Markets Support Specialist
Chicago, Illinois
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:
The Markets Support Specialist is a member of the team responsible for maintaining the stability of business processes and controls needed to ensure the firm's initial margin ("IM") calculations are accurate and consistent with Dodd-Frank's Uncleared Margin Rules (UMR) in support of our internal stakeholder, the Counterparty Portfolio Management group.
The specialist will be responsible for various business-as-usual deliverables which must be executed in a timely and accurate fashion.
Responsibilities:
Review and verify the model inputs feeding the IMcalculations
Identify, document and escalate production errors detected during pre and post-calculation routines
Perform periodic controls which exist to prevent and mitigate erroneous IMcalculations
Work directly with the front office and technology teams on issues discovered through technology testing and daily control procedures
Assist with the testing and validation of IM results through each technology release
Identify and establish control processes that will mitigate future IMcalculation errors
Perform periodic and ad-hoc reporting to measure and monitor key metrics for the UMR BAU and Contingent Liability space
Provide enhanced analysis and IM explains to front office and collateral operations teams when counterparty disputes arise for IM calculations
Communicate effectively with all levels of management, across business units as well as externally to customers of the firm
Required Qualifications:
Minimum undergraduate in Mathematics, Finance or Quantitative field
At least 1 years of experience working in a quantitative risk, middle office, or front office role
Excellent communication & analytical skills
Experience working with OTC derivatives/Fixed Income
Desired Qualifications:
Knowledge of Financial Risk Management, Credit Risk Models, Value at Risk (VaR) including market & credit risk
Strong technical skills including experience using Excel, VBA and SQL
Experience pricing OTC derivative products including futures, options, swaps, credit default swaps, forward rate agreements and swaptions
Knowledge of uncleared margin rules, the ISDA SIMM model, and the BCBS-IOSCO framework is a plus
Strives to bring new thoughts and ideas to teams in order to drive innovation and unique solutions
Excels in working among diverse viewpoints to determine the best path forward
Experience in connecting with a diverse set of clients to understand future business needs - is a continuous learner
Commitment to challenging the status quo and promoting positive change.
Participate in and drive collaborative efforts to advance tools, technology, and ways of working to better serve an evolving client base
Believes in value of diversity so we can reflect, connect and meet the diverse needs of our clients and employees around the world
Skills:
Issue Management
Risk Management
Business Acumen
Continuous Improvement
Stakeholder Management
Adaptability
Attention to Detail
Shift:
1st shift (United States of America)
Hours Per Week:
40
Bank of America and its affiliates consider for employment and hire qualified candidates without regard to race, religious creed, religion, color, sex, sexual orientation, genetic information, gender, gender identity, gender expression, age, national origin, ancestry, citizenship, protected veteran or disability status or any factor prohibited by law, and as such affirms in policy and practice to support and promote the concept of equal employment opportunity, in accordance with all applicable federal, state, provincial and municipal laws. The company also prohibits discrimination on other bases such as medical condition, marital status or any other factor that is irrelevant to the performance of our teammates.
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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. Should you be offered a role with Bank of America, your hiring manager will provide you with information on the in-office expectations associated with your role. These expectations are subject to change at any time and at the sole discretion of the Company. To the extent you have a disability or sincerely held religious belief for which you believe you need a reasonable accommodation from this requirement, you must seek an accommodation through the Bank's required accommodation request process before your first day of work.
This communication provides information about certain Bank of America benefits. Receipt of this document does not automatically entitle you to benefits offered by Bank of America. Every effort has been made to ensure the accuracy of this communication. However, if there are discrepancies between this communication and the official plan documents, the plan documents will always govern. Bank of America retains the discretion to interpret the terms or language used in any of its communications according to the provisions contained in the plan documents. Bank of America also reserves the right to amend or terminate any benefit plan in its sole discretion at any time for any reason.
