Quantitative Finance Analyst

Job Description:

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 modeling projects for specific business units or risk types. Key responsibilities include developing new models, analytic processes, or systems approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations include having a broad knowledge of financial markets and products.

Responsibilities:

• Performs end-to-end market risk stress testing including scenario design, scenario implementation, results consolidation, internal and external reporting, and analyzes stress scenario results to better understand key drivers

• Supports the planning related to setting quantitative work priorities in line with the bank’s overall strategy and prioritization

• Identifies continuous improvements through reviews of approval decisions on relevant model development or model validation tasks, critical feedback on technical documentation, and effective challenges on model development/validation

• Supports model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite

• Supports the methodological, analytical, and technical guidance to effectively challenge and influence the strategic direction and tactical approaches of development/validation projects and identify areas of potential risk

• Works closely with model stakeholders and senior management with regard to communication of submission and validation outcomes

• Performs statistical analysis on large datasets and interprets results using both qualitative and quantitative approaches

Scenario and Enterprise Risk Analytics organization provides valuable insights into decision-making processes by decoding and quantifying risks to support our business strategy to achieve responsible and sustainable growth.  Our vision is to serve as the go-to function to answer day-to-day risk management questions via state-of-the-art modeling and analytical tools. We want to add value and be relevant beyond regulatory and internal compliance.

The Forecast Admin/Ongoing Monitoring (OMR) team is responsible for coordinating and delivering on an ever-growing number of regulatory and/or internally required forecast and forecast monitoring deliverables, including those for Allowance (CECL, IFRS9), U.S. Stress Testing (CCAR), International Stress Testing (EBA/ECB, ICAAP), Baseline Forecasting, and Climate Forecasting. Team serves as a central hub that brings together expertise on the wholesale portfolio, forecasting models (and their limitations), economics and emerging risks to drive insightful analysis and reporting to internal stakeholders and regulators. Team objective is to provide best-in-class model monitoring capabilities (OMR) while informing the redevelopment process, adding value to business stakeholders, and strengthening risk management.

The position is part of the Wholesale Loss Forecasting (WLF) Administration and Analytics team. The WLF Administration and Analytics team is the face of Scenario and Enterprise Risk Analytics (SERA) with both our internal and external stakeholders. This team helps bridge the gap between a technical, quantitative model framework and non-technical business stakeholders looking to make sense of these model results. The team administers the bank’s commercial loss forecasts, that ultimately help support the bank’s Allowance and stress testing needs both domestically and internationally.  The Role will interact with a wide variety of stakeholders including enterprise credit and credit risk, model developers, model risk management, allowance, finance