Sr. Quantitative Finance Analyst - Financed Emissions & GRA Climate Model Dev

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 complex modeling projects for specific business units or risk types. Key responsibilities include leading the development of new models, analytic processes, or system approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations may include the ability to influence strategic direction, as well as develop tactical plans.

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

• Leads 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

• 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

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

Managerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.

• Opportunity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company Great Place to Work goals.

• Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.

• Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.

• Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.

• People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.

• Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.

• Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.

• Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.

Overview of Global Risk Analytics:

Bank of America Merrill Lynch has an opportunity for a Senior Quantitative Finance Analyst (B4) within our Global Risk Analytics (GRA) function. GRA is a sub-line of business within Global Risk Management (GRM).  GRA is responsible for developing a consistent and coherent set of models and analytical tools for effective risk and capital measurement, management and reporting across Bank of America. GRA partners with the Lines of Business and Enterprise functions to ensure that its models and analytics address both internal and regulatory requirements, such as quarterly Enterprise Stress Testing (EST), the annual Comprehensive Capital Analysis and Review (CCAR), and the Current Expected Credit Losses (CECL) accounting standard.  GRA models follow an iterative and ongoing development life cycle, as the bank responds to the changing nature of portfolios, economic conditions and emerging risks.  In addition to model development, GRA conducts model implementation, data management, model execution and analysis, forecast administration, and model performance monitoring. GRA drives innovation, process improvement and automation across all of these activities. 

Overview of the Team:

Scenario & Enterprise Risk Analytics (SERA) is a newly integrated sub-team within Global Risk Analytics, formed by the merger of legacy Wholesale, Scenario Generation and Enterprise Risk teams. The newly named SERA org provides decision support services to enable our banking and markets, wealth management, capital management and credit risk business partners to manage risk well. To accomplish this, we build, develop and maintain models for risk and loss measurement. Additionally, we produce and administer forecasts supporting allowance and stress-testing both domestically (US) and internationally. Our teams complement each other and benefit from broad and diverse employment and experience within industries including government, academia, finance, law, consulting and the military. Through developing our people, embracing operational excellence to drive process improvements, and investing in strategic data initiatives, we provide enhanced risk management capabilities, insights and analysis to our business partners.          

Overview of the Role:

As a Senior Quantitative Finance Analyst on Scenario & Enterprise Risk Analytics (SERA) Model Development team, your main responsibilities will involve:

• Developing best-in-class climate risk models, quantitative analysis and tools.

• Performing in-depth analysis on the Bank’s climate risk model results using various quantitative tools such as benchmarking, sensitivity analysis.

• Articulating the overall holistic picture of model performance, with clear conclusions regarding accuracy and remediation areas as required.

• Communicating model results to model stakeholders, including risk management, model development, model risk, senior management, and regulators.

Position Overview:

Responsible for independently conducting quantitative analytics and modeling projects. Responsible for developing new climate risk models, analytic processes or estimation approaches. Creates documentation for all activities and works with Technology staff in design of any system to run models developed. Incumbents possess excellent quantitative/analytic skills and a broad knowledge of financial markets and products.

Required Education, Skills, and Experience:

• Masters or PhD degree in Math, Economics, Statistics, Engineering, Finance, Computer Science or similar discipline

• Strong Programming skills e.g. R, Python, SAS, SQL or other languages

• Strong analytical and problem-solving skills

• Effectively creates a compelling story using data; Able to make recommendations and articulate conclusions supported by data

• Effectively presents findings, data, and conclusions to influence senior leaders

• Ability to work in a large, complex organization, and influence various stakeholders and partners

• Self-starter; Initiates work independently, before being asked

• Strong team player able to seamlessly transition between contributing individually and collaborating on team projects; Understands that individual actions may require input from manager or peers; Knows when to include others

• Strong communication skills and ability to effectively communicate quantitative topics to technical and non-technical audiences

• Ability to work in a highly controlled and audited environment

• Effective at prioritization, and time and project management

• Experience with LaTeX

Desired Skills and Experience:

• Experience with complex data architecture, including modeling and data science tools and libraries, data warehouses, and machine learning

• Ability to extract, analyze, and merge data from disparate systems, and perform deep analysis

• Experience developing and maintaining complex databases and data sets

• Experience implementing models into various production environments

• Experience using data mining and other advanced analytical techniques to aggregate data for model development and/or to produce management reporting

• Experience managing large data sets utilizing tools such as Hadoop

• Experience designing, developing, and applying scalable Machine Learning and Artificial Intelligence solutions

• Experience with data analytics and visualization tools (e.g., Alteryx, Tableau, MicroStrategy)

• Experience building data architecture that is optimized for large dataset retrieval, analysis, storage, cleansing, and transformation

• Experience with engineering complex, multifaceted processes that span across teams; Able to document process steps, inputs, outputs, requirements, identify gaps and improve workflow

• Identifies, assigns, and manages project tasks and timelines across teams

• Demonstrated ability to drive action and sustain momentum to achieve result

• Demonstrated leadership skills; Ability to exert broad influence among peers

• Sees the broader picture and is able to identify new methods for doing things

Shift:

Hours Per Week: