Identify and draft audit observations based on testing results for review and subsequent discussions with key partners.
  • Conduct validation testing of action plans addressing audit issues completed by the business.

Required Qualifications:

  • 5+ years of experience in the development, validation, use, and/or auditing of AML transaction monitoring, economic sanctions, and fraud detection models.
  • 2+ years of experience in AML, Financial Crimes, and/or Fraud.
  • Strong analytical, technical, communication, and auditing skills.
  • Deep understanding of quantitative modeling concepts, financial instruments, and risk assessment methodologies.
  • Bachelor's Degree in Finance, Economics, Mathematics, Statistics, or a related quantitative field.

Preferred Qualifications:

  • Advanced degrees in a relevant field.
  • Certifications such as Certified Anti-Money Laundering Specialist (CAMS), Certified Internal Auditor (CIA), Certified Public Accountant (CPA), Certified Regulatory Compliance Manager (CRCM), or Certified Fraud Examiner (CFE).

Work Schedule:

1st shift (United States of America)

Hours Per Week:

40

Bank of America is an equal opportunity employer. We consider all qualified candidates without regard to race, religion, color, sex, sexual orientation, gender identity, national origin, or any other factor prohibited by law. We are committed to promoting a diverse and inclusive workplace.

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