Sr Quantitative Finance Analyst

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. We do this by driving Responsible Growth and delivering for our clients, teammates, communities and shareholders every day.

Being a Great Place to Work is core to how we drive Responsible Growth. This includes our commitment to being an inclusive workplace, attracting and developing exceptional talent, supporting our teammates' physical, emotional, and financial wellness, recognizing and rewarding performance, and how we make an impact in the communities we serve.

Bank of America is committed to an in-office culture with specific requirements for office-based attendance and which allows for an appropriate level of flexibility for our teammates and businesses based on role-specific considerations.

At Bank of America, you can build a successful career with opportunities to learn, grow, and make an impact. 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.

Team Overview

Global Risk Analytics (GRA) and Enterprise Independent Testing (EIT) are sub-lines of business within Global Risk Management (GRM). Collectively, they are responsible for developing a consistent and coherent set of models, analytical tools, and tests for effective risk and capital measurement, management and reporting across Bank of America. GRA and EIT partner with the Lines of Business and Enterprise functions to ensure the capabilities it builds address both internal and regulatory requirements, and are responsive to the changing nature of portfolios, economic conditions, and emerging risks. In executing its activities, GRA and EIT drive innovation, process improvement and automation. 

Join the Model and Testing Standards Oversight (MTSO) team to drive strategic initiatives that shape the future of model risk management practices and AI governance across Global Risk Analytics. This role centers on developing and overseeing standards, controls, and processes for models throughout the lifecycle. You will work closely with model development teams and Model Risk Management to ensure robust governance, regulatory compliance, and innovation in model and AI driven solutions. 

Responsibilities:

• Development and oversight of model management processes and standards, including model development, performance monitoring, implementation, and usage.

• Perform critical analysis and assess feedback from model development groups on processes, controls, and metrics design/optimization across model lifecycle.

• Assess impact from changes to Enterprise and Regulatory requirements, lead implementation of changes to processes and provide ad-hoc consultancy and resolution of process enquiries.

• Support the development of corresponding workflow infrastructure / technology for model related processes.

• Project manage change initiatives, defining discrete actions, timelines, and tracking to completion.

• Enhancing ongoing monitoring and related risk management capabilities.

• Support model-related regulatory engagements and the compilation of regulatory materials.

• Participate in Quality Control routines across model lifecycle, analyze results and provide feedback, formulate actions and identify process improvements.

• Contribute to enterprise-wide strategic initiatives related to model risk management and AI Governance as needed.

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:

• Master's degree in related field or equivalent work experience

Required Skills and Experience:

• Minimum 4 years' experience in the financial services industry.

• Strong knowledge / experience in model risk management practices / related regulatory requirements.

• Degree in a relevant quantitative discipline.

• Good analytical and quantitative capabilities.

• Highly organized and able to execute multiple priorities.

• Strong oral and written communication skills.

• Ability to develop strong working relationships with teammates as well as senior management.

Shift:

1st shift (United States of America)

Hours Per Week: 

40

Pay Transparency details

US - IL - Chicago - 540 W Madison St - Bank Of America Plaza (IL4540)Pay and benefits informationPay range$125, $210,000.00 annualized salary, offers to be determined based on experience, education and skill set.Discretionary incentive eligibleThis role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.BenefitsThis role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

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