Jersey City, New Jersey

Job Description:

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. The 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.

Enterprise Model Risk Management seeks a senior quantitative finance analyst to conduct independent testing and review of complex consumer credit risk models with multiple uses, including CCAR credit loss forecasting, CECL allowance, and Basel regulatory capital. These are high profile modeling areas in the bank, with continual senior management and regulatory focus.

The qualified candidate will be responsible for a broad range of model validation activities, including:
  • Review, critical assessment and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation and documentation Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation
  • Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.
  • Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.
  • Communicating and working directly with relevant modeling teams and their corresponding Front Line Units; and if needed, communicating and interacting with the third line of defense (e.g. internal audit) as well as external regulators
  • Writing technical reports for distribution and presentation to model developers, senior management, audit and banking regulators
  • Acts as a senior leader and SME to help management's decision making and guide junior team members

Key requirements:
  • Strong and diversified quantitative skills, possess an advanced degree in quantitative fields such as math, statistics, quantitative finance etc
  • Advanced knowledge of asset valuation/derivative pricing, and interest rate modeling.
  • Strong analytical & problem-solving skills
  • Working knowledge statistical modelling of financial data
  • Working knowledge of optimization techniques, regression techniques and Monte Carlo simulation
  • Experience in mortgages and/or securitization products is a plus
  • Ability to understand and communicate clearly and effectively at all levels
  • Ability to learn and adapt in an unexplored field, if necessary
  • Team player attitude

Required Skills:
  • Masters/Ph.D.-level degree in Quantitative Finance or in Statistics
  • Strong programming skills in python, R/SAS
  • Technical curiosity and interest in learning new skills
  • Minimum of 5 years of experience in financial risk modeling or validation


Job Band:
H4

Shift:
1st shift (United States of America)

Hours Per Week:
40

Weekly Schedule:

Referral Bonus Amount:
0
--> Job Description:

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. The 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.

Enterprise Model Risk Management seeks a senior quantitative finance analyst to conduct independent testing and review of complex consumer credit risk models with multiple uses, including CCAR credit loss forecasting, CECL allowance, and Basel regulatory capital. These are high profile modeling areas in the bank, with continual senior management and regulatory focus.

The qualified candidate will be responsible for a broad range of model validation activities, including:
  • Review, critical assessment and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation and documentation Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation
  • Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.
  • Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.
  • Communicating and working directly with relevant modeling teams and their corresponding Front Line Units; and if needed, communicating and interacting with the third line of defense (e.g. internal audit) as well as external regulators
  • Writing technical reports for distribution and presentation to model developers, senior management, audit and banking regulators
  • Acts as a senior leader and SME to help management's decision making and guide junior team members

Key requirements:
  • Strong and diversified quantitative skills, possess an advanced degree in quantitative fields such as math, statistics, quantitative finance etc
  • Advanced knowledge of asset valuation/derivative pricing, and interest rate modeling.
  • Strong analytical & problem-solving skills
  • Working knowledge statistical modelling of financial data
  • Working knowledge of optimization techniques, regression techniques and Monte Carlo simulation
  • Experience in mortgages and/or securitization products is a plus
  • Ability to understand and communicate clearly and effectively at all levels
  • Ability to learn and adapt in an unexplored field, if necessary
  • Team player attitude

Required Skills:
  • Masters/Ph.D.-level degree in Quantitative Finance or in Statistics
  • Strong programming skills in python, R/SAS
  • Technical curiosity and interest in learning new skills
  • Minimum of 5 years of experience in financial risk modeling or validation


Job Band:
H4

Shift:
1st shift (United States of America)

Hours Per Week:
40

Weekly Schedule:

Referral Bonus Amount:
0
Job Description:

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. The 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.

Enterprise Model Risk Management seeks a senior quantitative finance analyst to conduct independent testing and review of complex consumer credit risk models with multiple uses, including CCAR credit loss forecasting, CECL allowance, and Basel regulatory capital. These are high profile modeling areas in the bank, with continual senior management and regulatory focus.

The qualified candidate will be responsible for a broad range of model validation activities, including:
  • Review, critical assessment and challenge of models on conceptual soundness, assumptions and limitations, data, developmental evidence in support of modeling choices, performance, implementation and documentation Development and implementation of effective testing plans and testing code to critically challenge models through empirical analyses and to verify model implementation
  • Performing model review activities including but not limited to independent model validation/challenge, annual model review, ongoing monitoring report review, required action item review, and peer review.
  • Conducting governance activities such as model identification, model approval and breach remediation reviews to manage model risk.
  • Communicating and working directly with relevant modeling teams and their corresponding Front Line Units; and if needed, communicating and interacting with the third line of defense (e.g. internal audit) as well as external regulators
  • Writing technical reports for distribution and presentation to model developers, senior management, audit and banking regulators
  • Acts as a senior leader and SME to help management's decision making and guide junior team members

Key requirements:
  • Strong and diversified quantitative skills, possess an advanced degree in quantitative fields such as math, statistics, quantitative finance etc
  • Advanced knowledge of asset valuation/derivative pricing, and interest rate modeling.
  • Strong analytical & problem-solving skills
  • Working knowledge statistical modelling of financial data
  • Working knowledge of optimization techniques, regression techniques and Monte Carlo simulation
  • Experience in mortgages and/or securitization products is a plus
  • Ability to understand and communicate clearly and effectively at all levels
  • Ability to learn and adapt in an unexplored field, if necessary
  • Team player attitude

Required Skills:
  • Masters/Ph.D.-level degree in Quantitative Finance or in Statistics
  • Strong programming skills in python, R/SAS
  • Technical curiosity and interest in learning new skills
  • Minimum of 5 years of experience in financial risk modeling or validation


Shift:
1st shift (United States of America)

Hours Per Week:
40
Learn more about this role

Jersey City, New Jersey

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