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Sr Quantitative Finance Mgr
New York, New York;
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. 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!
Job Description:
This job is responsible for directing a team of finance managers to develop or validate quantitative analytics and models for specific business units or risk types. Job expectations include directing activity in their region to support business units and acting as a subject matter expert on specified quantitative modeling techniques, as well as serving as the first or second line of defense overseeing model performance, model risk, and model governance on critical model portfolios.
Responsibilities:
- Directs a quantitative team with model coverage of specified focus areas and oversees stakeholder engagement, including team effort in preparation for audit and regulatory exams
- Sets 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, while providing oversight to managers on reviews
- Maintains and provides oversight of model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite
- Leads and provides 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
- Coordinates team projects, while managing and providing guidance to senior level staff on areas of expertise
Skills:
- Business Acumen
- Critical Thinking
- Project Management
- Regulatory Relations
- Talent Development
- Policies, Procedures, and Guidelines Management
- Risk Management
- Stakeholder Management
- Strategic Thinking
- Technical Documentation
- Drives Engagement
- Inclusive Leadership
- Risk Analytics
- Risk Modeling
- Written Communications
Role Description:
Model Validation Lead (“MVL”) oversees the team conducting independent validation for complex models based on artificial intelligence (AI) and machine learning (ML) techniques including natural language processing (NLP). These are high profile modeling areas in the bank, with continual senior management and regulatory focus. The MVL is responsible for providing risk oversight, acting as a subject matter expert of AI/ML and NLP techniques to manage the bank's large model footprint in various lines of business. Candidate will oversee model risk and model governance of a growing model inventory including generative AI and large language models (LLMs) as well as other AI/ML methods. The MVL provides advice to the LOB and Risk Partners and is expected to help establish model risk management standards, controls, metrics and thresholds within the model risk framework.
The position will be responsible for:
• Review, critical assessment, and challenge of AI/ML and NLP 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, actively participate in senior level committees and guide junior team members
• Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators
• Acts as a senior leader and Subject Matter Expert (SME) to help management’s decision making and guide junior team members
Model Validation Lead (“MVL”) oversees the team conducting independent validation for complex models based on artificial intelligence (AI) and machine learning (ML) techniques including natural language processing (NLP). These are high profile modeling areas in the bank, with continual senior management and regulatory focus. The MVL is responsible for providing risk oversight, acting as a subject matter expert of AI/ML and NLP techniques to manage the bank's large model footprint in various lines of business. Candidate will oversee model risk and model governance of a growing model inventory including generative AI and large language models (LLMs) as well as other AI/ML methods. The MVL provides advice to the LOB and Risk Partners and is expected to help establish model risk management standards, controls, metrics and thresholds within the model risk framework.
The position will be responsible for:
• Review, critical assessment, and challenge of AI/ML and NLP 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, actively participate in senior level committees and guide junior team members
• Writing technical reports for distribution and presentation to model developers, senior management, audit, and banking regulators
• Acts as a senior leader and Subject Matter Expert (SME) to help management’s decision making and guide junior team members
Essential candidate characteristics:
• Mature executive presence in a high visibility role
• Exec ready communication and presentation skills
• Ability to effectively influence, challenge and negotiate actions and outcomes across a large matrixed organization
• Exemplary stakeholder and relationship management skills
• Intellectually curious and naturally strategic in approach
• Works effectively as a manager, and can lead and direct business partners through influence
Required Qualifications & Skills:
• Masters/Ph.D.-level degree in Statistics, Computer Science, Engineering, Mathematics or related quantitative field
• Strong previous experience (for at least 12 years) at another financial service or technology firm in AI/ML, quantitative research, model development, and/or model validation
• Strong expertise with AI/ML methodologies including NLP; familiarity with techniques in generative AI and LLMs will be a great plus
• Experience working with bank regulators
• Mature executive presence in a high visibility role
• Exec ready communication and presentation skills
• Ability to effectively influence, challenge and negotiate actions and outcomes across a large matrixed organization
• Exemplary stakeholder and relationship management skills
• Intellectually curious and naturally strategic in approach
• Works effectively as a manager, and can lead and direct business partners through influence
Required Qualifications & Skills:
• Masters/Ph.D.-level degree in Statistics, Computer Science, Engineering, Mathematics or related quantitative field
• Strong previous experience (for at least 12 years) at another financial service or technology firm in AI/ML, quantitative research, model development, and/or model validation
• Strong expertise with AI/ML methodologies including NLP; familiarity with techniques in generative AI and LLMs will be a great plus
• Experience working with bank regulators
Shift:
1st shift (United States of America)Hours Per Week:
40Learn more about this role
Full time
JR-24026281
Manages People: No
Travel: Yes, 5% of the time
Jersey City pay and benefits information
Jersey City pay range:
$200,000 - $310,700 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This 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.
Benefits
This 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.
New York pay and benefits information
New York pay range:
$200,000 - $310,700 annualized salary, offers to be determined based on experience, education and skill set.
Discretionary incentive eligible
This 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.
Benefits
This 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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