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.
The Senior Quantitative Finance Analyst will be responsible for conducting complex model validation of models across the Model Risk Management division of Global Consumer, Wealth and Investment Management; and Control Functions.
- Performing all model validation tasks including but not limited to independent model validations, annual model reviews, ongoing monitoring report reviews, required action item reviews, and peer reviews.
- Conducting administrative and governance activities such as model identification, model approval, breach actions, extension assessments, to manage model risk.
- Providing hands-on leadership for projects pertaining to quantitative modeling and analytics methodologies such as machine learning, logistic/linear regression, and optimization.
- Providing methodological, analytical, and technical support to effectively challenge and influence the strategic direction and tactical approaches of these projects.
- 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 and governance agents.
The successful candidate should be a seasoned model developer or validator and meets the following requirements:
- PhD or Master's degree in Statistics, Economics, Mathematics, Finance, Engineering, Physics, Computer Science / Machine Learning, or related field
- Advanced quantitative degree with 6+ years of hands on model development or validation experience
- Strong written and verbal communication skills including ability to communicate clearly, effectively, and work well with people at all levels
- Conducted complete and rigorous independent development and/or validation of models
- Strong knowledge of financial, mathematical and statistical theories and practices, and a deep understanding of the modeling process, model performance measures, and model risk.
- Have a deep understanding and knowledge of modeling processes and model performance measures and to perform effective challenges to the current models
- Ability to follow up with issues and summarize discussions
- Ability to manage multiple projects and direct the effort of others
- Proficient in at least two of the following languages and statistical packages: SAS, SQL, MATLAB, R, VBA, and Python.
- Proficiency in machine learning platforms/software (e.g., SPM®, Python / sklearn, XGBoost, and R), algorithms, and techniques
- Coaching experience in a modeling group
- Project management experience
1st shift (United States of America)
Hours Per Week:
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