Senior Analyst

Job Description:

About Us

At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection.  Responsible Growth is how we run our company and how we deliver for our clients, teammates, communities and shareholders every day.

One of the keys to driving Responsible Growth is being a great place to work for our teammates around the world. We’re devoted to being a diverse and inclusive workplace for everyone. We hire individuals with a broad range of backgrounds and experiences and invest heavily in our teammates and their families by offering competitive benefits to support their physical, emotional, and financial well-being.

 Bank of America believes both in the importance of working together and offering flexibility to our employees. We use a multi-faceted approach for flexibility, depending on the various roles in our organization.

Working at Bank of America will give you a great career with opportunities to learn, grow and make an impact, along with the power to make a difference. Join us!

Global Business Services

Global Business Services delivers Technology and Operations capabilities to Lines of Business and Staff Support Functions of Bank of America through a centrally managed, globally integrated delivery model and globally resilient operations.

Global Business Services is recognized for flawless execution, sound risk management, operational resiliency, operational excellence and innovation.

In India, we are present in five locations and operate as BA Continuum India Private Limited (BACI), a non-banking subsidiary of Bank of America Corporation and the operating company for India operations of Global Business Services.

Process Overview:

The team in India is an extension of Bank of America’s Global Risk Organization. India team provides analytical and technological support to the Model Risk Management desk.

Job Description:

Bank is looking for a quantitative finance analyst in the Market Risk Model Risk Management team. It covers all aspects of model validation and model risk of market risk models developed by Global Risk Analytics for one or more asset classes. The team covers market risk models across asset classes of over-the-counter derivatives ranging from interest rates, FX, commodity, inflation, equity, credit and mortgage. The models covered by team includes Value at Risk, Risk Not in VaR, IRC/CRM, and CCAR models related to market risk models.

Candidate will work closely with front office and Global Risk Analytics model developers, as well as Finance/PVG and other risk management groups.

Responsibilities:

• Validate bank’s market risk models developed by Global Risk Analytics for one or more asset classes: IR (Interest Rates), FX (Foreign Exchange), Inflation, Equity, Commodity, Credit and Mortgage. The models covered by team includes Value at Risk, Risk Not in VaR, IRC/CRM, and CCAR models related to market risk models.
• Review the underlying assumptions, theory, derivation, empirical evidence, implementation and limitations of the model being validated
• Perform independently testing to identify/quantify model risk associated with the model being validated
• Prepare validation report and technical documents for the model being validated
• Work closely with the model stakeholders (business, Market Risk, Finance/PVG and other control functions) with respect to compensating controls of the models and communication of validation outcomes
• Maintain a sub-portfolio of model inventory and perform annual model reviews, on-going monitoring reviews, Required Actions Items closure and etc.

Requirements:

• Education: Masters or Ph.D. degree in Statistics and/or Mathematics and/or Financial Mathematics and/or Economics, Physics etc
• Educational institutes: Top tier – IITs, NITs, Indian Statistical Institutes etc.
• Certifications (preferred but not mandatory): FRM, CFA etc.
• Experience Range: 5-7 years

• Foundational skills:
  • Strong Experience in the quantitative modeling and/or validation field
  • Strong Quantitative skills
  • Strong knowledge of financial, mathematical and statistical theories and practices, and a deep understanding of the modeling process, model performance measures, and model risk. Knowledge on derivative pricing and risk models is preferred. Strong Written and Oral Communication
  • Attention to details
  • Willingness to learn
  • Strong work ethic
  • Team player
• Desired skills:
  • Strong coding ability in Python, C++ or R is a plus
  • Experience in derivatives pricing/risk models in one or more asset classes is a plus
  • Speaking / presentation skills in a professional setting
  • Strong design patterns skills to design and architecture the tool

Work Timings: 12 PM – 9 PM IST

Job Location: Mumbai Malad