Senior Quantitative Finance Specialist

2 weeks ago


Jersey City, New Jersey, United States Bank of America Full time
Position Overview:


At Bank of America, our mission is to enhance financial well-being through meaningful connections.

We prioritize Responsible Growth, ensuring that we deliver value to our clients, colleagues, communities, and shareholders consistently.

Creating a supportive workplace is essential to our success, and we are committed to fostering diversity and inclusion across our global teams.

We seek individuals with varied backgrounds and experiences, investing in our employees and their families by providing competitive benefits that promote overall well-being.

Bank of America champions collaboration while offering flexible work arrangements tailored to the diverse roles within our organization.

Working with us provides an excellent opportunity for career advancement, learning, and making a significant impact.


Key Responsibilities:


Enterprise Model Risk Management is looking for a Senior Quantitative Finance Analyst to perform independent evaluations and testing of various models utilizing advanced statistical methodologies, alongside artificial intelligence (AI) and machine learning (ML) techniques, specifically for models related to Operational Risk and Global Operations.

The portfolio encompasses models crucial for business operations, attracting ongoing attention from senior management and regulatory bodies.

The Senior Quantitative Finance Analyst role is crafted to deliver both strategic insight and practical expertise in methodologies, techniques, and adherence to model risk management standards.


Core Duties Include:

1. Conducting model review activities, which encompass independent model validation, annual assessments, ongoing monitoring, and peer evaluations.

2. Engaging in governance tasks such as model identification, approval processes, and breach remediation to effectively manage model risk.

3. Offering methodological, analytical, and technical guidance to influence the strategic direction and operational approaches of various projects.

4. Collaborating directly with relevant modeling teams and their respective Front Line Units; as necessary, liaising with internal audit and external regulatory bodies.

5. Drafting technical reports for distribution and presentation to model developers, senior management, and regulatory authorities.

6. Serving as a leader and Subject Matter Expert (SME) to support management decision-making and mentor junior team members.


Minimum Education Requirement:
Master’s degree in a relevant field.

Required Qualifications & Skills:
PhD or Master’s in a quantitative discipline such as Mathematics, Physics, Finance, Engineering, Computer Science, or Statistics.

8+ years of cumulative experience in quantitative research, model development, and/or validation, including a minimum of 3 years focused on Operational Risk Stress Testing (CCAR) and capital models.

Strong foundation in financial, mathematical, and statistical theories, along with a comprehensive understanding of the modeling process, performance metrics, and model risk governance.

Familiarity with the additional risks associated with AI/ML models is advantageous.
Proficiency in at least one high-level programming language, such as Python or R.
Domain expertise in banking operations, stress testing, and operational management technologies is beneficial.
Excellent written and verbal communication skills, with the ability to collaborate effectively across diverse groups, including those with non-technical backgrounds.
Strong critical thinking skills and the capacity to independently identify, suggest, and resolve issues.
Essential 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

Shift: 1st shift (United States of America)

Hours Per Week: 40

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