Quantitative Finance Analyst
Chicago, Illinois
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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 modeling projects for specific business units or risk @types. Key responsibilities include developing new models, analytic processes, or systems approaches, creating technical documentation for related activities, and working with Technology staff in the design of systems to run models developed. Job expectations include having a broad knowledge of financial markets and products.
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
Supports 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
Supports model development and model risk management in respective focus areas to support business requirements and the enterprise's risk appetite
Supports the 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
?Performing in-depth analysis on the bank's risk model results using various quantitative tools such as backtesting, benchmarking, sensitivity analysis
Quantifying the impact of model limitations both in terms of firm level capital and name level exposure
Using this analysis to form an overall picture of model performance, identifying areas of under-performance and priorities for remediation
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The Team:
Global Markets Risk Analytics (GMRA) is part of GRA. It responsible for developing, maintaining, and monitoring counterparty credit risk and market risk models. GMRA also develops analytical tools to support regulatory, audit, and internal risk management needs for Global Markets.
This role sits within the Model Performance (MP) team. This team is responsible for monitoring and assessing the performance of all risk models used across Global Markets, supporting risk management in understanding the drivers behind material risk metric movement and the impact of model limitations, and working with the model development team to enhance and improve model accuracy and the overall performance of the analytics platform.
The primary focus will be on supporting performance monitoring of market risk models used for both capital and risk management purposes. The most significant part of the role will be performance analysis of the Value-at-Risk (VaR) model used to quantify the risk of market-driven trading book losses, but there will be additional exposure to other market risk models and the potential in future to work on other areas Counterparty Credit Risk and Prime Brokerage Risk.
Responsibilities:
Performing in-depth analysis on the bank's risk model results using various quantitative tools such as backtesting, benchmarking, sensitivity analysis
Quantifying the impact of model limitations both in terms of firm level capital and name level exposure
Using this analysis to form an overall picture of model performance, identifying areas of under-performance and priorities for remediation
Communicating the results of this analysis to all model stakeholders including risk management, model development, model risk, senior management and regulators
Supporting model development in testing the impact of model changes and improvements on performance metrics
Continually improving our model performance assessment toolset, with a focus on improving the efficiency, automation and usability of the tools used day-to-day
Required Qualifications
Master's degree, preferably in quantitative finance or a quantitative field
Solid working experience in a related field (Market Risk, Middle Office, Counterparty Credit Risk), ideally with exposure to model development experience
Experience in data analysis, with excellent research and analytical skills
Proven programming skills (Python preferred)
Good written and oral communication, interpersonal and organizational skills and ability to build and maintain relationships with personnel across areas and regions
Ability to multitask with excellent time management skills
Sense of focus and rigor in the completion of deliverables
Skills:
Critical Thinking
Quantitative Development
Risk Analytics
Risk Modeling
Technical Documentation
Adaptability
Collaboration
Problem Solving
Risk Management
Test Engineering
Data Modeling
Data and Trend Analysis
Process Performance Measurement
Research
Written Communications
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 aims to create a workplace free from the dangers and resulting consequences of illegal and illicit drug use and alcohol abuse. Our Drug-Free Workplace and Alcohol Policy ("Policy") establishes requirements to prevent the presence or use of illegal or illicit drugs or unauthorized alcohol on Bank of America premises and to provide a safe work environment.
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.
