Lead Quantitative Finance Specialist
2 weeks ago
At Bank of America, our mission is to enhance financial well-being through every connection we make. We are committed to Responsible Growth, which reflects our dedication to serving our clients, colleagues, communities, and shareholders consistently.
We strive to create an inclusive and diverse workplace, recognizing the value of varied backgrounds and experiences. Our investment in our employees and their families includes competitive benefits aimed at supporting their overall well-being—physically, emotionally, and financially.
Bank of America promotes collaboration while also providing flexibility tailored to different roles within our organization.
Joining Bank of America offers a fulfilling career with opportunities for personal and professional growth, along with the chance to make a meaningful impact.
Position Responsibilities:
This role involves executing quantitative analysis and sophisticated modeling initiatives for designated business sectors or risk categories. Key duties encompass leading the creation of innovative models, analytic frameworks, or system methodologies, drafting technical documentation for related processes, and collaborating with Technology teams to design systems for executing developed models. Responsibilities may also include influencing strategic initiatives and formulating tactical plans.
The Counterparty Credit Risk Portfolio Management (CCRPM) team is responsible for overseeing counterparty credit risk across the organization at both the top-of-house and legal entity levels, ensuring adherence to regulatory standards for Counterparty Credit Risk (CCR) Management, and addressing regulatory inquiries regarding identified gaps in CCR frameworks. This position will involve managing various limits (Stress Gap, Contingent Market Risk), monitoring secondary risk elements, conducting point of weakness assessments of CCR portfolios, and reporting findings to internal stakeholders and regulators. The role includes evaluating CCR for all business lines within the Markets division, covering all traded instruments (fixed income, currency, commodities, equities).
Key Duties Include:
- Conducting comprehensive market risk stress testing, including scenario design, implementation, results consolidation, internal and external reporting, and analyzing stress scenario outcomes to understand key drivers.
- Leading the strategic planning for quantitative work priorities in alignment with the bank's overarching strategy.
- Identifying opportunities for continuous improvement through reviews of model development or validation tasks, providing critical feedback on technical documentation, and effectively challenging model development/validation processes.
- Maintaining oversight of model development and model risk management in specific focus areas to support business needs and the enterprise's risk appetite.
- Providing methodological, analytical, and technical guidance to effectively challenge and influence the strategic direction and tactical approaches of development/validation projects, identifying potential risk areas.
- Collaborating closely with model stakeholders and senior management regarding communication of submission and validation results.
- Performing statistical analysis on extensive datasets and interpreting results using both qualitative and quantitative methodologies.
- Participating in the construction of CCR portfolio reviews alongside specialized analyses of specific counterparties.
- Presenting findings to senior management, including Market Risk and Enterprise Credit, leveraging expertise in CCR and traded products to highlight areas needing further investigation, monitoring, and discussion.
Required Qualifications:
- Strong understanding of derivative products with extensive knowledge across asset classes (FX, rates, equity, commodities, and credit).
- Familiarity with counterparty risk measurement techniques for derivatives and financing transactions is preferred.
- Proficient computer skills (Office, VBA, Python, Bloomberg, SQL).
- Exceptional written and verbal communication skills.
- Self-motivated individual who thrives in a dynamic environment.
- Degree in finance or economics.
- Previous experience in a risk management role covering Global Markets products is advantageous.
- 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
1st shift (United States of America)
Hours Per Week:
40
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